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Studty on Relationship between Ownership Structure and Growth of Listed Company in Sme Board

Author: LiangBo
Tutor: WangKaiTian
School: Nanjing University of Finance and Economics
Course: Accounting
Keywords: Ownership stucture SME Board Growth
CLC: F832.51;F224
Type: Master's thesis
Year: 2011
Downloads: 131
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Abstract

Since Shenzhen Stock Exchange launched the SME board in 2004, China’s listed companies in SME board have grown at an alarming rate,which rate was more significant than in the main board, we know that growth is under the influence of various factors, and corporate governance plays an important role in the company growth course, small and medium-sized enterprise board are most family business and corporate governance structure has much effect on the growth of listed company, this paper puts focus on small and medium enterprises board, then how to evaluate the growth of small and medium sized listed companies, What is the relationship between ownership structure and growth, are the main problems that we need solve.This article first reviewed literature of domestic and foreign about ownership structure and corporate performance and growth.then describes theory basis about the ownership structure and corporate growth: the company growth theory, the principal-agent theory, and human capital theory. Secondly, the paper adopt the method of the factor analysis to evaluate small and medium board growth, this paper selects company profitability, the company scale expansion ability, company operation ability and company cash flow growth capacity in these four aspects to comprehensively evaluate company growth. Third, this paper select the 201 SME Board listed companies which was listed before December 31th,2007. we use the 2007-data to describe its equity structure characteristics, with its 2007-2009 business performance reflecting its growth, empirically describe the relationship between ownership concentration, the legal person shares, tradable shares ,managementi ownership and growth.By doing the empirical study, we got the following conclusions: while the legal person shares and the tradable shares have positive correlation with the corporate’s growth, the state-owned shares are negatively correlated with the corporate’s growth; the holding ratio of the largest stockholder and the second to the fifth largest shareholder are both have a significant positive correlation with the firm’s growth, while the correlation between the ownership concentration ratio Z and the firm’s growth is not significant.Based on this dissertation’s conclusions of theoretical analysis and empirical research, we proposed several suggestions on bettering both the ownership structure of SME listings and corporate governance as follows: we should maintain an appropriate ownership concentration ratio which will form an ownership structure with checked and balanced relationship between the controlling stockholders and other large stockholders; we also need to speed up the process of the reform of splitting stocks to realise all stocks tradable; what’s more, the supporting policies and measures of improving the management equity incentive are urgent to follow up; at last, we should reduce the stake of state-owned shares and increase the proportion of legal person shares to make full use of the advantage of legal person shares, in additon,we aslo should actively cultivate mature institutional investors, etc.

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