GEM Listed Company's Capital Structure, Management Background Empirical Research On Business Performance

In October23,2009China’s GEM market officially boarded, at that time, the GEMlisted company is just35, so far there are379, whose scale of development speed. Withthe establishment and the increasingly mature of the GEM market,people pay more andmore attention to performance of China’s GEM listed company, many companies’benefit progresses day by day after companies into the GEM, but along with the timedevelopment, some enterprises have signs of different degrees of decline in performance.The capital structure and management background as the key factors affecting theenterprise performance has attracted much attention, especially in the western academicresearch about the influence of management background on corporate performance inthe form of higher order theory after a large number of emerging. But at present,scholars for the GEM has a lot of research being focused on corporate governance,trading system,"three high" phenomenon and so on, but the research on the capitalstructure of GEM listing Corporation and management background on enterpriseperformance is still in the initial stage. Studying on the selection of variables andmethods of the research are also following the western, which is lack of effectiveresearch combining with the actual situation. This paper choose to study from the aspectof its influence on the performance of the enterprise, in order to draw some valuableconclusions.This paper first introduced research findings on the impact of capital structure andmanagement background from the domestic and foreign scholars, combining with theactual characteristics of the GEM listed Corporation, to develop a suitable method forGEM Listed Corporation content. In this paper, published in the3years of2009to2012,the growth enterprise market of listed Corporation as the object of study, excludingfinancial companies and whose incomplete information, data can not be acquired, thispaper obtained180valid samples,540valid observations, using panel data model onempirical research. The empirical results: GEM listed company’s assets-liability ratioand firm performance is positively correlated; Company managers team male ratio waspositively correlated with enterprise performance; And the average age of managementand enterprise performance negatively correlated; Management education levelpositively correlated with enterprise performance; GEM-listed companies with overseas experience managers have a positive effect on business performance. Finally, in order tohelp the GEM listed Corporation make profit and promote the development. We putforward some relevant policy suggestions. To improve the capital structure of China’sGEM Listed Corporation, realize the effective participation in enterprise governance,and improve corporate performance, is of great significance to promote the long-termdevelopment of enterprises.