The Empirical Study On The Relationship Between GEM Listed Companies’Corporate Governance Structure And Corporate Performance

Since the1980s, as China’s economic reform and opening up and the development of financial markets, the corporate governance as a new subject, become a common problem in economics and law. Modern company’s basic business objectives as the important content to improve performance, finally enhance enterprise core competitiveness, so how to improve the governance structure to become the important content of company system research and solution.Following the main board and small and medium-sized board market, GEM has further improved our capital market system, from the first listed28to the present379,GEM has become the Chinese version of the Nasdaq. GEM gives us the impression of high-risk, high profit and not outstanding performance but great room for development. However, a series of problems plague entrepreneurs and investors.This article first to the end of2013on Gem and disclosure2013annals companies reports as research samples, through the establishment of multiple regression model, making empirical analysis on the GEM companies shareholding structure, board structure and management structure and external governance structure to the empirical analysis of the influence of the company performance, we hope it could give GEM companies provide experience basis to perfect governance structure.Through empirical findings:There are certain correlation relations between GEM Companies governance structure and performance of the company. Proportion of the largest shareholder, and the second to the tenth largest shareholding ratio, the proportion of outstanding shares and the Board meetings with corporate performance showed a significant negative correlation relationship. Between the both whole and corporate performance presented significant positive correlation relationship. Other aspects and corporate performance have no significant correlation relationship. Through the comparative analysis also found gem companies with low the asset-liability ratio, relatively difficult to finance, Independent director system is not perfect, the relationship of management incentives and corporate performance was not significant. This paper has some references on how to improve the companies listed on GEM of the governance structure so as to continuously improve corporate performance.