Research On The Correlation Of Execuitve Stock Holdings、Capital Structure And Enterprise Growth Of Listed Companies

Enterprise growth reflects the potential that from small to large and weak to strong infuture. It’s a good standard of testing the viability and development capacity of enterprises.Rapidly growing enterprise is beneficial for stakeholders, investors, and even for the wholesociety. This is especially the case for the listed companies, because of their important rulein the financial markets and the whole economy. However, in the highly competitiveenvironment of modern information economy, network economy and knowledge economy,business environment are turning into gradually complex and dynamic environment withmany uncertainties from the former comparatively static one. This situation challenges andthreats the enterprises’ viability and development capacity. The prediction of enterprisegrowth becomes complicated and difficult. So, the thesis selects the enterprise growth asthe research object, considers two factors—executive stock holdings and capitalstructure from both internal and external business environment, analyze the correlationbetween two factors and enterprise growth respectively. We hope it can provide an ideaand reference for analysis on enterprise growth as well as policy making of enterprisegrowth improvement.Growth enterprises market, short as GEM, is different from main market because ofits high-growth and high-yield. So, this thesis picks GEM-listed companies as the researchobjects, collects the data of China’s GEM-listed companies from2010to2012andconducts an empirical study. First, the essay reviews related concepts and theories ofenterprise growth, research literatures about enterprise growth at home and abroad. Then,based on existing researches and theories, combined with China’s GEM situation, proposesthree hypothesis: stoke holdings of executive is positively related with the enterprisegrowth; debt capital is positively related with the enterprise growth; under differentownership concentration, executive stoke holdings’ proportion have different correlationwith enterprise growth, in the case of ownership relative concentrate the proportion ofexecutive stoke holdings is positively related with the enterprise growth. The threehypotheses are all verified in the following empirical study. At last, according to the resultof theoretical deduction and empirical research, the paper proposes the correspondingpolicy and recommendations. Establish and improve the executive incentive system.Develop and improve the bond market to solve listed companies problem of debt financing. Incentive and supervision mutual restriction and coordination can perfect the internalgovernance of companies.