Research On The Influence Of Ownership Structure Of GEM Listed Companies On Cost Stickiness

GEM, also known as the second board market, is designed to assist the financing of technology companies with innovative and high-growth markets to generate capital. Our GEM market open board since October 2009, the number of listed companies has reached more than 400, occupy an important position on the Chinese capital market. GEM listed companies with high innovation, high-growth, high-risk characteristics. And the main board listed companies, compared GEM equity structure of listed companies has its own unique, and different ownership structure will affect management decisions and the severity level of the enterprise principal-agent problem, the optimizer can weaken the company’s shareholding structure costs viscous behavior. The impact on the shareholding structure of companies listed on GEM research expenses viscous, and then targeted to optimize the ownership structure, alleviate agency problems, constructive criticism, to control the costs of companies listed on GEM provides a countermeasure method viscous and promoting the GEM long-term development of listed companies.In content, the first part is an introduction, describes the research background, the significance of the related literature briefly reviewed, the ideas, methods and innovation of this paper. Literature review of some major foreign and foreign literature from viscous causes and influence factors of it generalizes the two angles. The second part introduces the concept of cost stickiness and ownership structure, and the theoretical analysis. The third part of the status quo of China GEM equity structure were analyzed, do background bedding empirical analysis of the text. The fourth part is the empirical research, the first GEM listed companies on China’s ownership structure affect the cost of the viscous mechanism were analyzed, and the related assumptions, based on the model set variable definition, were descriptive statistics and regression analysis, and by the stability test. The fifth part is the research findings and policy recommendations. Finally put forward in this paper, we study the deficiency and the future prospects.This selection from 2011 to 2014 companies listed on GEM of panel data, the following conclusions:(1) There is no clear correlation between the cost of GEM listed companies ownership concentration and viscosity, appropriate to promote equity concentrated ownership structure optimization.(2)Strong ability to help curb Shareholdres GEM listed company’s cost viscous behavior, guaranteed checks and balances between the shareholders, so that any shareholder can not completely separate control corporate decision-making.(3)The proportion of institutional investors holding GEM listed company’s expenses were negatively correlated viscosity. To actively cultivate institutional investors, institutional investors make better supervision of managers to relieve agents of the shareholders of listed companies and managers.(4) Management stake, state-owned stake in the GEM listed companies there is no clear correlation between the cost of tack. To consummate the management equity incentive mechanism and competition restriction mechanism of managers, make management equity can play its proper incentive.