Study On The Relationship Between Ownership Structure And Corporate Performance Of SME Listed Companies

For a long time,the shareholding structure of listed companies has been an important and difficult problem of corporate governance that is highly concerned by scholars at home and abroad.On April 29,2005,the China Securities Regulatory Commission issued a notice on the share-trading reform of listed companies.After that,two batches of listed companies started pilot reforms,and the share-trading reform officially began.On June 20,2005,10 small and medium-sized board companies entered the first batch of share reform pilots,marking the historic transformation of small and medium-sized board companies into the share-trading reform.With the issuance and circulation of restricted shares,the shareholding structure of China's small and medium-sized listed companies has also undergone tremendous changes.At the same time,the state vigorously promotes the reform of state-owned enterprises,actively adjusts state-owned shares in enterprises,and enhances the value of state-owned shares.Based on this background,this paper divides the problem into three situations: equity structure exogenous,static endogeneity and dynamic endogeneity,trying to empirically study the relationship between the equity structure of small and medium-sized listed companies and company performance.The main theories on which this paper is based are principalagent theory and information asymmetry theory.This paper selects data from 628 small and medium-sized listed companies during 2013-2017,using fixed effect estimation(FE),two-stage least squares(2SLS),generalized moment estimation(GMM)and static panels under static panel.The system generalized moment estimation(System GMM)and other methods,try to use static panel data and dynamic panel data to study the relationship between equity structure and company performance in this paper.This paper selects the panel data of 628 small and medium-sized listed companies from 2013 to 2017.The data processing tool is STATA11.0.Three models are set up.The regression results are shown by FE,2SLS,GMM and system GMM.The interaction between the ownership structure and the company's performance and the intertemporal effect,coupled with the robustness test to ensure the stability of the regression results.The research structure of this paper is divided into six parts:The first part is an introduction.This paper introduces the research background and research significance of the equity structure and company performance of small and medium-sized listed companies.The main content of the research is the relationship between ownership structure and company performance.The research methods include empirical research and normative analysis,as well as the research structure and innovation points of this paper.The second part is the literature review section.The domestic and foreign literatures are sorted according to the theoretical development and time sequence.At the same time,it is divided into three aspects: the relationship between equity concentration and company performance,the relationship between equity balance and company performance,and the endogenous research on ownership structure and company performance.In each angle,the literature is sorted according to the theoretical development and the order of time,paving the way for the subsequent empirical part.The third part is the analysis of normavation and research hypothesis.The first is to explain the two most important variables in the empirical,one of them is the stakeholder structure,the other one is the company performance,and then introduces the main theoretical basis of this paper,namely the principal-agent theory and the information asymmetry theory,and then further explain the equity concentration and The impact mechanism of the company's performance relationship,the impact mechanism of the relationship between equity balance and corporate performance,and the impact mechanism of the relationship between ownership structure and corporate performance.Based on this,the six hypotheses of this paper are proposed.The fourth part is the research design part.The selected research samples are panel data of 628 companies from 2013 to 2017 in China's small and medium-sized board market,and the relevant variables are explained.Based on this,three related models are set up,and multiple regression equations and simultaneous equations are established for different performance indicators by using FE estimation,2SLS estimation,GMM estimation and dynamic panel system GMM estimation.The fifth part is the empirical analysis part.The first is descriptive statistics that provide a fundamental analysis of variables.The regression results show the relationship between the shareholding structure and the company's performance under the four estimation methods of the three models,and the robustness test is carried out on this basis.The sixth part is the conclusion and recommendations section.Three conclusions under exogenous,static endogenous and dynamic endogeneity were obtained,and related recommendations were summarized.This article has three innovations.Based on the existing literature,this paper studies the company's shareholding structure from the equity structure and equity balance.On the main body of the research,this paper selects the small and mediumsized listed companies in China as the research subject,and the time period and sample size are also updated relative to the previous research.In the model setting,this paper considers the dynamic endogeneity problem and establishes the related model.