A Study For Enhancing The Performance Of Listed Companies On SMEs Board Based On Shareholding Structure Of Perspecitve

Based on the shenzhen stock exchange sme board and436listed companies as researchsamples, the selection of three years from2010to2012a total of1308set of observations aspanel data, the principal-agent theory, the mechanism of action of equity structure as thestarting point, the ownership concentration and equity balance degree, the nature of the equity,the three parties in the face of the empirical study on the influence of corporate performance,in order to from the perspective of equity structure to study the method of small andmedium-sized enterprise performance improvement. First, the research literature in this articleabout the ownership structure of the domestic impact on corporate performance review andcomments, and compared with the CSI board summarizes the status of existing SME boardshareholding structure characteristics. Secondly, the concept of ownership concentration areinvolved in this paper, the nature of equity, corporate performance, such as to define,introduce two types of agency problems arising in corporate governance and ownershipstructure are discussed corporate governance affect the company’s performance throughspecific mechanisms. Subsequently, in order to affect the company’s ownership structurebased on theoretical analysis of the performance and propose hypotheses about the impact onthe shareholding structure of the relationship between corporate performance status andcharacteristics of the SME board combined shareholding structure exists. Then, this articlewill ROA as the dependent variable, select from the ratio of the largest shareholder ownershipconcentration, equity restriction, nature of equity in three areas, the proportion of the top fiveshareholders, the Herfindahl index, the proportion of state-owned shares proportion ofoutstanding shares, management ownership percentage and other indicators as explanatoryvariables, while the variables to reflect the ownership structure and corporate performancecorrelation test and descriptive analysis, and multivariate regression model by building on theshareholding structure of the relationship between corporate performance for further empiricalanalysis. The regression results show that small board listed companies concentration andcorporate performance as a significant U-shaped nonlinear relationship, equity restriction andcorporate performance is a significant positive correlation, state-owned shares and corporateperformance is not relevant proportion of outstanding shares and corporate performancesignificantly correlated management shareholding and corporate performance significantlyand positively correlated. Finally, the paper argues that the effect should play an activeinterest convergence largest shareholder, while relying on the relative form of the controllingshareholder of the controlling shareholder of effective supervision and restraint, by buildingmoderately concentrated ownership structure of checks and balances and the correspondingmitigation phase coexistence commissioned by SMEs operating in the presence of agencyproblem, in addition, governance mechanisms and other ways to improve the corporategovernance of SMEs to reduce risk and improve corporate performance.