Research On The Relationship Between Ownership Structure And Corporate Performance Of GEM Listed Companies

The relationship between the ownership structure in listed companies has always been the focus of academic research.With the increasingly development of China's capital market the ownership structure determines the allocation of controlling power of shareholders to the companies,the overall arrangement of organizational structure and the supervision and motivation of company management level,therefore further impacts company's operating efficiency and its marketing value.The rational ownership structure is the basis of corporate governance and the security of good company performance.On the study of relationship between ownership structure and company operational efficiency,China's researchers focus on the relationship study of the companies listed in main board market or small board market,so that the research on the companies listed in China's GEM market is fairly less.China has started GEM market in October 2009.Till the end of 2015,there has 492 companies listed on it,and it has become another main force in China's capital market except main board market and small board market.It aims in innovation and start the new business,helping the new and innovating and high-tech,high-growing companies financing,on which the listed companies are featured by “high innovation,high growth,high risks”.Most of the GEM companies were family firms before listing;their ownership structure has its distinctiveness.This paper chooses China's GEM market and consider industry factors,widening the perspective of listed companies,and has certain theoretical value and realistic meaning to the optimization of ownership structure,the improvement of operational efficiency and the betterment of company performance in the growth enterprise market.Focusing on the relationship research of ownership structure and operational efficiency China's GEM market,this paper reviews and refer to the related research literature and corporate governance theory,studies the relationship of ownership and operational efficiency from both theory and empirical angle.The paper selects the consecutive five years' sample data from year 2011 backwards of 256 companies listed in the Shenzhen Stock Exchange of China's GEM market,evaluating companies' operational efficiency from market value and return on investment;it segments ownership structure into three dimension and from the GEM as a whole and physical manufacturing and information technology services three sets of data.The empirical result shows that the shareholding precenting of listed companies in China's GEM market has a negative relationship with the company's operating performance;the legal representative shares,management shares has the positive relationship with corporate operating efficiency;it is a comparative concentrating level of listed company's shareholding in growth enterprise market;The higher the equity concentration ratio,the greater the positive impact on the company's operating performance,and the smaller the balance of equity which has a positive impact on the performance of the company.Moreover,the industry classification research is in line with the overall GEM conclusion,but the equity performance of the company has the different degree of influence and conclusion.