Study On The Relationship Of Ownership Structure,Financing Structure And Listed Company's Growth

Always in the past, research on the relationship of ownership structure^ financing structure and company growth catch attention of scholars home and abroad. The ownership structure is the basis of property right of company governance. It has decided the composing and the operation of governance mechanism inside of entire company. The financing structure is an important aspect of the company governance. It can hold to have the function through the ownership and legal rights to moderate the benefits and behaviors of the investors and the creditor, internal shareholder and the creditor. Both may produce certain effect on the listed company growth by the governance mechanism, After all how the ownership structure, financing structure affect the company growth is always the hot spot problem in the scholar studies, neither have a unified conclusion of so far as well as first.The high growth of the small and middle listed company is one extremely significant both to the macroscopic economic growth and the capital market healthy development. The optimized ownership structure,financing structure is helpful to the small and middle listed company which is at the high speed growth stage to prevent going to wrong road. For example:disregarding own fund or the managed capacity expanding blindly and only asks the scale not to speak the profit. In addition, a capital market be developed, perfect, standard, health or not is decided whether it will be able to mobilize and assign the deposit effectively to the most growth potential and the most profitable investment trends. Therefore, how the small and middle listed company optimize its ownership structure,financing structure is important.This article based on the theory of company growth, theory of separation of ownership, principal agent theory, agency cost theory, and bankruptcy cost theory, pecking order theory, analysis the relationship between ownership structure, financial structure and the company's growth. On the basis of existing research from home and abroad, analysis to build a growth evaluation system, which is signified into three categories:profitability (per unit net asset growth, net profit growth of unit sales of assets), growth ability (main business revenue growth, total asset growth), potential for development (MB). The ownership structure is signified by the ownership concentration, stock liquidity, the proportion of corporate shares; the financing structure is signified by assets to debt ratio, long-term liabilities ratio, borrower debt ratio. The researches use the small and medium sized board company's financial data, and build linear regression model, proposed the assumptions of the relationship between ownership structure, financial structure and the three indicators separately, then make empirical test and analysis the empirical results contact with the samples' characteristics and status of china's capital market.Among these relationships, ownership concentration and the development potential is negative correlation; corporate shares, long-term debt ratio and the three indicators are negative correlation; equity liquidity and profitability are positive correlated with growth capacity; debt levels and profitability, capacity development was significantly negatively correlated. The empirical results support agent theory, agency cost theory, and bankruptcy cost theory, pecking order theory. Borrowing liability ratio and profitability, the proportion of corporate shares and development capacity, asset-liability ratio and development capacity, equity and development potential is not significantly related which reflect china's capital markets are underdeveloped, debt financing channels is less, companies have strong preference for equity financing. Only through making the relevant laws and policies, changing the preferences for equity financing, raising the proportion of corporate shares, introducing institutional investors which have corporate governance capacity,vigorously developing debt market to improve financial markets, in order to promote rapid growth of small and medium sized listed companies.