Research About The Impact Of Equity Structure On The Corporate Performance Of Listed Companies On GEM

In company size, business scope and development mode, the GEM listed companies are quite different from main board listed and SME board companies. On the relationship between equity structure and corporate performance, GEM listed company has its own characteristics.In order to research the impact of equity structure on the corporate performance of listed companies on GEM, this paper takes the data of GEM listed companies in 2013 as a sample,uses ROE, EPS and integrated index which is got from the principal component analysis represent corporate performance, and uses the shareholding ratio of first major shareholder, the proportion of executives shareholding, the proportion of state-owned shares, the proportion of legal person shares and the proportion of circulation stock as explained variable represent equity structure of GEM listed companies, then builds the model to do the empirical research in regression analysis. To avoid the deviation derived by single data, this paper chooses three groups of variables to regress. Comprehensive study of three groups of regression results, it shows that the shareholding ratio of first major shareholder and the proportion of executives shareholding have a significant positive correlation with corporate performance, on the contrary, circulation stock have negative influence on the corporate performance, and other dependent variables all fail to pass the significance testing. And this conclusion is slightly different from the previous scholars' conclusions about equity structure and the performance of listed companies, this paper argues this is related to the particular stage of development and characteristics of GEM listed companies. Based on the analysis of the relationship between equity structure and corporate performance of GEM listed companies, this paper proposed some recommendations for further reforms for GEM listed companies, which can provide some help for GEM listed companies in optimizing the equity structure, improving the company's performance.