Board Characteristics, Top Management Incentive Mode and the Growth of SMEs ——Contrastive Empirical Study Based on Chinese Private SMEs and State-owned Ones

摘要

All SMEs between 2005 and 2008 in China were taken for the samples to empirically analyze the relationship of the characteristics of the board, top management incentive mode and the growth of SMEs. Moreover, contrastive empirical study was made based on the private SMEs and state-owned ones. The results show that: (1) In the aspect of the characteristics of board, the turnover of top managers has significant negative impact on the growth of all SMEs. Moreover, there is a significant positive correlation between board size and the growth of state-owned SMEs, and a significant negative correlation between the proportion of independent directors and the growth of state-owned SMEs. But other variables have no significant effects on the growth of SMEs. And (2) in the aspect of the management incentive mode, the management shareholders have no significant effects on the growth of all SMEs. While average compensation of managers has significantly positive effects on the growth of private SMEs , but has no significant effects on the growth of the state-owned SMEs.