An Empirical Research on Ownership Structure, Board Governance and Corporate Growth

This paper examines the relationship between board governance and three types of company´s growth, by dividing small and medium-sized listed company from China into absolute control-type, relative control-type and dispersed holding-type, according to the stake of the largest shareholders and building a comprehensive growth evaluation index. The ratio of independent directors, concentration of equity and the ratio of negotiable share are significant negative to company´s growth, other governance indicators have different affects to company´s growth. The board governance is not absolutely effective factor to promote the growth of the small and medium-sized listed company.