A Statistics Analysis Of The Ultimate Ownership Structure And Operating Performance For The New Three Board Enterprise

The New Three Board Market as China’s OTC market designed for fast-growing small ormedium-sized enterprises of science and technology, innovative share transfer and directedfinancing trading platform. It is an important part of our Country multi-level capital marketsystem, and is of great significance to solve the problem of small and mid-sized enterprisefinancing difficult. High-tech small and medium-sized enterprises listed financing scale, lessrisk, it is almost impossible, restricted by various conditions, and bank loans financingdifficult question always restricts the development of high-tech small and medium-sizedenterprises. As The New Three Board Market system gradually perfect, the emerging itsfinancing function, investment trading activity is increasingly active. Therefore, the NewThree Board after the financing of listed companies in the business performance evaluationis also increasingly important.Based on the2007to2011,20listed New Three Board enterprises’17financial indicatorscalculation, develop the financial index system, select15financial index map of20listedcompanies face. Through Chernoff Face, let’s of the20listed companies operatingperformance have a preliminary understanding of; Then using factor analysis method tocalculate the comprehensive score of2007-2011, and the results are statistics test andcomposite scores ranking, on top and on the enterprise to do an in-depth analysis; Businessperformance by the New Three Board enterprise data, USES the proportion of ultimatecontrol measure of equity structure, the enterprise operating performance and ownershipstructure of the relationship. Through panel data modeling for dynamic research, through theanalysis of covariance test of the dynamic panel model which model judge selection, testresult, mixed effects model is more suitable for research in this paper. Through empiricalanalysis concludes that the following three conclusions: through Chernoff Face and factoranalysis, get the twenty firms peng good zhongke soft management benefit performance inBeijing science and technology, all aspects of poor is the compass, HuaHuan electronics, etc.Scored with factor analysis, the ultimate control of the proportion and the squared asrepresentatives of the ownership structure variables, study The New Three Board listed companies’ ownership structure and operating performance of influence each other. Theparameters of the model test are remarkable, that The New Three Board proportion ofultimate control over listed companies was more significant impact on performance.Ownership structure and business performance was u-shaped relationship, there is a turningpoint, in the turning point of both sides, and ownership structure has different influence onbusiness performance.According to Chernoff Face analysis, factor analysis and empirical results of the analysis ofpanel data model, finally from three aspects put forward policy Suggestions.