Research On The Ownership Structure And Refinsncing Method Of Small And Medium Enterprise Board Listed Cormpanies

The establishment of Small and Medium Enterprise Board was an important milestone inChinese security development history in 2004. It doesn't only provide minor enterpriseswhich accounts for 99％of all enterprises wide financing platform, but also make investorsmore opportunities. But because this board built too late, academic circles have no deeplyresearch at present, especially the problems about ownership structure and financial method.Based on small and medium-sized board listed companies, this paper did study and empiricalanalysis about the relationship between ownership structure and refinancing way, proposedmeasures which could optimize ownership structure and financial method.Based on the classic capital structure theory and the current research of domesticacademics, this paper analyzed the current situation on ownership structure and financialstructure of Small and Medium Enterprise Board, and did a theoretical analysis about theirrelationship. Then it researched the ownership structure and short, long term liabilities andoverall debt levels from four aspects, concentration of ownership structure, ownershipbalancing, equity properties and ownership liquidity. The empirical research showed that eachownership structure index has linear correlation with long-debt in the short run but not totaldebt, short-term debt; ownership structure index has a certain degree of nonlinear relationshipwith the ratios of total debt, short-term debt and long-debt which was quite different from theresearch conclusions on A-shares. There are also many non-tradable shares in Small andMedium Enterprise Board, which restrain the role of tradable shares in securities market;strong stock holders prefers financing in the stock market, which result in benefits of smallshareholders out of protection; senior managers have little impact on the selection offinancing method, because of lower share holding.At the end, we put forward some suggestions to improve the financial methods and ownership structure of the Small and Medium Enterprise Board listed companies. Themeasures include: accelerating the course of stock market's complete circulation,strengthening the protection of small shareholders, vigorously developing the bond market topromote the financing way diversification, promoting the listed companies'equity incentivemechanism.