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Analysis on the Influencing Factors of Corporate Performance about Listed SMEs under the New Situation

Author: LiuNa
Tutor: ZuoLiHua
School: Guizhou College of Finance and Economics
Course: Accounting
Keywords: listed SMEs performance influencing factor
CLC: F276.3;F224
Type: Master's thesis
Year: 2011
Downloads: 31
Quote: 0
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Abstract


Since the reform of the shareholder structure of listed companies officially launched in 2005, China’s capital market has undergone enormous changes, especially since October 2009, China’s Growth Enterprise officially entered on the market, China has gradually formed a multi-level capital market for financing small and medium enterprises、providing them a convenient channel and creating a favorable environment, and in 2007, the new accounting standards began to apply in listed companies, while also in September 2009 the State Council published opinions on further promoting development of SMEs and introducing a number of tax incentives to promote the development of SMEs, so in the context of those new situations the main research are standardized analysis and empirical testing about the relationships among performance of listed SMEs、the main factors and the degree to them providing a reference basis for SME.Firstly, This paper describes the new situation on changes in capital markets, the state tax incentives on listed SMEs and how the new accounting standards influence on listed SMEs and capital markets, then the author explain the two concepts about performance and Tobin’s Q in detail, analyzes systematically the changes on the capital market will influence on the performance of listed SMEs by ownership structure and capital structure, the impact of state tax incentives on performance of listed SMEs by income and substitution effects and high-tech listed companies improve the company performance by increasing labor productivity.The empirical analysis on the performance and the influencing factors of listed SMEs, the author firstly select multiple relevant indicators from many aspects such as profitability、operational capacity、growth etc. then obtains integrated alternative indicators through the usage of factor analysis by the statistical software of SPSS, put all of the explanatory variables and control variables into the linear regression process, excludes non-significant variables by backward selection strategy. Furthermore draws the following conclusions through multiple linear regression、heteroscedasticity test and correction by usage of EVIEWS:if selecting Tobin’s Q as dependent variable, the main influencing factors of the performance of SME board are the actual tax burden、the main business income、asset-liability ratio、the proportion of listed circulation shares、the manufacturing sector, in which actual tax burden、asset-liability ratio are negatively correlated to the performance, the proportion of listed circulation shares are positively correlated to the performance etc. At last the author proposes appropriate countenneasures as follow:Firstly, the listed SMEs should optimize the ownership concentration of companies themselves; secondly, they should put great efforts on cultivating qualified institutional investors, increase the proportion of corporate shares steadily, thirdly, they need to give full consideration to industry characteristics, the companies choose their corporate governance structure according by their industry characteristics. fourthly, the companies should make effective use of state tax incentives; fifthly, the country should continue to promote and improve the constructure of multi-level capital market and then create well coordinated mechanisms and environment to adapt to the multi-level capital market. Sixthly, the listed SMEs should improve their technology contents themselves actively.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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