Research On The Impact Of Ownership Structure On The Growth Of GEM Listed Companies

Powerful ability of self-innovation plays the vital role in improving the science and technology level of a country.GEM listed companies are excellent representatives of innovative enterprises in China.They play the important roles in leading innovation.Studying the relationship among ownership structure,R&D investment and enterprise's growth helps us find out whether ownership structure can affect growth by influencing R&D investment.This is of great significance to improve the ownership structure of GEM listed companies and increase R&D investment,so as to implement China's innovation-driven development strategy with high quality.This paper firstly determines the ideas and contents based on the research of domestic and foreign scholars.Then according to Principal-agent Theory,Technical Innovation Theory and Enterprise Growth Theory,put forward research hypotheses which combines the ownership structure and management situation of GEM listed companies.Then,the 348 GEM listed companies in 2012-2017 have been selected as samples.Using Principal Component Analysis Method to calculate the comprehensive index to measure the growth of enterprises as explained variables.From two dimensions of ownership concentration and balance of ownership,three variables are chosen as the core explanatory variables(the proportion of the first shareholder,the proportion of top five shareholders and the ratio of the proportion of the second to fifth shareholders to the proportion of the first shareholder).Constructing panel date model for multivariate linear regression,which deeply discusses the relationship between ownership structure and the growth of enterprise.Besides,the intermediary effect test is used to analyze the impact of R&D.Finally,through the theoretical and empirical research to get the following conclusion:(1)Ownership structure has positive effect on the growth of enterprise,the balance of ownership has negative impact on the growth of enterprise.(2)Ownership structure has negative effect on R&D investment,the balance of ownership has positive effect on R&D investment.(3)R&D investment has negative effect on the growth of enterprise at current period.(4)R&D investment is the mediation variable between ownership structure and the growth of enterprise.