An Empirical Study On Corporate Governance Performance Of SMES

In this paper,47private listed companies in the area of Sunan which listed in small andmedium enterprise board are selected as the research object,and totally get188samples ofvalid observations from year2010to2013.This paper use corporate governance as a startingpoint,and around the principal-agent theory we carry out an empirical study to analyzes theimpact of Sunan’s private listed companies’ governance structure on performance.Firstly,thepaper has a review and carding about the research results of how corporate governance affectperformance both in domestic and foreign.secondly,this paper expound the connotation ofcorporate governance,performance and introduce the content of economic valueadded.Then analyse how the corporate governance influences the performance,then Throughthe analysis of the above,we give the research hypothesis considering the characteristics ofour samples. Thirdly,we brieftly introduce the Sunan’s private listed companies’ developmentfactors,including cultural,natural,grographical and historical.then we also introducedevelopment situantion and the present situation of corporate governance of the companies inSunan.Fourthly,on the basis of the collected data,through the Pearson correlation analysis toconfirm there is no multicollinearity,then we use Multiple linear regression method to studythe relationship between corporate governance variables and economic value added.Theresults show that there is a inverted U-shaped relationship between ownership concentrationand EVA,the proportion of the largest shareholder and the second largest shareholder,thechairman of the board and general manager concurrently were negative related to EVA;andthe size of the board of directors,executive compensation incenties,institutional investors arepositive correlation with EVA;but there is no relationship between executive equity incentiveand EVA.Finally,according to the empirical results,this paper put forward some policysuggestions about how to perfect the corporate governance in order to improve the corporteperformance.