Study On The Relationship Between Corporate Governance Structure And Growth Of Small And Medium-Sized Technology-Based Enterprises

Small and medium-sized technology-based enterprise(technology SME)is the important path to foster the creation of new technologies and provide supply and dynamic information of new industry,and it is also an important driving force for new economic growth point of China and industrial structure upgrade.More and more attention has been paid to the construction,optimization and sustainable development of small and medium-sized technology-based enterprises.A good corporate governance structure,as an indispensable part to the continued growth and development of an enterprise,is the advantage of competition in the economic society,which has an important guiding role in promoting the enterprise.Aiming at the current situation of Chinese SMEs,which are weak of growing capability,to explore the corporate governance reform direction from the perspective of corporate governance structure,has a very important significance in improving technology SMEs’ growth and development.Based on this,according to domestic and foreign research,this paper selects the three aspects of corporate governance structure,such as ownership structure,board structure and management incentives to explore the relationship between corporate governance and enterprise growth.Based on the interrelated basic theory of enterprise governance,such as principal-agent theory,separation of ownership and management and incentive theory,through the analysis of contract agent relationship and management control mechanism of the three parts of corporate governance structure,we elaborate how the governance structure of technology SMEs effect on the enterprise growth.First andforemost,on the basis of theoretical analysis,this paper puts forward the reasonable hypothesis.Then we select technology SMEs listed on GEM as a sample,based on the enterprises statistical data from 2013 to 2015,according to the characteristics of technology SMEs,we construct enterprise growth evaluation system.Using principal component analysis method to evaluate enterprise growth and empirical methods(descriptive statistical analysis,differential analysis,correlated analysis and regressive analysis)to analyze.Through the empirical study,we found that directorate size,proportion of independent directors,management compensation and managerial ownership are significantly related to the growth of technology SMEs.However,the high ownership concentration will hinder the growth of enterprises,and there is no significant correlation between dual role of the board chairman and enterprise growth.According to the results of empirical research,from the perspective of ownership structure of,board of directors structure and management incentive governance of technology SMEs,we put forward relevant suggestions: optimize the ownership structure of SMEs,improve the governance level;strengthen the technology SMEs’ board construction and the management efficiency of the board of directors to strengthen motivation upon managers of technology SME and to enhance the management level of managers.The innovation of this paper lies in:(1)We define the small and medium-sized Technology-based enterprises as research type,and consider the characteristics of enterprises during the research process.(2)We research the relationship between corporate governance structure of technology SMEs and its growth,compared to previous studies,the growth can measure the development situation of China’s technology SMEs from all angles.In this paper,the choice of the object of study is the representative SME listed on GEM.In the perspective of corporate governance structure,we explore how to improve the technology SMEs growth ability,conclude that the specificrelationship between the governance structure and the growth of technology SMEs,and put forward suggestions according to this in improving governance efficiency and growth ability of technology SMEs.