Research On The Corporate Controlling Rights Of China's SMEs By The Growing Stages

The experience of world economy development indicates that although the big enterprises are backbones of national economy, small and medium-sized enterprises (SMEs) have extensive development space as well. After sixties to seventies of the 20th century, countries all over the world, including China, have paid close attention to SMEs' functions on employment expansion, market flourish, incomes increase, promotion of social stability and forming rational national economic structure, etc. But for SMEs, expand the scale of capital that the SMEs to break through the closure of the SME capital, and continuously absorb foreign capital; this will inevitably lead to the expansion of enterprise organizational structure and organizational structure of enterprises show that the expansion of the commission - Acting To the growing chain. Control of the company is dependent on a company's independent personality and a derivative of the economic interests of the content of rights, the company control of the arrangement is the core of enterprise systems and key.SME growth increased demand for the management of resources, and it is difficult for enterprises from the SME members continue to receive high-quality management of resources. To this end, the right to transfer control from the perspective to look at the growth of SMEs it is particularly important. SMEs grow the process is constantly absorbing social resources and transferring the absolute control of the process, from this point of view the growth of SMEs is still a lack of theoretical and empirical. Based on this background, the choice of this study SMEs in the process of growth control to the theme, along the growth of SMEs in the time sequence, Analysis of the transfer of control of the SMEs in the impact of factors, the transfer of control of the various stages of the characteristics and laws, looking for the right to transfer control and the relationship between the growth of small and medium enterprises, promotion of small and medium enterprises to explore new growth path. Centering on this theme, this study mainly in the following four aspects have conducted in-depth study: First of all, in the first and second chapters on the Review of domestic and foreign SMEs and the transfer of control over the transfer of control of the literature, for SMEs, control and growth to define the concept was proposed based on different stages of development of SMEs (that is, Start-up period, growing to become a listed company) is grasping control of the general analytical framework for SMEs transfer of control of the main ways and paths in-depth analysis.Secondly, Chapter 3 focuses on the SME start-up phase of the right to ownership and control of a system for the control of the model, and this stage entrepreneurs (entrepreneurs) and the nature of decision-making requirements of the characteristics of an in-depth analysis, SMEs in this period that the resources (financial and human resources) is the ability to match with the characteristics of this stage of the match. Venture enterprises in the early control of the fundamental sources of joint production in the course of the resources, master of business enterprise resource essential to the survival and development of "key resources" will be the master control of the enterprise, in terms of cost - earnings Under the guidance of the concept of enterprise control over the allocation of resources by the decision of their own.Thirdly, Part 4 focuses on SME growth stage (before becoming a public company) the right to transfer control of the characteristics and laws. SMEs in the growth phase of the control of the arrangements are the essence of the contract between the main stakeholders in a balanced game, and the contract does not make complete control over the configuration as a vital institutional arrangements. Analysis of SMEs through the introduction of the view that human capital in growing small and medium enterprises in the management of an increasing demand for resources, and it is difficult for enterprises from the SME members continue to receive high-quality management of resources. To this end enterprises will have to gradually break the family resource management closed, it is necessary to absorb external professional managers into the enterprise and to the effectiveness of enterprises with different interests within the objective function of human capital for effective integration, leading to the strengthening of organizational capacity. Through the financial capital of SMEs and the introduction of the transfer of control of the impact analysis that the financing of SMEs become difficult to further development of SMEs "bottleneck" problem, how to break through this bottleneck, only some will be able to control investment risk to transfer the right investment, In order to attract investors to invest in exchange for the development of the necessary financial capital, to be effective in achieving the growth of SMEs.Finally, the study for the growth of the SMEs listed companies the right to transfer control of the characteristics of the study limited to the special nature of small and medium-sized listed companies the right to transfer control of the mainly concentrated in Mergers and acquisitions, institutional investors and the introduction of risk involved in investment and exit, and so these types of control over the way the transfer of small and medium-sized listed companies affected. And through empirical study found that, at this stage of China's capital market, Mergers and acquisitions as an important means of control over the transfer to the promotion of small and medium-sized growth is of positive significance to promoting the growth of small and medium-sized listed companies significant meaning; institutional investors as an effective control over the allocation mechanism "voting with their hands," the rising enthusiasm And institutional investors to promote the introduction of China's small and medium-sized listed companies the right to transfer control of the development of the market; seen from the practice of risk investment involved in the control of a state of dependence, Risk entrepreneurs and venture capitalists based on different growth stages of SMEs and exercise control over the transfer of deeds and completeness of the decision not a risk for entrepreneurs and venture capitalists through the control of the arrangements to resolve the risk of moral hazard. At the same time help of venture capital to achieve success withdraw from the SME board also received a tremendous development.