Empirical Research On The Relationship Between Ownership Structure And Growth Of The GEM Listed Companies

GEM was founded four years ago. It has become an important driving force of supporting the development of China’s independent innovation enterprises and promoting the transformation of economic development patterns and it really become the hub of independent innovation enterprises in our country. How these independent innovative companies can achieve rapid, healthy and stable growth is always the problems scholars and entrepreneurs concerned. Based on the research of the growth of GEM listed company, we can not only help enterprise managers make decisions, grasped the direction of the development of the company, but also can provide the basis for investors to choose investment enterprises and for regulators to formulate corresponding policies. So the research on the company’s growth is very necessary. As a very important part of corporate governance, ownership structure affects the behaviors and decision-making of the management and the owners, the behaviors and decisions will directly affect the company’s value and growth, therefore there is a certain relationship between ownership structure and growth. But what the relationship is has not been determined, thus study on the relationship between ownership structure and enterprise growth has certain significance. So this article selected the GEM listed companies which listed before December31,2010, and based on the data from2010-2012to study the relationship of ownership structure and growth of the GEM listed company.This article is divided into six parts altogether as follows:The first part is the introduction. This part introduced the selected topic background and research significance. At the same time introduced the research train of thought and pointed out the possible innovation points in this paper.The second part is the related theories and literature review. This part firstly defined the concept of this article, and the theoretical basis of this article:the principal-agent theory, human capital theory and firm growth theory. Then this paper summarized the literature of owner structure and growth. The third part is the analysis and hypothesis of relationship between ownership structure and growth. On the basis of the second part, ownership structure includes four aspects:ownership concentration and equity balance degree, equity property and equity liquidity. This part analyzed the relationship between the four aspects and the growth and put forward the research hypothesis.The fourth part is the empirical research design. First of all, this article illustrated the sample data and the source, and then determined the research methods of this article:using the factor analytic method to obtain the dependent variable, the GEM listed company comprehensive growth points. And the independent variables and control variables of this paper is determined. Finally put forward the empirical model.The fifth part is the empirical result analysis. In this part we used conducted descriptive statistical analysis and multiple regression analysis to analysis the sample data and obtained the regression results.The sixth part is conclusions and recommendations. Through the analysis of the fifth part of the empirical results, we obtained some conclusions:the GEM listed company ownership concentration, the company executives’shareholding proportion is higher, the company’s growth is worse. The company’s equity balance degree is higher, the company’s growth is better. Second part of this, according to the research conclusion of this paper, we put forward the policy suggestion. Finally the paper expounds the inadequate and future.