The Impact Of The Characteristic About Major Shareholders To The Performance Of The SME Board Company In China

Since the reform and opening up, China’s private economy and private enterprise development, as China’s economic development, improving people’s livelihood has made tremendous contributions.At present, the private enterprise of our country has already become our country economic system is extremely important and indispensable important component.In order to better meet the needs of the development of small and medium-sized enterprises, the capital market of our country also started to open the door of these private enterprises:June25,2004and October23,2009, the Shenzhen stock exchange plate of small and medium-sized enterprises and entrepreneurial plates were created.This makes our country private enterprise financing channels to greatly expand.In2012May, has more than600enterprises in the Shenzhen Stock Exchange listed small and medium-sized plate.In this more than600enterprises, some enterprises use this platform has developed rapidly, but there are some corporate bad behavior and performance to the small and medium-sized plate of this group had a negative influence on listing Corporation.This shows, medium and small enterprises in such development opportunities, needs the theory field guide, can the healthy development.Shareholders equity structure feature is part of the research.The so-called big shareholder’s characteristics, actually refers to the large shareholders, ownership, the ownership of property and circulation, and large shareholders and other shareholders, the relationship with manager relations, and other stakeholders. Large shareholder characteristics revealed by the ownership structure to solve the problems of great significance.The full text is divided into the following six parts:The first part, introduction.This paper introduces the research background and significance, related concepts, and introduces the research is about the contents, research methods, selection of the technical route and the innovation point of this paper.The second part, a literature review at home and abroad.Brief introduction of domestic and foreign scholars on the big shareholder characteristics and company performance relation research present situation, and carries on the review.And the author of the research results have been summarized, also the shortage of relevant research in this field is discussed.The third part, the major shareholder of the theory characteristic and firm performance.In this part, the author explains the theoretical basis:introduces the incentive effect and entrenchment effect, principal-agent theory in the incentive mechanism and supervision mechanism of large shareholders and company performance characteristics and the influence of company performance evaluation index.The fourth part, the empirical study design.For the study of small and medium-sized plate enterprise shareholder characteristics and enterprises and company performance relation, empirical studies before design.Including the selection of the sample, variable definition and description, research hypothesis, set up research model.The fifth part, the empirical result analysis.The relevant data into the model test, the empirical results obtained.And on the basis of empirical results, on China’s small and medium enterprises board of large shareholder and company’s performance characteristics of the relationship between the analysis and discussion.The sixth part, conclusion.In this part, the author summarizes the research conclusion, and put forward the related proposal, but also for the deficiencies are described.Finally on the academic research fields are discussed.The innovation of this paper lies in:stock exchange of Shenzhen small and medium-sized plate has launched more than3years, but the academic circles for Chinese small and medium-sized plate relatively less research on listing Corporation.This study is focused on the SME board listing Corporation.In addition, this article also put the motherboard companies as small and medium enterprises board contrast objects to increase the depth of research.In addition, the author also put two plates of state-owned enterprises and state-owned enterprises from the comparison, it can analyze the state-owned business enterprise and non state-owned enterprises in the two plates of large shareholders and corporate performance about the characteristics of mutual influence this distinction.