On The Management Structure Completion Of The Public Company In GEM

After nearly 10 years of brewing, with the successful operation of first 28 listed companies in China, the Growth Enterprises Market officially open board in October 23th 2009 finally. The GEM is not a sub market to the mainboard market, nor a "springboard" specially provided for some firms into the mainboard market, but a financing market coexisting with the mainboard market. The listed companies in the GEM are different from the ones in the mainboard market. Because of its high standard, the listed companies in the mainboard market are always large or medium-sized state-owned enterprise, while the GEM mainly focuses on the small short-history new rising companies with a big potential and promising future. So for those small companies which are not qualified to enter the mainboard market, it is no doubt another access to the social financing. Most of China's private companies are family enterprises. According to statistics, its rate can amount to 70%, and the percentage of the family listed companies in the GEM is even bigger. Due to the short time, low entrance requirement, corporate governance institutions are imperfect. And in the process of transforming into public company, the family enterprises may produce a series of problems like over-packaging issues and so on. Corporate governance structure, itself exists serious defects. Although the GEM market successfully be listed, but this does not mean that GEM companies can achieve a sustainable prosperity development. Only keeping pace with The Times, constantly breaking through bottlenecks in development, can those private enterprises achieve considerable progress. So it is necessary for us to analyze the management structure of a company in order to prevent all kinds of risk caused by a bad corporation management.There are four chapters in this thesis.The first part, this paper first analysed the management structure of listed companies in foreign GEM by means of comparison. In this section, the writer selected the most representative GEM market today like the nasdaq market, South Korea kass wardak market as investigation objections, listing the management structure and related legislation basis, hoping these efforts could be of value for domestic companies.The second part, the author has analyzed 82 private companies among the 86 listed companies in the GEM by the end of May 30 with an empirical method. This article from the ownership structure and practical control condition, corporate governance status by the three aspects, the data collection and collation and encouraged the form of using charts and tables show and the relevant image interpretation content. The purpose of this section is to get a conclusion with universal meaning through analyzing the objective real data.In the third part, the author point out the main problems existing in the management structure of companies in the GEM through the description of the above situation When the company into the stable development stage, if there is no reasonable organization and management is not standard, etc. Various kinds of abuses will reveal. This section discusses mainly from three aspects, the first is the ownership structure is too centralized, small shareholder interests get safeguard; the second, it is familial color too thick, scientific decision-making faces a challenge; the third is undeserved, internal control organization defects. Find out the problem to better suit the remedy to the case, prescribing splurge.The fourth part, this chapter is the key part. Proposing and analysing issues are in order to solve the problem. The above is just the leading-in of the thesis. First proposed should comply with the three fundamental principles:pay attention to efficiency and treat shareholders and the separation of powers. Then based on the GEM listing existing in the management structure of the above question, the author thinks that should from the following three aspects, one is to optimize recruiting solve equity structure, the second is to strengthen the institutional framework restriction and coordination, thirdly is perfect professional manager market. Optimizing equity structure including:intensify efforts to restrict controlling shareholders and actual controlling right; to encourage companies to internal employee shareholding; cultivating organization investors. Strengthening institutional framework restriction coordination includes:perfect shareholders' assembly system; Perfect board of directors system; Security authority of independent directors; Play of the board of supervisors shall supervise, restrictive effect; Clear the relationship between independent director and board of supervisors. The professional managers market includes:establish a professional manager database; Clear of professional managers work responsibilities and privileges; the controlling shareholders appropriate decentralization give managers; Establish venture patriarch and professional managers and early warning mechanism; the contradiction Perfect the incentive-restricted mechanism for managers.GEM is just a fresh thing to our country. Its various related system is not perfect. So we should work out a feasible strategy of corporation management in reference on the basis of foreign advanced experience and our reality.