Research On The Influence Of Corporate Governance Structure Of Growth Enterprise Market On Capital Structure

Since its establishment in 2009,the GEM has developed rapidly.In less than 10 years,the number of companies listed on the GEM has reached more than 700.Capital structure has an impact on corporate value by affecting the cost of capital.The capital structure also inherently maps the governance structure of the company.With the development of listed companies on the GEM,the imperfect governance structure and the emergence of capital structure have seriously restricted its growth.Based on this,this paper studies the impact of the governance structure of listed companies on the GEM on the choice of capital structure.Based on the relevant literature,this paper analyzes the relevant theoretical basis and expounds the status quo of China’s GEM listed companies,pointing out the problems of corporate financing ability and corporate governance.Then empirically explore the impact of governance structure on capital structure,taking the financial data of GEM listed companies in 2012-2017 as the research object,using factor model and multiple linear regression model to analyze and process the data,Finally,based on the previous research,try to propose policy recommendations.Based on the fact that the debt level of listed companies on the GEM is low,this paper verifies that it is valuable to use the factor model to study the impact of the governance structure on capital structure.In general,companies with high governance levels have higher debt levels.Therefore,the capital structure can be optimized by improving the company’s governance level.