The Empirical Research On Ownership Structure The Financing Behavior Of Smes In China Listed Companies

These days, small and medium sized enterprises have played important roles for domestic economic growth and are becoming more and more valued. However, due to historical issues and their own characteristics, the developments of small and medium sized enterprises are restricted by their limited financing abilities. Financing is always the hot issue in academia. Based on the study of home and abroad research papers, we consider that the equity structure influences the financing activities. Considering that public companies are more representative than private companies. We collected the data of China public small and medium sized enterprises-the SEM broad from 2006 to 2008 as our samples for the empirical analysis. Based on relevant research findings, theoretical analysis and the present equity structure and financing structure of public small and medium sized enterprises, we first give the basic hypothesizes, and then we selected correlated variables and found models, at last ran multi-factor regression to find the correlation between equity structure and financing activities.The empirical analysis indicates that correlation exists between the equity structure and financing activities for public small and medium sized enterprises. Details include:There is a significant positive correlation between the ownership concentration and debt ratio; a significant negative correlation between actual common share/total share ratio and capital financing ratio; a negative but not significant correlation between state-owned stock/total stock ratio and debt ratio for stated-owned small and medium sized enterprises while the correlation for privative-owned enterprises is not significant; a positive correlation between the proportion of shares held by board members and debt ratio while the correlation for long-term debt ratio is negative; the participation of institutional investors has a positive correlation between debt ratio but not a significant correlation between long-term debt ratio. Finally we based on the result brought out some advices for the developments of small and medium sized enterprises.