Study On The Ownership Structure Of Company Listen On GEM Influence On Performance

To support small and medium-sized enterprises and provide financing platform to enterprises which have high growth and new technology,is the purpose of development of GEM. After five years of development, the GEM, which open in 2009, has gradually formed the scale and play an important role in the capital market in China. The service object of the GEM is the small and medium-sized enterprises that have innovation in science and technology and growth potential, which make difference to the motherboard market in the threshold listed on, supervision system, information disclosure, participants condition and control investment risk. These companies are featured by strong family context and high ownership concentration. Since the GEM has been launched, the phenomenon of "three highs" has not been able to get relief, the wealth effect has been distorted, the resign phenomena of company executives occur frequently, executives and shareholders unleash their holdings sharply, and the substantial delisting mechanism has not yet been established, etc. These problems make the resource allocation function of the GEM not be effective, and ownership structure of companies listed on GEM also be failed to optimization. Based on this background, this paper studies the ownership structure of companies listed on the GEM impact on performance,which has a certain theoretical value and practical significance to improve governing efficiency and company performance.Based on two rights separation theory, principal-agent theory, the insider control theory and stakeholder theory, the mechanism that share structure influence the company’s performance is analyzed, and an empirical model that share structure impact on the company’s performance is built in this paper. We study the effects on company performance empirically from four aspects:equity structure, flow properties, ownership concentration and equity restriction ratio. The empirical results show that the proportion of state-owned shares, legal person share proportion, institutional investors holding have a positive effect on the company performance, management ownership and the proportion of circulated shares fail to have a significant impact on the company performance, the influence that the ownership concentration and equity restriction ratio on company performance shows a inverted u-shaped trend.