The Study On The Relationship Between Ownership Structure And Operating Performance Based On The Listed Companies Of Small And Medium Enterprise Board

Since1980s, the rapid developments of small and medium-sized enterprisesbring a series of development opportunities. However, there are a number of self-problems. Financing difficulties is the greatest bottleneck during these problems.The establishment of small and medium enterprise board could accelerate the speedof the enterprises entering capital market, as well as increase financing options.With the enlargement of the influence of small and medium-sized enterprises, thegovernance situation of listed companies is already the common focus of numerousmanagers and investors. Ownership structure is one aspect of the corporategovernance mechanism. The difference ownership structures of listed enterprisesnot merely decide the difference organizations of enterprises, but also decidegovernance structure and operating performance of different enterprises.Nevertheless, although there are incessant researches between ownership structureand operating performance, no verdict has been achieved, which needs to considerthe relationship between the two elements.The research abject is small and medium listed enterprises which have listedbefore the end of2008, and sample spacing of this paper is2010-2011. Fromownership concentration, ownership control and shareholder aspects, this papertakes advantages of the multiple regression method to explore the relationshipbetween ownership structure and operating performance, constructs simultaneousequations model to discuss endogenous character of ownership structure, andfinally mentions optimization suggestions, which take the empirical outcome asstandard. It will make significant contribution to the improvement of governancemechanism and operating performance of small and medium listed enterprises.This paper considers the common action between shareholders in ownershipconcentration aspect, which is different from the formal research. Meanwhile, dueto the possible proportion of concerted action of top ten shareholders in theresearch sample is large. Consequently, it is necessary to deal with ownershipStructure like that. Besides, in corporate performance aspect, ultimate ownershiptheory is induced in this paper, which reclassifies the ultimate controller propertiesof research sample, including personal and national shareholders. This kind ofadjustment will be more appropriate to the ownership structure of small andmedium enterprise. The main conclusions are as follows: if the dependent variable is ROE，thereare significant positive correlation between ownership concentration and ownershipstructure and significant negative correlation between ownership control andownership structure and positive correlation between shareholder prosperity andownership structure; In the situation of considering the endogeneity of ownershipstructure, it identified that the feedback effect of market index TQ on ownershipstructure is more obvious than the incentive effect of operating performance. Basedon these conclusions, the paper puts forward appropriate policy recommendationsfrom three aspects, these are from the view of small and medium enterprises, theview of external financing platform and the view of government regulators.