An Empirical Study On The Relationship Between The Ownership Structure Of The New Three-board Enterprise And The Company’s Performance

The new three-board market provides a platform for the transfer and trading of small and medium-sized enterprises’ shares and is an important over-the-counter trading market in China.Small and medium-sized enterprises want to join the new third board with lower market requirements,compared with other capital markets,the cost of listing on the new third board market is lower,so there are more small and medium-sized enterprises entering the new third board,and the acceptance of the new third board is extremely large.These unique features of the new third board occupy an important position in the capitalist market of our country.From the appearance of the new third board to the current new third board market gradually tends to stabilize,before the domestic and foreign scholars to the new third board market research is mostly only in the legal system,trading methods and financing,and other aspects of the research,and so on.The research on the relationship between the equity structure and performance of the new three-board listed enterprises is rarely touched.In view of this,this paper makes an in-depth study on the relationship between the ownership structure and performance of the new three-board enterprises.According to the results of the research directed to the new third-board enterprises,investors and regulators put forward recommendations.First of all,this paper analyzes the data of the new third board listed enterprises in 2013/2017,and compares them with the main board and the gem board,which highlights the development characteristics of the new third board enterprises different from other sectors.Then describe the status quo of the research sample,from the overall development status,ownership structure status,performance status.With the combination of the current situation of the two and the theoretical analysis,the paper sets up the index of the influence of the ownership structure on the performance of the new three-board enterprises.In the part of empirical research,251 sample enterprises from 2013 to 2017 are selected as the object of study.The factor analysis method is used to evaluate the performance of the selected sample,and the results are counted,tested and sorted.According to the order of enterprise comprehensive score,the empirical model is established and the multivariate regression analysis is carried out on the research samples.The results show that the two key indicators of ownership concentration,the proportion of the largest shareholders,and the H index are both the two key indicators of ownership concentration.After the second regression is established,it is concluded that the relationship between executive ownership ratio and performance has a significant "inverted U" curve function,while the equity balance degree has no significant effect on the corporate performance.the relationship between the ratio of senior managers’shareholding and performance has a significant "inverted U" curve relationship,and the equity system balance degree has no significant effect on the corporate performance.The research in this paper provides reasonable supervision suggestions for the society,the government and even the new three-board market itself,and effectively adjusts the basis to help it to formulate a comprehensive and unique development strategy;It is helpful to the further development of the new three-board market,which is facing the delamination system,and has the same value embodiment for the listed enterprises with structural transformation and upgrading.