The Study On The Relationship Between Ownership Structure And Corporate Performance Of Listed Small And Medium-Sized Enterprises

Small and medium plate market offers a quite good financing platform for numero us small and medium-sized enterprises in high-tech area, which are well-run and prom ising. Benefits from its establishment in Shenzhen Stock Exchange, the number of Sm all and medium-sized enterprises in China had increased from 8 in 2004 to 701 by the end of 2012. Therefore, the internal governance of listed company has always been th e focus of attention of investors and regulators.As an important part of company internal governance, equity structure continuou sly appeals to the theoretical circle, especially the relationship between the company o perating performance and its equity structure, but it’s hard to come into a similar cone lusion. The current equity structure of listed company in small and medium plate mar ket and how it affects the company operation performance are discussed in this paper. Then, some suggestions about the long-term development of small and medium-sized boards of listed companies in China are proposed, in order to perfect the internal gove rnance and improve its operation performance.Normative research and empirical research are combined to study the relationshi p between equity structure and operation performance of small and medium-sized boa rds of listed companies in this thesis.In the beginning of normative research part, the general study situation of relationship between company equity structure and operatio n performance is presented. Also, these scholars’research conclusions are summarize d and compared. On the basis of related theoretical analysis, the probable relationship between company equity structure and operation performance is proposed, according t o the current situation of listed companies in small and medium plate market of ChinaThe listed companies which came into small medium plate between 2010 and 20 12 are taken as sample in the empirical research part. Besides, ownership concentratio n and nature of stock rights are two directions of analysis. Through empirical research ,some conclusions can be drawn as follows. Company operation performance is positi ve correlated to ownership concentration, but the correlation between equity balance d egree and operation performance is not that obvious. In terms of nature of stock rights , the proportion of state-owned share doesn’t have an evident effect on company opera tion performance, so does the proportion of legal person owned share. With the propor tion rise of natural person owned share, company operation performance falls first and then rise, which means the relationship between company operation performance and the proportion of legal person owned share is U-shaped.Finally, on the basis of the foregoing, in order to improve the ownership structure and business performance of China’s SME board listed companies, the corresponding policy recommendations:firstly,on the basis of the mutual restraint in equity,to maintain an appropriate degree of ownership concentration;secondly, to maintain a relatively high shareholding ratio of the largest shareholder; thirdly, to adjust the ratio of natural person shares, corporate shares and state-owned shares.