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Research on the Relation Between Financing and the Allocation of Control Right in the Growing of SMEs

Author: HuaZuoZuo
Tutor: WangZuoHua
School: Dongbei University of Finance
Course: Financial Management
Keywords: SMEs Financing Structure Control over the Configuration the Controlling Shareholder
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 162
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Abstract


The finance structure of a corporate and the control rights are important components of the modern corporate system configuration, but also the core issues of corporate governance. The studies have shown that the existing financial structure and control rights of corporate arrangements have interactions with each other:on the one hand, the financing structure has the influence upon corporate control, that to say, the specific financing structure determines the particular configuration of control system; On the other hand, the configuration of the corporate control determine the financial structure of enterprises, that is the owners of the different enterprises who want to control the maximizing financial return will have different preferences, and thus choose to maintain their control over decision-making on financing structure.In this paper, on the line of the different growth stages of SMES, we will research on the financing structure and the relationship between control configuration. Since there is some difficulty in accessing the data about SMEs, we study the periods of SMEs start-up, growth and decline through combining theory and tools for analysis.This article focuses on the small board of Shenzhen Stock Exchange listed companies, using SPSS statistical software to analysis of the relationship between financing structure and the control rights of the samples corporate. Founding that, with the growth of SMEs,the relationship between financing structure and control rights of the configuration is changing:In general, on the start-up stage of SMEs, corporate ownership and control rests in the hands of business owners, business owners who are deciding the financing structure. on the Growing stage, the paper shows that besides the objective factors that restrict the financing structure of SMEs, the main subjective factor is that the business owners with strong preference for the control rights of companies. The equity financing is the trade-off results of the business owners on the "growth" and "control". In the maturity, the empirical analysis shows that, the Shenzhen Stock Exchange listed companies small board of listed companies the largest shareholder of listed companies have, according to the absolute control over listed companies and the impact on the choice of financing, and then affect the financing structure of listed companies. In the recession stage, as many negative net present value of investment, corporate investment risk is very high, equity investors have an incentive to use debt financing, there are alternative motives of assets, so the competition of control rights will rise between the creditor and the equity investment.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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