The Gem Listed Company Capital Structure Impact On The Efficiency Of Corporate Governance Research

Since the gem(growth enterprise market)listing in 2009,its emergence for the financing of small and medium-sized enterprises in our country provides a good financing platform.For seven years,the growth enterprise market has developed rapidly,but the growth enterprise market listed companies generally small scale,low level of development,so the efficiency of corporate governance has maintained at lower levels.This paper tries to gem listed companies through the analysis of the study of the impact of capital structure on the corporate governance efficiency,in order to improve the efficiency of corporate governance.In this paper,based on the achievements of scholars in study,further to the gem listed companies to carry out the research.Adopted the gem listed companies from 2013 to 2015 in disclosure of financial data for empirical analysis.Respectively from three dimensions the gem listed companies is analyzed the influence of capital structure on the corporate governance efficiency.The first dimension is the influence of ownership structure on corporate governance efficiency,and the second dimension is the creditor's rights structure on corporate governance efficiency and the effect of the third dimension is the integrated influence of capital structure on corporate governance efficiency.And research hypothesis and the variable selection,two multivariate regression model is established and a monadic regression model,through empirical analysis the following conclusions:first,the first big shareholder's stake was significantly positively related to corporate governance efficiency;Second,the legal person share ownership and corporate governance efficiency has significant negative correlation;Third,Z index was significantly positively related to corporate governance efficiency;Fourth,the ratio of current liabilities on the corporate governance efficiency were not significantly influence;Fifth,non-current liabilities ratio on the corporate governance efficiency has no significant effect;Sixth,asset-liability ratio on the corporate governance efficiency has no significant effect six conclusions.And puts forward four optimization of capital structure based on this advice:first,maintaining high ownership concentration,continuously optimize enterprise shareholding structure,will steadily improve the first big shareholder's shareholding ownership and control,the second largest shareholder reduce legal person share ownership;Second,pay attention to debt financing,adjust the ratio of long-term debt and short-term debt;Third,adjust the enterprise overall debt levels,expanding financing channels;Fourth,and constantly improve the mechanism for enterprise set up,improve the level of company management.These Suggestions aiming at improving the efficiency of the gem listed companies corporate governance.