Research On The Influence Of Gem Listed Company's Ownership Structure On The Corporate Performance

In order to provide financing support for high-tech smes and accelerate the development of these entrepreneurial innovative companies,China's GEM emerged on October 30,2009.Through continuous development,the GEM has played an important role in attracting and mobilizing social capital to participate in the whole process of entrepreneurship and innovation,become an important part of capital market in China.GEM listed companies are generally "two high six new" type enterprises,most of the company is private.These companies have the high growth and good prospects,but there is generally the outstanding problem that the company management is not perfect.This paper is based on ownership structure which is the core and foundation of corporate governance,and analysis the relationship between ownership structure and corporate performance,combining with the characteristics of the GEM listed company ownership structure.Firstly,it combs and summarizes the domestic and foreign literatures about the relationship between ownership structure and corporate performance.Secondly,the connotation of ownership structure and corporate performance is expounded respectively,and the relevant theoretical basis is reviewed.Thirdly,based on the theoretical analysis and the actual situation of GEM listed companies,the research hypothesis is put forward.Finally,based on the data of 558 GEM listed companies from 2010 to 2016,the relationship between shareholding structure and corporate performance is empiricized.In particular,in addition to the regression analysis of the total sample,this paper further analyzes the sample grouping by industry category.Empirical studies show that Management shareholding,institutional investors shareholding,equity balance degree have significant positive effects on corporate performance,but equity liquidity has a significant negative effect on corporate performance.Equity concentration is positively correlated with the performance of corporate profitability.The performance of the ownership concentration and the company's development ability has a significant inverted u-shaped relationship.Management shareholding,institutional investors shareholding,equity liquidity and corporate performance high consistency between the industry.However,the relationship between ownership concentration and corporate performance varies from industry to industry,and the relationship between equity balance degree and corporate performance varies from industry to industry.Based on the empirical research conclusion,respectively from the level of listed companies,regulators and investors,this paper puts forward the following Suggestions:the GEM listed companies should be moderately improve professional managers shareholding and maintain proper ownership concentration.the GEM listed companies should promote effective checks and balances between large shareholders;The supervision department should implement various measures to expand the scale of investors in the GEM and optimize the structure of institutional investors,and continuously improve the information disclosure system of the GEM;Institutional investors should actively participate in corporate governance and set up rational investment philosophy.