Study On The Relation Between Ownership Structure And Corporate Performance Of GEM Manufacturing Companies

With the introduction of the separation of ownership and control in modern corporate, research on corporate governance issues began more. Under the premise of the separation of ownership and control, there were many issues worthy of further study in corporate governance. During the research they have also produced the principal-agent theory, the incomplete contract theory and the property rights theory. Through continuous research, national scholars generally believed that corporate governance was divided into external governance mechanisms and internal governance mechanisms. Ownership structure was an important part of the internal governance mechanisms, and it was also the foundation of corporate governance in the company. Ownership structure was generally defined as the distribution of remaining control and residual claim in company. Simply means that it is the proportion of the various stock rights. Ownership structure played its role through corporate governance mechanisms, and it can affect corporate performance significantly. Therefore, the study of the relationship between ownership structure and corporate performance can help the company to improve corporate performance.Growth Enterprise Market was designed to assist the high-growth innovative companies, especially for high-tech companies to finance. It was an important part of the multi-level capital market. Sometime we call it the second board market or growthoriented stock market. Growth Enterprise Market listed in our country was no longer, it still face many problems to be solved. Many people think that it was more risk and speculative in Growth Enterprise Market. Therefore, the study of ownership structure and corporate performance in Growth Enterprise Market becomes necessary. There were a lot of research on the relationship between ownership structure and corporate performance, and theoretical results were relatively mature. But they did not reach the same conclusion. Because the study sample what they choose had a different economic environment, industry factors and stability. Therefore the industry factors cannot be ignored. If we ignore the industry factors may lead to erroneous conclusions. So this paper selected the special equipment manufacturing of Growth Enterprise Market as the study sample. It can avoid the impact on results due to the different industry. Through research we can got some conclusions to help companies have the appropriate ownership structure and to help them improve the company performance.This paper selected the 2011-2013 annual report data from special equipment manufacturing of Growth Enterprise Market. It used the theoretical analysis, descriptive analysis, correlation analysis and regression analysis. This paper also selected the appropriate explanatory variables, explained variable and control variable for empirical analysis. Finally I got conclusions through comparing the results. I got some conclusions based on the research of company’s ownership attribute: The regression coefficient of natural person or institutional investors was positive, but some institutional investors did not pass significance testing; the relationship between circulation stock and corporate performance is negatively correlated. I got some conclusions based on the research of company’s ownership concentration: the relationship between the largest shareholder and corporate performance was significant positive correlated; the relationship between the top ten shareholders and corporate performance was significant positive correlated; the relationship between the quadratic sum of top five shareholder and corporate performance was significant positive correlated; Equity balance degree had no relevance with corporate performance.