Study on the Relativity between Small and Medium Enterprises Governance Structure and Enterprise Competitiveness

摘要

This paper uses canonical analysis method. It puts forward hypothesis about the interrelation between the governance structure of small and medium enterprises and performance level of enterprise competitiveness. By these analysis, the first canonical of the former can affective the variation of the latter, but the latter cannot. The appropriate growth of variable indexes is helpful to improve the level of enterprise's governance structure. These indexes include moderate concentration of ownership scale and structure, shareholding proportion of direct and senior manager, external governance, the incentive of top management and so on. The authors come to the conclusion that the governance structure of small and medium enterprises can improve the performance level of enterprise competitiveness, especially the function of the Tobin's Q.