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

The relationship between Ownership Structure and Corporate Performance is an important part of the corporate governance study. As the most important factor format during the corporate governance mechanism, the ownership structure has a significant impact on the company's development strategy and even on the choice of the company.This article will focus on the most dynamic plate of China's listed companies - the SME board. Through studying the characteristics of the shareholding structure of the listed companies and their relationship with the company's performance, we will provide with a view to the development of China's SME board as reference.First of all, on the basis of reviewing and summing up at home and abroad the relevant literature, this article will find out the characteristics of China's small and medium enterprises listed company ownership structure, and try to explain the formation from social and cultural development of the company's own point.Next, taking 38 small and medium enterprises board of listed companies as samples, which was listed at the end of 2004, with its 2005 to 2007 financial reports based on data, the article will test the relationship between the first large proportion of shareholding, the largest shareholder of checks and balances, corporate ownership, management and ownership of the outstanding shares and corporate operating. When testing, we introduce the ratio of assets to liabilities and scale as control variables.Third, the article will divide the sample companies into two groups in accordance with the growth index, the one is good growth and the other one is bad growth. Through Comparative analysis of the two groups, we will find out whether the different growth of small and medium-sized listed companies in the shareholding structure have different impact on the company's performance.Fourth, in the selection of alternative indicators, this article will give full consideration to the relationship between shareholders, who together held by the concerted action of shares. After adjusted, the selected alternative ownership structure variables can be more representative of the true small and medium-sized listed companies board's characteristics of the ownership structure.Finally, taking Tobin's Q as the corporate performance alternative indicator, the linear regression analysis shows two very different results: Shareholding ratio of the largest shareholder has a significantly positive effect on the corporate performance for the good growth group, while has a significant negative impact for the poor growth group. Herfindahl index, Z index does not exist a significant correlation between the corporate performances.For the group of good growth, national ownership and corporate performance is significantly related, and for the poor growth group, national ownership and corporate performance is negatively correlated, but this relationship was not obvious. Corporate ownership of both the two groups has a negative impact on the corporate performance, but this effect was not significant. Management ownership and the proportion of the outstanding shares of the two groups have a positive impact on the corporate performance .Moreover, for good growth companies, such effect is even more remarkable.