The Analysis Of The Relativity Between The Corporate Governance And Financing Ways Of The Small And Medium Privately Operated Science And Technology Enterprises

With the establishment and development of socialist market economy, the function displayed by the privately operated enterprises especially those privately operated science and technology enterprises is in particular prominent day by day. As the classic form of modern enterprise system, the limited liability company and joint stock company limited already became the main enterprise property organization form and corporate governance pattern that be taken by the privately operated science and technology enterprises on the present stage. At present, choosing the reasonable financing ways as well as from this forming the reasonable capital structure, then consummating the corporate governance so as to maximizing the corporate value and (or) shareholder's value tends to becoming one of the core management question in the management practice of the privately operated enterprises as well as the privately operated science and technology enterprises. The research goal of the article lies in attempting to disclose the representative patterns of the interior corporate governance of the small and medium privately operated science and technology enterprises, and then analysis the characteristics of the choice of the financing way and the choice of capital structure of the enterprises of different governance pattern ,so as to inspecting the relativity between the corporate governance and the choice of the financing ways in enterprise's concrete management practice. The article reviews the literatures about the corporate governance , literatures about the financing ways and capital structure; carries on the summary about the present situation of the small and medium privately operated enterprises, analysis the present situation of the corporate governance of the small and medium privately operated enterprises from the angles of the board of shareholders, the right of the shareholders, the equitable treatment of the shareholders ,the protection of other stake-holder ,the board of director, the system of independent director, the board of inspector and the angle of disclosure and transparency; analysis the present situation of the financing action of the small and medium privately operated enterprises. Through coordinating statistics and analyzing the information of over 30 privately operated science and technology enterprises which are listing on the SME board of Shenzhen Stock Exchange, By the two dimensional of shareholder equity structure and relationship between holder and manager , the article make a division of five interior corporate governance patterns of the small and medium privately operated science and technology enterprises, three of the five patterns are of the most representative. On the basis of the classification of the pattern of corporation governance, the article analysis the data and index of the firms before and after its IPO including the asset/liability ratio, long-term leverage ratio, retained profit/asset ratio, shareholders 'equity (excluding retained profit)/asset ratio which reflect the financing actions and the capital structure of the firms and other data and index such as IPO P/E, 120 days average second market stock price/IPO price ratio, net income/net asset ratio which reflect the market response and financial achievement of the firms, using the statistic method of single factor variance test ,and get the conclusion that although the corporate governance is a system factor that will influence the action of the enterprise selecting its financing ways and its capital structure ,in the small and medium privately operated science and technology enterprise's financing practices on the present stage, all the firms under the different corporate governance pattern have the similar inclination when they made the decision of choosing their financing ways and capital structure, there is no distinct relativity between the firm's corporate governance and the firm's financing ways at present.