The Impact Of The Protection Level Of Small And Medium Investors On The Performance Of The Company

Since China's Growth Enterprise Market(GEM)was formally listed in October2009,the size of GEM and the number of listed companies have continued to increase.GEM listed companies have become increasingly important in the securities market,and GEM listed companies' contribution to China's economic market and social development has gradually increased.Therefore,the majority of scholars and investors are increasingly concerned about the performance of the GEM companies.In the existing research,the influence mechanism of the protection level of medium and small investors on company performance is an important part of the corporate governance system.Strengthening the research on the protection of medium and small investors of the GEM listed companies can make a more comprehensive and reasonable evaluation and understanding of listed companies.At the same time,with the growing awareness of the protection of small and medium-sized investors,a more comprehensive evaluation of the protection level of small and medium investors in listed companies on the GEM can better reflect the governance system of listed companies.Based on the perspective of corporate governance,this paper selects listed companies on the GEM as research samples,and comprehensively describes the protection level of small and medium investors on the GEB from the perspectives of the equity system,the board of directors system,the right to information,and the income rights.Further study the effect of the protection level of small and medium investors on the company's performance.This paper first introduces the study's original text and significance,and proposes research methods and research content.Secondly,it conducts domestic and international relevant concepts and documents from three perspectives: the protection of small and medium investors,the performance of companies,and the influence of the protection level of small and medium investors on company performance.After reviewing the current situation of the GEM,combined with the existing assessment methods of small and medium-sized investors,the evaluation system for the protection level of small and medium investors based on the GEM was constructed;finally,thefixed-panel effect test was used to empirically test the small and medium-sized investments of listed companies on GEM.The level of protection of the company's performance,and with Jun's empirical results put forward relevant recommendations.Through the combing of the literature,it is found that China's existing evaluation system for the protection level of small and medium investors is mainly at the macro legal level or at the company level.There is very little for a listed company in a certain market to specifically construct an evaluation system for the protection level of small and medium investors;The current performance of the company's GEM companies is mainly described by a single financial indicator,and is rarely evaluated from multiple perspectives or is a comprehensive indicator of company performance.The research on the protection level of existing small and medium-sized investors on the performance of the company's GEM is mainly from small and medium investors.One aspect of protection,such as the shareholding system and board of directors,seldom considers the impact of the protection level of small and medium investors on company performance from the corporate level as a whole,making it difficult for GEF investors to have a general understanding of listed companies.It also fails to give the company management a comprehensive proposal for improving corporate governance.Based on the above analysis,the hypothesis was put forward to construct an evaluation system for the protection level of small and medium sized investors on GEM,and to study the effect on the company's performance.Through empirical research,it is concluded that the protection level of small and medium investors on GEM has a significant positive effect on the operating performance of listed companies and the social performance of listed companies.Company size and salary level have a positive effect on company performance.The level of risk has a significant negative effect on company performance.Through the replacement of the construction of small and medium investor protection level evaluation system,and through the re-construction of company performance by DEA,two robustness tests have been established.The empirical conclusions obtained from the robustness test are consistent with the hypothesis.Based on the above analysis,the paper proposes suggestions for improving the information disclosure system,playing an independentdirector role,accelerating the construction of the CSI Small and Medium Investors Service Center,promulgating the relevant Investor Rights and Interests Protection Act,and enhancing the awareness of small and medium-sized investors on their own protection.