Research On The Influence Of Small And Medium-sized Listing Corporation Ownership Structure On Corporate Growth

Since the SME board was launched in Shenzhen Stock Exchange in2004, China’slisted co mpanies in SME board have grown at an alarming rate. High growth is animportant index to measure the hea lthy deve lopment o f macroeconomic operation andcapita l market. We know that growth is under the influe nce of various factors, andcorporate governance pla ys an important role in the company growth course.Ownership structure is the property of the fo undation of the corpora te governancestructure, and directly affects the effic ienc y of corporate governa nce. This paperstudies the impact on the corporation growth from the perspective of ownershipstructure in order to optimize the ownership structure of SME board listed companiesand promote corporation growth.We first review literature of do mestic and fore ign about ownership structure andgrowth. We ana lyze the impact of owners hip structure on corporate growth based onthe princ ipal-agent theory and resources of enterprise growth theory; Secondly, thispaper selects11indexes in company profitability, the co mpany scale expans ion ability,company operatio n ability, debt paying ability and adopt the method of the factoranalys is to comprehe ns ive ly evaluate sma ll and medium boa rd growth; Thirdly, thispaper selects223SME Board listed companies whic h was listed before December31th,2008, and emp irically tests the influence of equity structure a nd ownershipconcentration on firm growth. By doing the emp irical stud y, we get the followingconc lus io ns: the proportion of state-owned shares has a negative correlation with thecompany growth, the proportion of corporate shares and firm growth are positive lycorrelated, the proportion of shares in circulation and firm growth are related but notsignificantly, mana geria l ownership has a N re latio nship with firm growth; thesharehold ing ratio of the first shareho lder and the company growth have a Urelationship, ba lance of ownership and firm growth are negatively related to. Fina lly,through this research, we propose several suggestions on bettering both the ownershipstructure of SME listings and corporate governance.