Empirical Research On Small And Medium-sized Enterprises Board Structure And Corporate Performance

Since the establishment of SME board in Shenzhen Stock Exchange on May 17, 2004, the numbers of SMEs Listed Companies and the amount of the companies'IPO and refinancing have increased to 327 and totaled 177.612 billion by the end of 2009. The rapid development of small and medium board provides financing places for high-tech and high growth SMEs. Therefore, it is known as China's "NASDAQ." Because of the expansion of influence of the SME board, the corporate governance gradually becomes the focus of investors and regulators. However, as an important part of governance, the ownership structure has become a hot issue for all scholars. Therefore, this article that studies the relationship of the SME board structure and corporate performance has undoubtedly some theoretical and practical significance.As the study sample of SME data for the year 2005-2009 of Listed Companies, this article studies the relationship of ownership structure of the SME board and corporate performance by using correlation and regression analysis. I make the following conclusion.(1)The proportion of the largest shareholder of listed companies of the SME board increased, which helps to improve company performance in a certain extent. (2)The increase of Listed Companies SMEs'ownership concentration helps to improve corporate performance. (3) A higher share proportion of senior managers of the SME board listed companies help to improve corporate performance. (4) The increase proportion of the current shares of the SME board helps to improve corporate performance. (5) The proportion of legal person shares of the SME board and company performance has a weak positive correlation. Therefore, legal person shares of the SME board listed companies to some extent are beneficial to the enhancement and improvement of corporate performance. But, the ownership structure of listed company of the SME board is different, and different ownership structure needs to take various measures and methods. Therefore, in order to promote the rapid development of small board, we should service for the SME board. According to the empirical results, compared with China's SME board listed company ownership structure and corporate performance status, this paper puts forward the following suggestions: (1) According to different ownership structure model, we should adopt different regulatory measures; (2) In the view of positive correlation of ownership concentration and return on investment and net assets returns, we should seek ways that increase medium and small shareholder's right to know, and let the market become tools to control shareholders. Meanwhile, ascend small and medium shareholders involvement in the management of the companies, and realize the shareholders to maximize profits; (3) In the view of weak positive correlation of legal person share and return on investment and net assets return rate, and positive correlation of the return on investment and net assets return, we should put forward gradually raising legal person share proportion form diversified ownership structure model of legal person share primarily; (4) We should make SME bigger and stronger, and constantly promote the development of the SME board.