Research On The Relationships Between Ownership Structure And Operating Performance Of The NEEQ Enterprise

As the OTC market in our country, the market of National Equities Exchange and Quotations(NEEQ) provides a platform for sharing transfering and financing transactions for many small and medium-sized innovative high-tech enterprises. As an important part of the multi-level capital market in China,it has low barriers to entry, low listing costs, strong inclusion. Howerver, the research of NEEQ mainly focuses on the legal system, the transaction mode, the structure of the financing and so on. The equity structure of the listed corporation and the business performance evaluation are barely researched on.In view of the situation above, this paper does the research of the relationship of listed NEEQ’s corporation ownership structure and performance. After the research,the author puts forward suggestions on the operation performance evaluation and optimization of equity.The author introduce this paper in the order of the general situation of development,theoretical analysis, empirical analysis and suggestions.First this paper introduces the overview of the NEEQ’s development.By comparing the development way of curb exchange and outbound deals, the author looks for the experience which can be used in our country’s NEEQ development.In the oretical research part,after the research on the equity structure and the business performance of more than 6000 NEEQ listed corporation, The author have drew the following conclusion:The equity concentration degree of the listed companies is high; The promoters’s equity proportion increases year by year; The debt paying ability of the NEEQ enterprises and the shareholder profitability are worse than main board, small board and GEM listed companies, but the profit ability and development ability were better than the other three plate listed companies, however having better prospects for development.And then from the ownership concentration and equity property perspective, the author study how the ownership structure affects the business performance.In the empirical research part, the author does empirical study on the 50 listed companies data in 2012-2014.Using the factor analysing the NEEQ enterprises’ operating performance,the author evaluates the operating performance of sample companies and does Statistical analysis and ranking.After having got the data of the NEEQ enterprises’ operating performance, equity structure is measured by two angles of the equity concentration and equity property. The correlation between the ownership structure and operating performance of NEEQ samples is studied by the method of Multiple Regression Analysis. After empirical analysis, conclusions are obtained as follows:Different ownership property has different influence on the business performance; The business performance and the sponsors’s shareholding has positive effects; The business performance and circulation stock proportion has negative effects.In terms of the proportion of equity structure, the enterprise’s operating performance and the largest shareholding ratio and the Z index have positive correlation, indicating that increasing the ownership concentration degree will enhance the NEEQ companies’operating performance.At the end of this paper, the deficiencies of the research are pointed out and suggestions for improvement are put forward from two aspects of the enterprise and the market.