Research On Influencing Mechnisim Of Corporate Governance Structure On Performance In GEM-Listed Companies

Based on the corporate governance structure of the two rights separation theory, principal-agent theory and stakeholder theory as the research foundation, the paper researches the GEM of our country listed company governance structure influence on corporate performance from the perspective of direct and indirect. Using the growth ability and innovation ability as intermediary variable is introduced into the indirect effect mechanism of corporate governance structure on corporate performance. The research results show that the GEM listed company corporate governance structure in all indicators have a significant impact on corporate performance. Meanwhile, the paper verifies the effectiveness of the GEM market exists a direct impact on corporate governance structure on corporate performance. The growth ability and innovation ability have a significant part of the intermediary role between the ownership concentration and equity balance degree. A high stake increase company executives to the attention of the enterprise, the first big shareholder’s equity balance degree also can guarantee behavior restricted by other shareholders. At the same time, supervise and restrict the decision-making behavior of large shareholders will affect the company’s management’s devotion to growth ability and innovative ability, in turn, affects the GEM overall operating performance of listed companies. Growth ability in the structure of the board of directors and board of supervisor’s structure did not play a significant part of the intermediary role. Innovation ability in the influence of the structure of the board of directors and board of supervisor’s structure on corporate performance has played a significant part of the intermediary role.This paper enriches the theory of corporate governance; deepen the GEM listed company governance structure understanding the mechanism of effect on corporate performance. Based on the research conclusions provide theory basis for management decisions on a company managers, which provides a solution to improve company performance.