Research On The Influence Of Ownership Structure Of GEM Listed Companies On Corporate Performance From The Perspective Of Growth

As a new capital market,the market structure of listed companies has its own unique characteristics,including the two aspects of ownership concentration and equity,which will not directly affect the performance of the company,but through the impact of the company’s Operation and management to produce a role.In the real economic environment,the ownership structure of many companies on the GEM there are some problems,such as the ownership is too concentrated,the major shareholders of the plundering and misappropriation of small shareholders in general,the supervision mechanism did not play the role.From a theoretical point of view,companies need to have an optimal equity structure to optimize the company’s performance.Therefore,the accurate positioning and evaluation of the relationship between ownership structure and corporate performance,the development and operation of the GEM listed companies is essential.Based on the theory of separation of powers,principal-agent theory,information asymmetry theory and enterprise growth theory,this paper uses the method of literature research and empirical analysis to study the market of listed companies on the GEM,and from the perspective of growth,Studied the impact of ownership structure on corporate performance.First,299 samples were identified by screening principles,and 299 sample companies were divided into low growth group and high growth group by factor analysis.Then,the thesis chooses the proportion of the largest shareholder’s shareholding,the equity balance,the Herfindel Index,the proportion of the legal person shares,the ratio of state-owned shares and the proportion of outstanding shares as explanatory variables,the return on net assets as the explanatory variable,firm size,(1)In the two groups of sample companies,the shareholding ratio of the largest shareholder was significantly positively correlated with the performance of the company,and the results were as follows:(1)In the two groups,(2)In the low growth group,the equity balance is significantly positively correlated with the firm,but it does not pass the significant test in the high growth group;(3)The sum of the top ten shareholders’(4)the impact of the proportion of state-owned shares on the performance of the company in the two groups of sample companies are not through the significant test;(5)the proportion of corporate shares,although the relationship between the performance of the company and the company’s performance,(6)the relationship between the proportion of outstandingshares and the performance of the company in the two groups of sample companies in the empirical results are significantly negative correlation,and with the relationship between the performance of the company’s performance,Low-growth groups have a stronger negative correlation.Finally,the paper makes a concrete discussion and analysis on the empirical results,and puts forward the following suggestions: First,to improve the shares of legal person shares,to play its leading edge;Second,encourage and train small shareholders,to strengthen their ability to participate in the market;Third,to strengthen the company’s internal supervision and restraint mechanism set up;Fourth,to strengthen the external supervision of the company,to maintain market order;Fifth,increase the proportion of institutional investors to promote the company’s sound operation.The paper provides empirical data for the optimization of the ownership structure of the listed companies to improve the performance of the Company,which is of guiding significance to the overall development of the listed companies on the GEM.