Ownership Structure and Growth of Listed SMEs Evidence from Panel Date of SMEs Board in China

摘要

With the growth measured by the market-to-book assets ratio, this paper investigates the impact that ownership structure has on growth of small and medium-sized enterprises (SMEs) in a sample of listed firms on SMEs Board in China during the period 20042009. The results show that ownership concentration has positive influence on growth of listed SMEs in which higher level of control leaves less room for managerial discretion, decreases agency costs between managers and shareholders and gives a better firm growth. A negative relationship lies between marketto-book assets ratio and managerial ownership of listed SMEs due to the managerial entrenchment.