Study On The Relationship Between Ownership Structure And Growth Of Listed Companies On GEM

The gem is an important part of capital market in China,created at beginning of the purpose is to help small and medium-sized high-tech enterprises solve the problem of financing difficulties, to further strengthen our country's technology innovation and technological innovation,in order to promote our country enterprise independent innovation ability to provide favorable conditions. The establishment of the GEM has attracted widespread attention from all walks of life, but as the listed companies after the listing have been declining performance,growth, lack of follow-up force makes people from all walks of life are listed on the GEM enterprise's growth. Growth is the life of the enterprise,the enterprise only continuous growth, can constantly to grow, especially for companies listed on the GEM, high growth is a common sign of their.The growth of the enterprise depends on many factors,including corporate governance plays an important role in the process of enterprise growth. Corporate governance structure determines the overall development of the enterprise level, equity structure is the important part in the governance structure. Thus, enterprise's ownership structure to dealwith enterprise's growth has very important influence. Ownership structure is the outline of listed companies equity, different equity structure makes the enterprise in the organization structure,ownership structure and benefit distribution pattern differences,thus make the enterprise growth appear different trends.This paper as a starting point to study the GEM listed company ownership structure and the relationship between growth,has theoretical significance and practical significance.In the aspect of equity structure,this article selects equity concentration,degree of checks and balances and equity attributes for further elaboration.In the measure of growth, reference to previous research results, standing on the shareholders, the board of directors, managers, creditors, retail investors, institutional investors and securities supervision institutions and registered as a starting point to select the different aspects of the government enterprise growth measures, using data processing software and enterprise growing value scores, and the relevant regression analysis.In this paper, the growth of the evaluation system of comprehensive score values as the independent variable,the equity structure of alternative indicators as dependent variable.Using the SPSS software to these variables to the corresponding regression analysis,finally it is concluded that:Ownership concentration and corporate growth is a positive correlation;Equity balance degree has a positive effect on enterprise growth,but not significant;Institutional investors holding and executivesshareholding all contributes to the growth of listed companies.Through the analysis of these empirical results, on this basis,put forward the reasonable equity concentration,a certain degree of ownership balance and actively the introduction of institutional investors and other related advice.