Research On The Optimization Of Ownership Structure Of Small And Medium-Sized Enterprises

Along with the small and medium-sized enterprise board launched in the Shenzhen stock exchange, more and more small and medium-sized enterprises consider going public and using capital market to help grow rapidly. During the listed preparation process, the shareholding system reform is an extremely important and challenging work. However, most small and medium-sized enterprises set up as partnership or family-owned companies, whose manager know little about capital market and feel confused about how to design equity structure. This paper take listed small and medium-sized companies as the research objects, combining mechanism analysis with empirical test, discusses the relationship between ownership structure and corporate performance in order to provide reasonable suggestions for equity optimization of ownership structure of small and medium-sized enterprises.In detail, from two perspectives of ownership concentration and corporate shareholder identification, this paper analyzes equity structure characteristics of the small and medium-sized enterprises and discusses the theory mechanism that how equity structure of the small and medium-sized enterprise affects business performance. Thus, this article selects203listed companies as samples which were listed on the small and medium-sized board market between2004and2007and released complete accounting data from2007to2011. The empirical test of the small and medium-sized enterprise has been carried and reaches on the following conclusions:due to the clear control of the enterprise and corresponding interests of operators and owners, ownership concentration and legal person shares of small and medium-sized enterprises can improve enterprise performance on some extent. While due to the principal-agent problems and lack of incentives for enterprises, the state-owned shares and the executive’s shareholding is harmful to business performance.