Small And Medium-sized Boards Of Listed Companies In Our Country Study On The Relationship Between The Ownership Structure And Performance

After the split share structure reform in2005, the shares of listed companies in China to enter the circulation stage, changing the past tradable shares and non-tradable shares of our unique situation coexist in listed companies tradable, and the ownership structure of listed companies in China will be changed. However, the ownership structure is essential to company’s running and operating performance. In this context, we choose the SME board listed companies in China as the research object, analysis of its ownership structure and operating performance.In accordance with the theoretical analysis-empirical analysis-policy recommendations of the research ideas, first expounded the basic theory of ownership structure and corporate governance, then analyzing how equity structure affect the performance of companies through ownership concentration and equity properties. The theoretical analysis shows that reasonable ownership structure helps to improve the corporate governance structure and operating performance. On this basis, Through descriptive statistical methods to analyze the ownership structure of China’s SME board of listed companies and business performance, and build the model on the basis of its empirical testing, it’s turn out that ownership concentration and operating performance is inverted U-shaped relationship, ownership restriction can help improve the company’s operating performance, State-owned shares have negative influence to business performance,the proportion of legal person shares is positive to corporate performance, natural persons shares have no significant relationship with company’s performance.Based on the combination of theory and empirical analysis of the foregoing, In order to improve the ownership structure and business performance of China’s SME board listed companies, the corresponding policy recommendations:to keep the existence of ownership restriction and build a moderately concentrated ownership structure, to maintain moderate legal ownership and reduce state shares; strengthen the external Supervision of securities markets and the legal system.