| In efforts to promote the rapid development of China’s economy, the GEM market should not be underestimated, the size of funds is not great, but technical content and high growth has new business models, new materials, new economy, new services, new energy and new characteristics of agriculture enterprise provides a platform, on the main market of the our country and our country capital market also plays a complementary role, and provides support for the stable development of the economy of our country. China gem from October 2009 officially opened, its development speed is very fast, since 2009 the first batch of approved the Terios De,Ultrapower is representative of the 28 companies, to 2015 mid-term has become 494 listed companies, development speed amazing.Affected by the impact of the financial crisis, many enterprises in the pursuit of development at the same time will also be more resources on risk control, in order to achieve improve financial performance while reducing the risk, and for the early single main business to the GEM listed companies is particularly evident, because as the size limit makes it difficult to bear greater risks. Many of the small and medium-sized enterprises are growing into large enterprises through diversified business(Meng Zhifang, Chen Zhijun, 2010), diversified business is to avoid risks,expand the scale, improve the utilization rate of the remaining resources. According to the survey, more than 60% of small and medium enterprises will be diversified strategic positioning of the company’s first or second major development strategy.Corporate governance, diversification and financial performance is a hot spot in research and attention of many scholars mostly study on the relationship between pairwise, or is the key factor of effect of corporate governance quality, financial performance improvement, there is little research on the three linked, there is no based on the research on the relationship between corporate governance and financial performance under the premise of company diversification, which for this article provides some space.Corporate governance as the company’s operations and decision-making is one of the key elements and improve the company’s financial performance plays a key role, especially for the listed companies in China’s gem, a sound corporate governance system can not only realize the financial performance of the company quickly, at the same time it can also resist the greater risk, choose diversification as a strategy formost of the small and medium-sized enterprises, its meaning is self-evident. Therefore,based on the case of Listed Companies in China, this paper discusses the existence of the intermediary role between corporate governance and financial performance under the premise of diversified business operation.The paper was used the literature conclusions on the relevant theory and research scholars were described, provides certain theory basis for this paper, followed by a empirical research methods, factor analysis and correlation analysis to collect data,and makes the empirical analysis on the hypotheses proposed in this paper. Study found that for China’s GEM listed companies, in addition to individual hypotheses did not pass the significance test, corporate governance of diversification and financial performance have significant impact, and diversification on financial performance of ascension also has an indelible role, and the diversification of business between the corporate governance and financial performance are intermediary role. Finally,according to the research conclusion, put forward four suggestions, in order to provide some reference for the development of China’s GEM Listing Corporation. |
PDF Full Text Request