Research On The Relationship Between GEM Listed High And New-tech Enterprises’ Governance Structure And Performance

With the development of enterprise theory, corporate governance has been put ona great emphasis，and the research on corporate governance becomes a hot topic.Investigating the corporate governance in GEM listed-high and new-tech enterprisesis of vital significance to enrich the enterprise theory, perfect the research system ofcorporate governance and promote the enterprises’growth.Based on the analysis of literatures, we summarize the current research results onthe relationship between performance and governance structure from threedimensions, including equity structure, board structure and management motivation.Then this paper points out some further research ideas.The research object of this paper is high and new-tech enterprises in growthenterprise market(GEM).This paper describes the characteristics of high and new-techenterprises in GEM, including the characteristics of property rights and corporategovernance.Specially, this paper does an empirical study on the relationship between GEMlisted high and new-tech enterprises’governance structure and performance. In thisempirical study, we present ten hypotheses and obtain one hundred and sixty eightenterprises according to some sample rules. When processing the research sample, wemainly use factor analysis and multiple regression analysis. Five factors are abstractedfrom the eleven independent variables, then they are involved in the multipleregression model.After that, we research the main problem of corporate governance of GEM listedhigh and new-tech enterprises’governance structure and give some suggestions onhow to perfect those enterprises’corporate governance and promote the enterprises’performance.