An Empirical Research Relationship Between Ownership Structure And Growth Of GEM Listed Companies

Good corporate governance is the basis of modern enterprise sustainable operation, and the ownership structure is the foundation of corporate governance, the development of enterprises is also important. Corporate governance structure and the exercise of rights of the shareholders are influenced by the ownership structure, improve corporate governance structure must be guaranteed by the reasonable ownership structure. Therefore, from the perspective of corporate governance, ownership structure is of great significance for the development of corporate governance.Growth refers to an overall expansion of the situation, the continuous mining in internal and external resources; it is a trend in the process of development from weak to strong, from small to large. Growth can be said is not only the core of listing Corporation, the stock market is the life, health, sustainable development of economy of a country and the source of power. Compared with the creative board market and main board market has many particularities, but the biggest particularity lays in high growth the growth enterprise market of listing Corporation. Coupled with the GEM in China are mostly in the creation of the early, small, high risk, high-tech content, the broad prospects of development and other characteristics, to explore its growth becomes more important. Therefore, the relationship between the growth enterprise market of listing Corporation ownership structure and growth as the research object, the hope of our GEM listing Corporation’s future development to provide some reference.This paper first reviews the literature between the ownership structure and the corporate growth, and then introduced the connotation, the connotation of ownership structure; content business growth GEM listed companies, and the impact of the ownership structure of the enterprise growth theoretical analysis. Then study on the shareholding structure of the relationship between business growth empirical analysis, because the impact of ownership structure on corporate growth has lag, so use GEM financial data in 2011 in terms of ownership structure, the selection of the company’s growth in terms of 2011-2013 data, empirical tests between concentration of ownership, institutional investors, executive ownership, circulation and business growth potential.The research shows that the high companies listed on GEM have the largest shareholder, the presence of a large number of controlling shareholders and executives holding relatively high proportion, low institutional investors, and draw conclusions:Equity concentration, the proportion of institutional investors has a significant positive correlation on the business growth, flow shares has a significant negative correlation on the business growth,while the proportion of the largest shareholder, equity restriction, executives holding proportional impact on business growth is not significant. Finally, address the following recommendations for companies listed on GEM:maintain an appropriate concentration of ownership, play the advantage of executives, increase the proportion of holdings of institutional investors, establish sound policies and regulations to protect the interests of investors.