An Empirical Research On The Effect Of Ownership Structure On Corporate Performance With GEM

The GEM since open board listed after 7 years of development Just after China's rapid economic growth to the period of the slowdown in economic growth,the China faces continued downward pressure.Since in December,2016,the GEM has a total of 572 companies,the total share capital are 250 billion shares,value are 5.2 trillion yuan.The GEM has become a listed company of our capital market in the name of "innovative"enterprise.Highly concentrated ownership structure and the different nature of the investor holds have any influence on the gem listed company performance has been the focus of the scholars study.This article selects 195 GEM listed companies' data as sample from 2013 to 2015,using the principal-agent theory,theory of corporate governance and corporate performance evaluation theory as the theoretical basis.Using principal component analysis method to extract factors,building explained variable 'Y'value,through regression analysis of empirical research.The results show that ownership concentration and corporate performance show significant positive correlation,and 'S'presents 'U' shaped relationship with corporate performance.Members of the board of directors ownership that have effect on corporate performance is negative correlation,senior management and corporate performance present inverted 'U' shaped relationship,institutional ownership proportion and the board of supervisors present positive correlation between ownership and corporate performance.Finally,the article combined with the China's capital market and the research to the end of conclusion put forward some rationalization suggestions.