Research On Equity Structure,Corporate Perforfmance And Stock Transfer Factors

At present,the Regional Equity Market(REM)is vigorously developed in order to solve the problems of financing difficulty and high financing cost of small and medium enterprises in China.The imperfect governance mechanism,massive family businesses,and unseparated ownership and management rights have become common phenomenon around companies before listing in the REM.Accordingly,the companies'ownership structure change a lot after being listed in the REM,with gradually dispersed share interest,the maturity corporate governance mechanism,and the separation of ownership and management rights.Then the principal-agent problem also arises,that is,there is interest difference between the major shareholders and small shareholders,and between shareholders and managers,which will further affect the company's business decisions and performance.The existing literature has studied the factors that affect the transfer board of China's growth enterprise market(GEM),but there are few studies on the regional equity market(REM).Generally the scale of the listed companies in the regional equity market is small,with certain particularity.Therefore,it is important to study the relationship between ownership structure and corporate performance and companies' board transferring(from regional equity market to new over-the-counter market)in the REM,and explore its inner relationship,which is of great significance for optimizing the ownership structure of the REM listed companies and improving corporate governance.This paper used 2013-2016 years operating data of QiLu Equity Exchange including 99 listed companies,with 32 companies successfully transferred to the new OTC market from the REM.Based on fixed effect model and panel binary probit regression model,from the perspective of ownership structure,this paper studies the impact of ownership structure on the business performance before and after the listing,and the impact on the success factors of the board transferring,and in turn to business success factors.The study found that lower ownership concentration,higher equity balance degree and larger amount venture capital the firm have will lead to higher success rate on board transferring.At the same time the company performance,company size and asset liability ratio also affects the enterprise to transfer board.Further more,this research found that ownership concentration and balance affect firm's board transferring mainly by the influence on corporate performance.The lower the ownership concentration is and the higher the equity balance degree is,the better the corporate performs,and the company performance will affect the success rate of board transferring.At the same time this paper tests whether there is the "IPO effect"of the new OTC market,found that being transferred from the REM to the new OTC market has no significant effect on the performance of the company.The research of this paper has some innovation.First of all,there is no existing literature research on the relationship between the ownership structure and corporate performance in the REM.With the help of QiLu Equity Exchange data,we did a comprehensive analysis on the impact of ownership structure to companies'performance before and after listing or board transferring,which enriches the existing research,putting forward suggestions on improvement of the success rate of the board transferring.Secondly,from the perspective of equity structure,this paper studies its impact on the enterprise board transferring,and explains the effect mechanism behind it.Moreover,this paper examines whether there is a "IPO effect" in the new OTC market,which provides a basis for encouraging companies to register and transfer boards.Thirdly,this paper studies the factors that affect enterprises' probability to transfer board,and puts forward some suggestions on how to improve the success rate of the board transferring.Finally,the conclusion of this paper has certain guiding value for the REM and the new OTC market,including corporate governance,equity structure and how to successfully transfer board,which provides reasonable suggestions for the development of enterprises and the standardization of multi-level capital market.