The Effects of Major Stakeholders on SMME's Performance Turnaround -- Empirical Analysis Based on the Ordinal Logistic Regression Model

Small and Medium-sized Manufacturing Enterprises (SMME) play an important role in national economy. But they usually suffer from high risks in finance that make them have short lives. Therefore, the study of SMME's performance turnaround would help them get rid of financial distress and go concern. From the perspective of stakeholders, this paper selects 35 Chinese listed SMME as samples that have experienced performance turnaround during 2001 and 2010. With the ordinal logistic regression analysis of major stakeholders' effects on SMME's' performance turnaround, we conclude that the explicit benefits of shareholders and creditors are the most important factors for SMME to achieve turnaround success. This paper enriches the empirical study of enterprise performance turnaround and provides the scientific basis for SMME's turnaround management