The Influence Of Management Power On The Growth Of Enterprises In GEM Listing

The GEM market that serves SMEs places more emphasis on business growth.Corporate growth is a basic measure of the business performance and development prospects of GEM listed companies.It can more fully reflect the business status of a company than pure performance.Meanwhile,to a large extent,the operation of GEM listed compainies requires management beachieved by mobilizing external aspects of internal resources.Therefore,for GEM listed companies,management power and corporate growth need to be given more attention.Combined with the status quo of management power,the management power is divided into the intrinsic power related to the management's own characteristics and the external power related to the establishment of the enterprise organization,and the following two questions are specifically studied:(1)What are the impacts of management's internal power indicators,external power indicators and their composite indicators on the growth of the enterprise,and whether these indicators have the same impact?(2)In order to improve the growth of enterprises,what adjustments do the GEM listed companies need to make in the selection of managers and organizational structure?In order to solve the above problems,this paper selects 470 GEM listed companies from 2010 to 2016 as the research sample,and selects seven variables from the two dimensions of management internal power and external power,namely,management term,education background,Management with other positions outside,One person holds two positions,the proportion of independent directors,the degree of shareholding dispersion and management shareholding ratio studies the influence of management power on the growth of GEM.The findings are as follows:(1)Management's internal power has a negative impact on the growth of the enterprise,but its influence is weak.The management's service life has a negative impact on the growth of the enterprise.The education background of the management promotes the growth of the enterprise.The background of education weakens the negative impact of tenure on the growth of the enterprise.Management with other positions outside does not have a significant impact on the growth of the enterprise,that is,management with other positions outside is not a key variable influencing the growth of the enterprise;(2)External power of the management has a positive effect on the growth of the enterprise,and the combination of the two posts of the general manager and the chairman of the board is beneficial to the growth of the enterprise.The higher degree of enterprise equity dispersion helps to promote enterprise growth.The increase of management shareholding has a significant positive impact on the growth of the company,The proportion of the internal directors has no significant effect on the growth of the enterprise;(3)GEM management The overall power of the listed companies has a significant positive impact on the growth of the enterprise.Therefore,the owner of the enterprise can give the management more authority in the production and operation of the enterprise.Finally,based on the above conclusions,this paper puts forward some suggestions on the selection of managers and organizations.