The Empirical Research about Relationship between the Ownership Structure and Corporation Performance of the Science and Technology SMEs
|Keywords||Ownership structure Science and Technology SMEs Corporation performance|
Financial crisis which started first in the Wall Street in late 2007 has revealed the problems of American companies, as well as appealed to the revolution that can strengthen shareholders supervision and resolve current flawed governance, leaving the world aware of the importance of corporation governance. Ownership structure is the basis of the structure of corporation governance, and is the major factor which affects levels of corporation governance. Although many scholars home and abroad did have conducted both theoretical and empirical researches about the relationship between ownership structure and corporation performance, but for the Science and Technology SMEs listed on SME board, there is relatively few researches concerning ownership structure and corporation performance.The present study selected the Science and Technology SMEs(S&T SMEs) listed in SME board of Shenzhen Stock Exchange from 2007 to 2009 as samples and discussed the influence on the firm performance made by the ownership structure.This paper firstly defined the terms, summarized the literatures home and abroad, proposed the research hypotheses based on related theories and then tested the findings generated from the research with the panel data. At last, the main conclusions were drawn and some policy suggestions were given based on them.Findings generated from the research are as follows: (1) the second to the fifth largest shareholding ratio is positively correlated with corporate performance. (2) the proportion of managerial ownership and corporate performance are related. (3) the proportion of shareholders who are natural person is positively related corporate performance. (4) the proportion of tradable shares is negatively correlated with corporate performance.