Research On The Influence Of Control Rights Allocation Of GEM Listed Companies On Growth

Since the opening of the GEM,the GEM has occupied a very important position in China's capital market.It has provided financing and growing opportunities for many innovative high-tech companies,and it is also an effective supplement to the main board market.However,with the rapid increase in the number of companies listed on the Growth Enterprise Market,the problems have also arisen during the development process.There have been frequent anomalies such as capital over-raising,large-scale turnover of senior management,and successive declines in performance,which have affected the stability of the company.Sustainable development is not difficult to find through these phenomena.It is closely related to the allocation of corporate control rights.However,growth is the soul of GEM listed companies.Therefore,it is particularly urgent to study the influence of the allocation of corporate control rights on its growth from the perspective of control rights.At present,there are relatively few research results on the impact of corporate control rights allocation on its growth.This paper chooses to study the influence of the allocation of control rights on the growth of the company from the company's shareholders,board of directors and managers.First,on the basis of absorbing the existing research results,this paper systematically summarizes the research related to the allocation of corporate control rights and the growth.Based on the theory of control rights,corporate growth theory,principal-agent theory and information asymmetry theory,this paper clarifies the concepts of the control rights allocation and the connotation of growth;using factor analysis to construct a comprehensive evaluation index reflecting the growth of China's GEM listed companies;shareholding ratio from the largest shareholder in the shareholder level,the top five The shareholder's equity concentration examines the influence of the allocation of control rights on the development of the company;it analyzes the impact of the allocation of control rights at the board of directors level on the growth of the company from the independence of the board of directors and the size of the board of directors;from the selection method of the general manager The proportion of senior management holdings in the hierarchy to examine the effect of managerial control on the growth of the company.The empirical test results show that when the shareholding ratio of the largest shareholder is about 30%,the company continues to grow optimally;when the shareholding ratio of the major shareholder exceeds 30%,the shareholding ratio has a negative correlation with the growth of the company;When the proportion of shareholders holding shares is less than 30%,the proportion of shares held by the largest shareholder is positively related to the growth of the company.The independence of the board of directors is positively related to the growth of the company.Managerial executives' shareholding ratio is positively correlated with corporate growth.The research conclusion of this paper provides empirical evidence for the adaptability of the allocation of control rights to the growth of enterprises in China's SMEs.