Study On The Relationship Between The Governance Structure Of Listed Companies On GEM And Business Performance

Since June2009the Listed companies on GEM board, are the concern of many researchers. Due to the principal-agent relationship of shareholders of the Listed companies on GEM and corporate governance structure, the separation of ownership and management rights cause interest of owners and managers are not consistent, it is the internal corporate governance structure of the core of the problem, therefore, choose to do poineering work board listed companies corporate govemance structure and business performance of the relationship between empirical research, from a number of perspectives to measure corporate governance structure and business performance of the relationship is very important. The features about governance structure of Listed companies on GEM determines the formulation and the strategy of the enterprise. The enterprise performance and organizational development, has also been scholars and managers focus on research topics. In this paper, by studying the relationship between the governance structure of listed companies on GEM and the firm performance would provide empirical evidence and recommendations for the future development of enterprises.Based on the analysis of basic theory and research status on the basis of the Listed companies on GEM with42samples by the end of2009, under certain assumptions, the use of econometric software, empirical research on the relationship between the govemance structure of Listed companies on GEM and the firm perfonnance measurement, to analyze the governance structure characteristics variable impact on firm performance, associate with Listed companies on GEM and culture-specific environment in Chinese stock exchange market, and discuss the implications of the empirical results from cultural, historical and the institutional perspectives. Among them, the governance structure characteristics of senior managers mainly include eight factors:whether the chairman and general manager, controlling shareholder’s shareholding, managerial ownership, second holding proportion of large shareholders, board of directors of the independent director and board of supervisors in proportion, the proportion of employees and supervisors, board meeting frequency, annual Executive education background. Research them and the relationship between firm performance, not only measured from the overall analysis, calculate an analysis from high-tech industry characteristic of the samples, and then based on the interpretation of the results of empirical research.This article pointed out that Growth Enterprise Listed Corporate Governance of some of the characteristics of governance structure and linn performance is indeed a certain degree of correlation between the senior managers existence or impact of such research has yet to be further attention, in order to improve firm performance may provide some empirical support and the experience of evidence.