The Empirical Study On The Relation Of Ownership Structure And Performance Of Listed Company In SME Board

China's SME board has made remarkable achievements after nearly six years of development. It has become a very important part of China's capital market, and accumulated valuable experience for the construction of the GEM. However, whether the small and medium companies has optimized the ownership structure, established and effective corporate governance system and obtained improved operating performance as expected after listed on the SME board is still subject to further research.This paper will summarize the relevant literatures at home and abroad, combine the theory of the transmission mechanism between ownership structure and corporate performance, base on the China's SME board companies, analysis the changes of ownership structure and operating performance in before and after the listing, empirical test the relation of the ownership structure and corporate performance in before and after the listing. And then form lessons learned, identifysome problems. Finally provide some valuable reference for policy implementation to further promote the construction of SME board.This paper concluded that the ownership structure of listed companies will influence corporate governance by corporate government. The ownership concentration of SME board companies hasn't changed signifcantly after the listing. At the same time, the operating performance of SME board companies hasn't increased significantly as time goes by. And the important reason for that is SME board companies' imperfect corporate governance system.The empirical study of the relationship between ownership structure and corporate performance found that for the SME board companies, equity diversification is not the best choice, but the relative concentration of equity will help improve the company's operating performance and to promote the company's long-term development as a result of the problems that without a sound regulatory system and legal system in securities market, imperfect of external corporate governance mechanism, a lack of adequate protection of the interests of investors. At the same time, SME board companies should pay attention to the active of the largest shareholders, give full play of the checks,balances and oversight of other big shareholders, improve the equity restriction, thus to improve corporate performance.