The Empirical Study On The Relationship Between Ownership Structure And Firm Performance Of Listed Corporation In Small And Medium Enterprises Board

As an important part of corporate governance, ownership structure plays an important role in enterprise performance, which is of great significance. Small and medium-sized enterprises play an indispensable role in the process of rapid economic development in our country, and make contribution to the economic prosperity. This paper focuses on the analysis of the characteristics of the ownership structure of small and medium-sized board listing Corporation and the relationship between the ownership structure and corporate performance.Western economic theories is the developed capital market, although for our country founded time is not long for the SME board listed companies, discomfort, but reasonable draws lessons from western economy theory to specific analysis of China's SME board listed companies ownership structure and corporate performance relationship with great potential and research value. The focus of this paper is to analyze the characteristics of the ownership structure of small and medium-sized board listing Corporation, and try to answer how the equity of small and medium-sized board listing Corporation should be distributed. Specific research methods and process: This paper to 637 SME board listed companies as a sample,choose 2012-2014 three years of observation value for panel data, we take the way of combining the normative research and empirical research, in under the principal agent theory and the related theories were established equity concentration degree, stock equity balance degree and the property of ownership and firm performance of regression model, the Croa to do the robustness test, in the perspective of ownership structure to explore how to improve the performance of enterprises.Theoretical analysis shows that:(1) in the endemic to China's capital market,there are dual agency relationship, the relationship between these two are the board of directors and the manager layer, shareholders and the board of directors of the relationship, which is the corporate governance center problem. The separation of agency problem arising from company ownership and management, therefore encourage and urge managers to become shareholders of the indispensable measures.(2) in the corporate governance literature as the research foundation, to solve the principal-agent problem of the way into the corporate governance mechanism.Ownership structure is the foundation of corporate governance, equity distribution inthe enterprise are not the same, corporate governance mechanisms influence degree will be different, the ultimate impact on the business performance is different in size.The empirical results show that:(1) the board small and medium-sized listed companies equity concentration degree and enterprise's performance has a significant positive correlation;(2) the board small and medium-sized listed companies equity balance and corporate performance positive correlation;(3) the board small and medium-sized listed company of state-owned shares proportion and the proportion of corporate shares are and firm performance without significant relationship; tradable shares proportion and the enterprise performance are related; managerial ownership and corporate performance.On the basis of the theory and the empirical study of the proposed some policy suggestions: constructing moderately concentrated ownership structure, strengthen corporate ownership balancing mechanism and raise the proportion of management ownership, so as to promote China's SME board listed companies for the long-term,healthy development. The innovation of this paper mainly reflected in the research object and equity checks and balances, board for small and medium-sized enterprises as the research object, analysis the characteristics of ownership structure, and the emphasis on analysis of the equity balance influence on firm performance.