The Effect Of GEM Listed Company’s Ownership Structure On The Performance

Considering the characteristics of the GEM, the research about the effects of GEM listed company’s ownership structure on the company’s performance, is not only conducive to expanding the research angle of the company’s performance, but also has some reference significance to the development of the GEM market. From a practical point of view, through empirical research on ownership structure, reasonable arrangement can provide advices on the ownership structure to the companies listed on GEM. Through research on corporate performance, on one hand, it can help the GEM company’s executives make long-term business decisions; on the other hand, it can provide investors, especially the small investors with recommendations about value-added GEM stock, which can effectively improve the quality and efficiency of investment decisions; besides, it does good to the development of relevant GEM market regulatory system capital market supervision reference.Based on the theory of GEM listed company’s ownership structure on the company’s performance and research results of previous scholars, This paper research the effects of GEM listed company’s ownership structure on the company’s performance both from the theoretical and empirical level. 403 companies listed on GEM which one meet the filter criteria are picked out as samples to build the Comprehensive Performance Evaluation System of GEM companies. The Comprehensive Performance Evaluation System consists of the ownership concentration, the ownership balancing degree, the equity property, and the equity liquidity. The conclusion is summarized as follows: concentration of ownership of GEM listed company has a positive impact on company’s performance, in which the proportion of the equity of the top-five shareholders and the company’s performance have a significant positive correlation; the ownership balancing degree and the performance of GEM listed companies have a significant positive correlation; there is a positive correlation between the management who hold shares and performance of GEM listed companies; there is a significant negative correlation between the proportion of floating stock and company’s performance.