Empirical Study On Performance Variation Of Listed Companies From Small And Medium-sized Enterprise Board Before And After Being Listed

This paper takes 102 companies listed on small and medium-sized enterprise board over the period 2004-2006 as research samples.From the empirical findings of the study, although the SME board in recent years, many excellent small and medium enterprises have emerged, but the overall operating performance below expectations. Most of the sample companies listed on the sharp drop in the year and 3 years after listing continued to decline, the overall presentation "L"-type movements. In order to explore clean them why, this home and abroad in the full research results and actual market our company and, based on comprehensive analysis of domestic and foreign scholars in the summary of the factors that previous studies and by the characteristics of Chinese listed companies on the basis, from the registered address, 1st largest shareholding ratio, the proportion of the management and distribution of its stake to study the performance of these four major factors of change. The empirical paper found:①In terms of return on net assets, turnover or operating profit growth rate of the point of view, the central and western regions of the sample during the performance of each year, more stable, contrary registered address in the eastern region of the sample companies, in addition to listing ROE before than the central and western regions, other financial indicators are lower than the registered address of a sample of companies in the Midwest.②The largest shareholder low percentage decline was relatively large sample groups, particularly the listed operating profit growth of negative 3 years, with previous research findings contrary, the data show that the largest shareholder holding a high proportion of sample stocks of listed companies develop more responsible company, major shareholders and effectively in the interests of small shareholders, bundled together, transfer of benefits Dedao effective control. Meanwhile, a high proportion of the largest shareholders help to reduce agency costs, decision-making power highly centralized decision-making is also conducive to the implementation.③From the listing of all future financial indicators, in terms of return on net assets, main business revenue growth, low management ownership percentage of the sample group performed better than the high contrast ratio of management ownership group, in particular the main business revenue growth, steady growth around the former market, which continues to decline, indicating the proportion of sample companies with low management ownership growth is strong, which is the management equity incentive theory leads to contradictions.④Release the higher the ratio, indicating that the original issue price of the shareholders are satisfied with this, in order to get more funding, willing to accept equity dilution, which has to a certain extent, out of the original shareholders will explain relatively more, is not conducive to post-listing development.