SME board listed companies play a unique and important role in the Chinese market. It represents a group of companies with high development potential and large operating risks and small scale. The growth of SME board listed companies is a measure of small and medium‐sized companies. One of the most representative aspects of board companies. To study the internal influence of growth is to look at the factors that affect the growth of the company after excluding external factors such as the market from the perspective of the internal development of the company. Studying the internal factors of growth can provide a basis for small and medium‐sized board companies to formulate their own development plans for their own development, help investors to conduct relevant rational analysis, and also provide strong support for the policy formulation of relevant regulatory authorities. The study of these factors has promoted overall The stable development of the small and medium‐sized board market.This article is based on the internal and external factors that influence the growth of a company at home and abroad. First, it summarizes the relevant internal theories of the factors that influence the growth of a company. Secondly, based on the real data of 453 small and medium‐sized companies in China from 2018 to 2021 as samples, nine factors were extracted from three aspects as relevant indicators of growth factors. After data processing, factor analysis was used to analyze SMEs. Empirical analysis of listed companies. Finally, combined with the results of empirical research, the growth status of China's SME board listed companies is obtained, and certain suggestions and opinions are provided to the managers and regulators of SME board listed companies.