Empirical Research GEM Listed Company Capital Structure And Corporate Performance

The Growth Enterprise Market(GEM) Board, as an important part of multi-level capital market in China, since its establishment in2009has received extensive attention and shows good prospects for development, only three years, the number of companies listed on GEM Board have reached more than300, which takes up about1/10of all listing Corporation. The GEM Board offer financing platform and opportunities for small and medium enterprises and high-growth science and technology enterprises, which has the vital significance for China transformation of economic structure, for the adjustment of industrial structure, and support the special period of innovative enterprise development.The capital structure of the listing Corporation of GEA Board is different from the main board of listing Corporation with its own characteristics, and the capital structure affects corporate management structure and operation behavior, and ultimately affect the level of enterprise performance, so optimize capital structure can improve the management level of listing Corporation of GEM Board and improve enterprise performance. This paper uses the data of GEM Board from2009to2011Annual Report as research samples, measure corporate performance with the rate of return on net assets and Tobin Q, and empirical analyze the explanatory variables of capital structure of GEM Board listing Corporation, research the influence of GEM Board Listing Corporation capital structure to the performance of the company and give policy suggestions on optimization of capital structure and company performance. The empirical results show that the GEM Board listing Corporation debt scale and corporate performance in China have significant negative correlation; stock right concentration and corporate performance have significant positive correlation; the proportion of state shares and company performance have no correlation; the legal person shares proportion, the proportion of tradable shares and company performance have a high negative correlation. In this paper the author empirically analyzes the relationship between capital structure and performance of GEM Board listing Corporations which have just been launched, has certain reference significance on optimizing GEM Board capital structure and future related research.