The Study On The Relationship Between Ownership Structure And Corporate Performance Of Listed Small And Medium-sized Enterprises

Corporate performance is affected by many factors, ownership structure is one of them, which affects the company's performance by influencing corporate governance mechanisms that promotes the company's operations. Theorists has never stopped to study the relationship between the ownership structure and corporate performance, and the conclusions vary. In this paper, we set a sample which consists of the total 102 listed companies in the SME (Small and Medium-sized Enterprise)Board by the end of the year 2006, aim to study the relationship between ownership structure and corporate performance. Based on the study conclusions, we make some proposals for the listed companies in the SME Board.In this paper, we combine theoretical analysis to empirical research methods to explore the relationship between the ownership structure and corporate performance. The text is divided into five parts:The first part is an introduction; second part is the the basic theory analysis on the relationship between ownership structure and corporate performance analysis; The third part is the present situation of the SME board. The fourth part is the empirical analysis,which is the focus of the text. Use the data of 2008 and 2009, select the ratios ROE, CROA, EPS as the dependent variable to make the relevant analysis and regression analysis. The fifth part is the conclusion.Empitical conclusions indicate:(1) state-owned share radio and natural person share radio is not related to corporate performance, the firm performance has U-shaped relationship with corporate share radio. (2) Institutional Ownership is positively related to corporate performance. (3) the firm performance has U-shaped relationship with CR1 and is not relevant to Z.Based on the conclusions, we put forward the following three proposals for reforming SME Market equity structure and improving the performance of the companies:(1) corporate shareholders play a dominant role; (2) sustainable development of rational institutional investors; (3) to maintain an appropriate presence of relatively concentrated ownership structure.