The Research Of Corporate Governance Structure On GEM Listed Companies’ Growth

Advanced corporate governance is the important basis of scientific decision-making and rational allocation of resources, improve its own growth and is particularly important for a company. Unlike motherboard market, gem listed company with high technology content and growth ability as the main characteristics. And, in terms of the gem listed companies compared to the main board its shorter between the investor and operator agent chain, has the high ownership concentration, agency cost is relatively low and has high efficiency of management, therefore, the gem listed companies should be able to have a higher level of growth. This article through studies the gem governance effects on growth of listed companies, put forward by improving the corporate governance and improve the company growth ways and suggestions.With reference to the corporate governance structure of listed companies at home and abroad with the company’s growth related literature in the field of study, on the principal-agent theory and the efficient market hypothesis theory as a foundation, from the equity of corporate governance structure, board characteristics, four aspects of executive incentive and supervisory board characteristics, with the growth enterprise market in China in 2011-2013 the financial report of listed company data as sample, empirical research on the gem listed company governance structure’s impact on firm growth. Through the establishment of empirical analysis, multiple linear regression model to verify the gem listed company in our country the first big shareholders absolute holdings significantly negative correlation with the company’s growth; The board LNSIZE, board independence and firm growth is significant negative correlation relationship; Executive pay levels there is significant positive correlation with the company’s growth, executives shareholding is related to its growth is not significant. And confirmed the gem listed companies the largest shareholder in absolute ownership, board size, board independence and its growth has a significant negative correlation relationship, executive compensation incentive and its growth has a significant positive correlation.In further study found that the gem listed company board of supervisors characteristics of two variables, the size of the board of supervisors, board of supervisors of shareholdings and its growth regression respectively specific results slightly different: 1.Gem listed company board of supervisors there is significant positive correlation between size and its growth, entrepreneurship is explained edition, expand the scale of the board of supervisors of listed companies will not lead to a drop in the growth, but can improve its growth to a certain extent; 2.Gem listed company ownership of the board of supervisors and their growth there is no significant negative correlation between relations, public companies in China the higher shareholding of the board of supervisors, will not lead to the growth of decreased obviously.Overall, the current our country the gem listed companies equity concentration, the board of directors governance mechanism still is not perfected the severely limited the improvement of the company’s growth; But executives equity and salary incentive can promote the growth of the company; Size of the board of supervisors can also promote its growth, but the ownership of the board of supervisors to its growth has certain inhibitory effect.