Study On The Relationship Between Ownership Structure And Corporate Performance Of Listed Companies In The Small And Medium Enterprises Board

Research on the relationship between ownership structure and corporateperformance has been the hot topic in economics,corporate research and capitalmarket research filed. According to agency by agreement theory, different ownershipstructure will form different stockholder behaviors, and have different effect on thecorporate governance efficiency. That will form different corporate performance. Sohow to reduceagency of agreement cost, how to improve agency of agreementefficiency, how to optimize ownership structure to get high efficiency corporategovernance system should be huge significance, whether from the theory side or thepractice side.Most of research on relationship between ownership structure and corporateperformance choose listed companies in mainboard as study objects previously.However,I found that listed companies in small and medium enterprises boarddevelop horrendous quickly. The total market value increased from41.3billion in2004to4262billion in2014. Therefore I choose listed companies on small andmedium enterprises board as study object, to find the relationship between ownershipstructure and corporate performance and how is the relationship becoming in thebackground of reforming of nontaxable shares will finished.The thesis choose the way that combination of theory analysis and demonstrationanalysis. First of all,the thesis expounds the basic theory─separation of two rights,agency of agreement, control power theory. Then in the basic of reading lots ofliterature, it summary and evaluate the main opinion and conclusion in oversea anddomestic. From the side of agency of agreementt, the thesis does the theory analysisand theory hypothesis of relationship between ownership structure and corporateperformance. Through4aspect of corporate governance mechanism, anslyse differentcorporate performance of different kinds of companies with different ownershipconcertration type and raise heory hypothesis. From the side of proportion ofstate-owned stock,proportion of corporate-owned stock,proportion of thepublic-owned stock, proportion of executive-owned stock, analyse different impact oncorporate performance of different shareholder’s behavior characteristics and raisetheory hypothesis.Based on theory analysis, the thesis analyzed current situation of listedcompanies of small and medium enterprises boar. Using the way of comparabilityanalysis,through comparing with listed companies of main board, to find out its own development feature. Then choose188entries of corresponding listed companies ofsmall and medium enterprises board as study object, do the regression analysis fromthe side of ownership concentration and ownership attribute and get followingconclusion：There is optimal impact on the improving of corporate performance withrelative ownership concernatration. Performance of corporate with counterbalanceownership structure is better than performance of corporate with non-counterbalanceownership sructure. The effect is better when it’s relative ownership concernatration.On side of ownership attribute,the proportion of state-owned stock hasnegativecorrelation with corporate performance. The proportion of corporate-ownedstockhasno significant relationship with corporate performance. The proportion of thepublic-owned stock has positive correlation with corporate performance.Theproportion of executive-owned stock owner has positive correlation with corporateperformance.Through theory analysis and demonstration analysis above-mentioned, on thebasic of proper conclusion above, we present the policy suggestion to optimizeownership structure and improve corporate governance of listed companies of smalland medium enterprises board: small and medium enterprises should strengtheninternal counterbalance and supervision to form effective counterbalance betweenlarge shareholders. The ownership structure with moderate centration and existedrelative control shareholder should be the perfect one to corporate development. Builtbalanced stimulated rules for senior executive to mobilize the enthusiasm of corporateshareholders and executive shareholders participate in corporate governance. On theside of external governance, small and medium enterprises should introduce morerational institutional investor to promote diversification of ownership structure. Thegovernment should improve and perfect laws and regulations in securities, strengthenmarket supervise to protect the benefit of small and medium investors better.