Empirical Study On The Relationship Between Ownership Structure And Corporate Performance Of Small And Medium-sized Listed Companies

The establishment of the shareholding structure is an important part of corporate governance and has a significant impact on the company's performance.The research on the shareholding structure has significant theoretical and practical significance.This paper will focus on the analysis of the characteristics of the equity structure of small and medium-sized listed companies and their relationship with corporate performance.The research object of Western microfinance is relatively developed capital market.Although China's small and medium-sized listed companies have not appeared for a long time,there are many problems in development,but if we can properly learn from the existing experience of the West,and combine In China's specific situation,the study of the relationship between the equity structure of small and medium-sized listed companies and company performance will be feasible and of great value.The research focus of this paper is to analyze the characteristics of the equity structure of China's small and medium-sized listed companies,and to explore the relationship between it and the company's performance.The research process of this paper is as follows:Firstly,the small and medium-sized listed companies are used as samples,and the data from 2015 to 2017 is selected as the panel data to combine the normative research with the empirical research.The paper first selects appropriate evaluation methods to evaluate company performance,studies domestic and foreign literature,and analyzes the current status of relevant research.Then,using DEA model to measure the performance of small and medium-sized listed companies,through the calculation results of comprehensive efficiency,pure technical efficiency and scale efficiency of small and medium-sized listed companies,analyze their current operational efficiency and status,and obtain the exact evaluation results of company performance.Finally,after obtaining the calculation results of the performance of small and medium-sized listed companies,the logistic regression model based on traditional DEA method is used to find out the key factors affecting the performance of small and medium-sized listed companies in the perspective of equity structure,and put forward relevant suggestions to promote the development of small and medium-sized listed companies.The empirical results show that:(1)The equity concentration of small and medium-sized listed companies is significantly positively correlated with corporate performance;(2)the equity balance of small and medium-sized listed companies is positively related to corporate performance;(3)The proportion of state-owned shares of small and medium-sized listed companies is negatively correlated with corporate performance.The proportion of legal person shares is positively correlated with corporate performance,but the correlation is not significant;the proportion of outstanding shares is positively related to corporate performance.The innovation of this paper is mainly reflected in the research object and business performance evaluation method.The SME sector is taken as the research object,and its ownership structure characteristics are analyzed.The DEA model is used in the research.