The Empirical Research About Relationship Between Gem Listed Companies' Corporate Governance Structure And Corporate Performance

In the modern enterprise system, Corporate governance as its core, inevitably there was a link with corporate performance, constantly improve the corporate governance structure, can improve company performance. Good corporate is the important guarantee of the company to make scientific decision and enhanced performance. Relative to the Main board Market terms, GEM companies' entrusted agency chain is relatively short between executives and investors. Ownership concentration is high. The agency cost is relatively low, Decision-making maybe more efficient, should producing better company performance. Based on GEM Companies as one sample, using empirical analysis method, from the ownership structure, the board structure and management structure to analysis the relationship between GEM Companies governance structure and corporate performance, trying to find some experience basis for perfecting The Governance Structure of GEM Companies.Firstly, Before the end of 2010 on Gem and disclosure 2010 annals companies report are this paper' samples, through the establishment of multiple regression model, making empirical analysis on the GEM companies shareholding structure, board structure and management structure affecting the company performance. in addition, this paper selects the SAM board in the same market and growth enterprise market industry with similar scale of the listed company, as a similar sample to compare with The GEM Companies, through two sample of different research and the empirical research of the sample company, could give GEM companies provide experience basis to perfect governance structure.Through empirical findings: There are certain correlation relations between GEM Companies governance structure and performance of the company. Proportion of the largest shareholder, and the second to the tenth largest shareholding ratio, the proportion of outstanding shares and the Board meetings with corporate performance showed a significant negative correlation relationship. between the both whole and corporate performance presented significant positive correlation relationship. Other aspects and corporate performance have no significant correlation relationship. Through the comparative analysis also found gem companies with low the asset-liability ratio, relatively difficult to finance, Independent director system is not perfect, the relationship of management incentives and corporate performance was not significant. this paper has some references on how to improve the companies listed on GEM of the governance structure so as to continuously improve corporate performance.