Research On The Relationship Between Ownership Structure And Corporate Performance Of China's GEM Listed Companies

Since China's growth enterprise market(GEM)appeared on the market in October 2009,it has more than 400 listed companies and had become another main force following the motherboard and SME board market in China's capital market.GEM focus on innovation entrepreneurship whose main purpose is support small and medium enterprises and provide financing channels for high-tech enterprises,making contribution to the construction of a multi-level capital-market-system.With the rapid development of the gem,the influence of ownership structure on corporate performance has gradually attracted the attention of investors and the media.Due to the characteristics of their own enterprises,the company ownership structure is entirely different from that of the motherboards and small plates.However,because gem is newly listed,domestic scholars do researches on the relationship between ownership structure and corporate performance mostly on listed companies in Shanghai and Shenzhen main board and small plates so far wile researches on GEM listed companies is relatively few.Furthermore,many classic researches on ownership structure had failed to find out the relationship between ownership structure and corporate performance.The main reason is that many researches see the relationship between ownership structure and corporate performance as an unilateral-direction one.Indeed,ownership structure and corporate performance interact with each other.This paper chooses GEM a company as a sample.The author analyzed the characteristics of ownership structure of the Listing Corporation listed in GEM.After considering the interrelationship between ownership structure and corporate performance,the author applied the three-stage least squares method to simultaneous equations to check the linkage relationship and finally find out the relationship between ownership structure and corporate performance of GEM Listing Corporations.On one hand,the author perfected the researches on the GEM market which is still an emerging capital market in theory.On the other hand,the author also provided empirical data for improving the ownership structure of GEM Listing Corporations.He had also put forward some policy suggestions on optimizing the ownership structure of GEM Listing Corporations so as to better promote the balance optimization of the ownership structure of the enterprises which can bring the company the maximum benefit.