An Empirical Study On The Influence Of The Gem Limited Ban The Sale Of Shares On Firm Performance

GEM(Growth Enterprises Market) aims to establish a service tech, innovative companies. So different from the listing standards of the GEM board of mature markets. And because the nascent enterprise development model and the uncertainty of the future, higher risk investments GEM companies. So, after starting on the GEM of restricted shares lifted, ordinary investors will face greater risks. This paper analyzes the impact of the GEM shares lifted starting on corporate performance, and improvements in the future direction of the GEM are discussed.GEM was established to limit our time is not long, academia generally main market for the study, which is being established in the GEM research cycle is short, the objective conditions of the limited sample. According to the results of the literature search, the current academic research focused on two aspects:one, study the impact of restricted shares lifted the share price on the stock market;2, the impact of the restructuring of state-owned shares of the company’s performance. Few Studies first restricted shares lifted the GEM impact on the company’s performance In this paper, we based on market statistics, research GEM "starting Restricted Shares " ban " on firm performance " Yes. By analyzing financial indicators, so that everyone on the GEM of the financial services system has a comprehensive and clear understanding. And on how to enhance the governance of listed companies the ability to improve the company’s performance at the seminar.Features of this paper is to study from the perspective of empirical starting restricted shares lifted impact on business performance. One of the study include financial indicators, principal components and integrated enterprise performance First with paired samples T-test on the financial indicators were analyzed and compared before and after the financial indicators listed if there is a significant change. And then to a dozen financial dimension reduction, refining a few main ingredients profitability, repayment ability, growth, operating capabilities, and finally get the comprehensive performance expressions principal component weighting factor expression. Which uses significant change after paired samples T-test indicators, summed up before lifting the company’s overall operating performance.Paper is divided into the following sections:The first chapter describes the background, significance, ideas, frameworks and innovation.The second chapter introduces the principal-agent theory, the basic theory of control theory, the theory of property rights, as well as academics in the size of non-lifting, corporate governance, stock prices affect other aspects of the book.The third chapter is the main part of the paper. Including Research Methods, the selection of indicators, principal component dimension reduction, comprehensive performance analysis.The fourth chapter analyzes the reasons for lifting the first impact on the company’s financial indicators and comprehensive performance, and then on how to enhance the governance of listed companies and improve the company’s performance is discussed. And future research are discussed.