The Research Of The Relationship Between The Ownership Structure And Performance Of SMES

Over the past years, much progress has been made in Small and Medium Enterprise (SME) stock system reform. SMEs has undergone vigorous development and become more and more important in promoting national economy development. Due to the short period of existing time and limited number of listed SMEs, SME board is far from mature. Little Attention has been paid to the relation between listed SME equity structure and company performance. SMEs are great impetus to national economy development and indispensable force for technology innovation. This thesis is to analyze the relevance between SME equity structure and company performance, expecting some contribution to SME development theoretically and practically.This paper selects from 2009 to 2010 the SME Board and GEM listed companies'panel data as the empirical research samples. Firstly, this empirical study summarized and analyzed the current situation of domestic and foreign researches. And it combined with the status quo of SMEs in China listed companies to present the basic assumptions. Then it selects the relevant variables based on underlying assumptions and model building, using multiple regression models to explore the relationship between the shareholding structure of small and medium listed companies and the companies' performance.The empirical results show that the shareholding structure affects on the performance of small and medium listed companies in China to a certain extent. The detailed results are:in the small and medium listed companies, the largest shareholder and the firm performance was positively correlated; the control over the largest shareholder has a significant negative correlation with the performance of the company; executives and the firm performance are positively related; the proportion of the state shares and the company performance was negatively correlated; And also the actual circulate proportion of Class A shares are negatively correlation with the company performance but not significantly.Finally, according to the empirical analysis results, we optimize the ownership structure from four aspects:the ownership concentration, management, equity nature and the laws and regulations and implement a comprehensive Enhance the performance of SMEs from the corporate ownership structure level, top management team level, macro level respectively.