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1、ANEMPIRICALSTUDYONIMPACTONCOMPANYPERFORMANCEBYTHEOWNERSHIPSTRUCTUREOFFAMILYBUSINESS:BASEDONFACTORANALYSISMETHODABSTRACTWiththedevelopmentofChinesemarketeconomy,thefamilylistedcompanieshaveanincreasinglyheavyproportionofprivateenterprises,ithasbecomeanimportantbusinessgroupscannotbeignoredi
2、nChina'seconomicdevelopment.Inaddition,withthedevelopmentofChinesefamilybusinesses,moreandmorecompanieshavemetthesethreechallengesishift,slowingeconomicgrowthandindustrialrestructuringandupgrading,itresultsChinafamilybusinessbecamethefocusofthecurrentdomesticeconomicresearch.Basedonfamilyb
3、usinesseslistedindifferentways,andthedifferentstartingpointsonexpecteddevelopmentofthecompany,thecorrelationsofdirectandindirectlistedfamilycompanybetweenownershipstructureandcompanyperformancewereanalyzedseparately,hopingthispaperprovidesamorerationalperspectiveforresearchinthisarea.Thisp
4、aperselectedthree-yeardataof212listedfamilycompaniesinlistedbefore2011inthedomesticboard,basedonagencytheoryandcombinedwiththelatestresearchaboutinternalgovernancestructureoffamilybusinessathomeandabroad,tofinishthetheoreticalanalysisandempiricalresearchaboutthecorrelationsbetweenfamilybus
5、inessownershipstructureandcompanyperformance.Intermsofcompanyperformance,weusefactoranalysismethodtoestablishperformanceevaluationmodel,andfinallyobtainedthedependentvariable-IntegratedPerformanceFactor;Intermsofownershipstructure,wesetupfivevariables,namely,theproportionoffamilyownership,
6、theproportionofthetoptenshareholders,theextentofthechecksandbalancesofequity,familycashflowrights,separationofownershipdegrees.Intheempiricalanalysis,thispaperwillmakethedirectandindirectlistedcompaniessamplesanalyzedseparately,andtheempiricalresultsalsoshowthatfamilybusinessesownershipstr
7、uctureaffectscompanyperformanceindifferentwaysthroughdifferentmethodoflisting:Directlistedfamilycompany'sownershipconcentration,equitybalancesbothpositivelycorrelatedwithcorporateperformance,theextentofpyramidstructureseparationofownershipnegativelycorrelatedw