Research Of Corporate Governance's Influence On Performance Of IPO Corporations On SME Board

Integrated with the actual situation of the enterprises on the SME board and the theory study at home and abroad, this paper regarded 38 enterprises listed on small and medium-size enterprises board of Shenzhen as samples, conducted practical tests for the factors based on levels of corporate governance and performances of SME board.Firstly, use descriptive statistical analysis to study samples of the six-year enterprise's overall performance and use time series analysis to inspect the general trend before and after listing. In order to ensure the comprehensive study, the paper analyzed the solvency of enterprises, operating capacity, profitability and growth capacity, which represent the performance of samples, proving that there is a certain degree of interim results decline in the SME board in China's market.Secondly, the paper analyzed and interpreted the poor performance of China's SME board IPO market after the listing of three years, from the perspective of corporate governance. According to the unique characteristics of China's stock market, the paper starting from the corporate governance factors, mines the reasons for the poor performance of China's SME board IPO for the medium term. This paper used the methods of empirical studies, proposes six inspecting factors such as the nature of controlling shareholders, the proportion of independent directors, general manager acting as the chairman or vice chairman of the same time, the power controlling the company and the outstanding shares. Among them, stake in the concentration and corporate performance is a negative correlation; the nature of the controlling shareholder, the proportion of independent directors, the company control of the outstanding shares and the proportion of company performance is a positive correlation. At last draw a number of conclusions on the inflation of corporate governance for the IPO performance.Finally, based on the front empirical research, the paper came up with proposals of the improvement of corporate governance from such aspects as optimization of ownership structure, strengthen the board governance mechanisms, and strengthen supervision of the manager and incentive mechanisms, and other specific aspects in order to improve stock market and corporate governance mechanism of china.