Research On The Influence Of Ownership Structure And Corporate Performance Of Gem Listed Companies

With eight years' development of the gem,it is still a hot point in the related research field.Similarly,the related exploration of ownership structure and performance of listed companies is also flourishing.Many scholars have studied and put forward their own views.The property rights of the company are often based on the ownership structure,and also play an important role.On one hand,it can guarantee the effectiveness of corporate governance to a certain extent,on the other hand,it also plays a decisive role in the performance of the organization and management.For GEM listed companies,their rapid development and high innovation speed and other characteristics,the urgent need to formulate and implement its own diversified development strategy;on the other hand,the entrepreneurial company raised rate is relatively high,causing them to explore a variety of channels to digest the raised funds.So the diversification strategy has becoming a good choice for companies which listed on gem.In the study of the main board listed companies,most of them are the interactions among the three variables,such as ownership structure,corporate performance and diversification.There are less researches on the relationship among the three variables.So the study on the analysis of listed companies from the model of equity structure diversification strategy and enterprise performance of the direct effect from theoretical and empirical aspects play for ownership structure,diversification and play a mediating effect in the antecedents and outcome variables in the process of action.On the basis of combing the related theories,this research analyzes the data systematically by SPSS.First of all,I researched theories such as principal-agent theory,stakeholder theory,diversification strategy and ownership structure theory,then carried on a comprehensive summary of the literature,comparative literature or conflicting views are part of the larger,eventually formed the theoretical basis and hypothesis the study of the.I take the 2016 annual report data of 460 companies which listed before January 1,2016 as samples.I use SPSS software to analyze the internal relationship between ownership structures,diversification strategy and business performance in an empirical way.Through empirical research on domestic GEM listed companies,this paper draws the conclusion as follows: the influence of ownership structure on corporate performance and corporate performance,which is positively related to the ownership concentration degree,the proportion of managerial ownership and corporate shares,the proportion of tradable shares is negative for the performance of enterprises,and the empirical results show that equity balance degree influence on enterprise performance is not verified.For the diversification strategy,there is a significant positive correlation between it and China's GEM listed company performance;and the ownership concentration,the proportion of managerial ownership there is a significant positive correlation;negative effect on equity balance degree and the proportion of tradable shares,although there is a certain correlation with the proportion of corporate shares,but not significantly.To diversification of ownership concentration,the proportion of tradable shares and the proportion of managerial ownership and corporate performance,diversification play an intermediary role.On the basis of the above research,this thesis puts forward some views from the following aspects: the reasonable adjustment of the ownership structure of enterprises,improve the shareholding ratio of shareholders,while mining more efficient high-level incentives,promote China's GEM listed companies diversified development through a variety of ways,so as to promote the development of a number of business enterprise collaborative,efficient and stable.