Research On The Relationship Between Corporate Governance Structure And Growth For GEM Board Enterprises

With several years dedicated preparations, enterprise market has been listedformally in2009, the launch of the gem is mainly aimed at small and medium-sizedenterprises with less large scale and less strong financial ability, but with high growthand high profitability and high risk, providing a certain number of channels to reducethe conditions required by being listed in order to get the purpose of being listed. Thus,the launch of the gem is not only solves the financial difficulties and difficulties inbeing listed of small and medium-sized enterprises, but also makes the capital marketin our country more diversity, promotes the economic industrial structure upgrade, thenational economic development for a long time. The growth of small andmedium-sized enterprises is the key to the development of small and medium-sizedenterprises of the growth enterprise market in our country,an enterprise with highgrowth or not directly decides the enterprise’s long-term development. However,enterprise growth are affected by the influence of various factors, companies in thedevelopment of time adopt what kind of governance structure will affect the growth ofthe enterprise. At present, there are many factors that can affect corporate governancestructure. In this paper, we select six explanatory variables to analysis including thegem listed companies in the first three big shareholder ownership situation, companyexecutive incentive, scale of the company’s board, the proportion of independentdirectors and company’s supervisory board size, total assets of the company scale.through the research and analysis to find out the influencing factors of enterprisegrowth. This paper analyzes the reasons of influence enterprise growth, and putsforward to hypothesis and makes model assumptions to measure the effect ofcorporate governance structure on enterprise growth. This will have an importanteffective to analysis the enterprise market and promote the development of enterprisemarket in our country also the growth of small and medium-sized enterprise.This paper is divided into five parts altogether, through the five chapter weresearch the governance structure and corporate growth of the gem in our country. in the first chapter first introduced the paper selected topic background and researchsignificance, then summarize from the governance structure of corporation and thegrowth of corporation and the relationship between governance structure ofcorporation and the growth of corporation. This paper get some inspirations fromscholar research both at home and abroad. At the same time introduced the researchmethod, content and innovation of this article. The second chapter analyzed thepresent situation and existing problems of growth enterprise market and introducedthe related theory between corporate governance structure and corporate growthfoundation of related theory for the next research. The third chapter mainly introducesthe selection of data of this paper, pick up meaningful indexes through comparativestudy, namely the former three gem listed company shareholder ownership situation,the company’s executive incentive, the company’s board size, the proportion ofindependent directors and company analysis of the five variables to explain the size ofthe board of supervisors, at the same time by the company size as control variables tosupport research, and put forward relevant assumptions. The fourth chapter, throughthe study of the relevant data, descriptive statistical analysis to explain the variousvariables, related statistical analysis and multiple regression analysis, assume that theresults of data analysis methods analysis, study various explanatory variables impacton corporate growth condition, and the related equation model is established and itsrationality. Finally in the fifth chapter, to summary through the above research andanalysis, Putting forward related suggestion according to the problems exists in gemlisted company ownership structure, the mechanism of the board, executive incentiveand enterprise innovation.