The Analysis Of The Effect Of Pyramid Ownership Structure On Company Efficiency Of Listed Companies On The GEM

GEM as a new high-tech industry,people have always had great expectations for it,But the actual financial performance has been poorly satisfactory,taking into account its establishment is still short,with greater market risk and operational risk, financial performance fluctuates greatly,now the company's efficiency is better reflected in the development of the GEM.Based on the common phenomenon of China's ownership concentration, the control of the company in the past are in the hands of large shareholders, with the emergence of the pyramid structure,the company's decision-making power change from the direct controlling shareholder into the ultimate controller that hidden in the pyramid chain,so the governance motivation of the ultimate controller become the leading factor that can directly affect the efficiency of the company,in the past,the inherent impression of the ultimate controller for us is aggression,considering the features that the premise of the better prospects for the development of the GEM and the ultimate controller has the identity of the founding executive,through study the impact that the pyramid ownership structure of the listed companies effect on the company's efficiency,to explore the governance motivation of the ultimate controller, it has important theoretical and practical significance for the future development of the GEM .In this paper,take the ultimate control as a perspective, from the pyramid structure type and pyramid ownership structure two aspects,by systematically sorting the agent problem between the ultimate controller and the management, minority shareholders and stakeholders,to study the impact of agency problem in corporate governance on the efficiency of listed companies on the GEM,on the basis of the existing research,combined with the characteristics of listed companies on the GEM, this paper puts forward the model construction and research hypothesis.Firstly, according to the conceptual model of pyramid structure type,two types of agency costs and the company efficiency,this paper analyze the influence of the vertical and horizontal span of the pyramid structure on the company efficiency ,and verify the intermediary effect of the two types of agency costs in the process of its impact on the company's efficiency.The results show that the increase of the vertical and horizontal spans in the pyramid structure types significantly inhibit the rise of the cost of the two types of agents,significantly promote the company's efficiency,the increase of the cost of the two types of agents significantly reduce the efficiency of the company.In the process of the pyramid ownership structure type affecting the company efficiency, the two types of agency costs play a significant intermediary role.Secondly, according to the conceptual model of the ultimate control of the pyramid, corporate social responsibility and company efficiency,this paper analyzes the influence of the control right, cash -flow right and the separation of the two rights on the company's efficiency,and verify the intermediary effect of the corporate social responsibility in the process of its impact on the company's efficiency.The results show that the increase of the control right, cash -flow right and the separation of the two rights significantly promote the rise of the corporate social responsibility,significantly promote the company's efficiency,the increase of the corporate social responsibility significantly promote the company's efficiency.In the process of the the ultimate control of the pyramid affecting the company efficiency, the corporate social responsibility plays a significant intermediary role.Finally, it puts forward the management enlightenment of optimizing the ultimate ownership structure of the listed companies on the GEM in the pyramid structure, so as to effectively prevent the self-interest behavior of the ultimate controller and provide a theoretical basis for improving the efficiency of the listed companies on the GEM.