The Influence Of Ownership Concentration And Balance On Growth Of GEM Listed Companies

Entering the 21st century,all countries are actively carrying out scientific and technological innovation,trying to continuously improve their economic and technological strength.In the process of our Gountry's innovation and development,GEM listed companies occupy a pivotal position.Only by continuously improving their own growth and enhancing their independent innovation ability can we further realize our country's all-round innovation.Ownership concentration and balance are important indicators to measure the company's ownership structure and have a profound impact on the growth of GEM listed companies.Therefore,how to effectively enhance the growth of enterprises from the aspect of ownership concentration and that of balanced concentrated ownership possess strong theoretical and practical significance.This paper attempts to compare the different ownership characteristics of enterprises,explore the mechanism of the influence of ownership concentration and balance of the gr owth of enterprises,and provide pertinent suggestions for GEM listed companies so that a stable ownership structure can be established.In order to eliminate the various result caused by different industries of GEM listed companies,combined with the characteristics that the number and transaction amount of manufacturing listed companies account for more than 60%of the number and transaction amount of GEM listed companies,this paper first selects manufacturing listed companies listed on the GEM of Shenzhen Stock Exchange as research samples,collects relevant data of 486 GEM manufacturing listed companies in Shenzhen Stock Exchange from 2010 to 2018 through databases such as Guotai'an,and applied the techenique of factor analysis to construct a growth comprehensive index system.Moreover,the ratio of the shares held by the first largest shareholder,the first five largest shareholders and the ratio of the shares held by the first and second largest shareholders reflect the concentration of shares,the ratio z index of the shares held by the second to fifth largest shareholders and the ratio s of the shares held by the second to tenth largest shareholders and the first largest shareholder reflect the balance of shares.At the same time,a multiple linear regression model was established to analyze the influence of the degree of equity concentration and balance on growth.Secondly,according to the nature of different stock rights,this paper compared the difference of state-owned and non-state-owned enterprises.The study found that when equity is concentrated in the top five shareholders,it can promote the growth of the enterprise.On the other hand,equity balance is conducive to the growth of the enterprise.In addition,there are obvious differences in the effect of equity concentration and equity concentration checks and balances among enterprises with different equity natures.According to the research conclusion,this paper holds that the GEM listed companies should form a structure of equity checks and balances to promote the growth of the companies while maintaining a moderate concentration of equity.