A Study Of The Relevance Between EVA And Ownership Structure Of Listed Companies On GEM

GEM from the idea to the establishment was a long experience of 10 years,and after nine years of rapid development,GEM has become an important financing platform in China's capital market.As of December 31,2016,GEM has 570 listed companies.GEM listed companies are small size,strong growth,development potential,high investment risk,by the investors of great concern.The GEM listed company in the ownership structure also has some characteristics,such as low proportion of state-owned shares,high concentration of equity,executive holdings in general.So the relationship between the ownership structure and business performance is Significant on GEM.The relationship between ownership structure and business performance has been the focus of domestic and foreign scholars.Some scholars from the motherboard and small board as a whole,some from the industry points,some from the company's area or controller,the conclusion is positive or negative correlation,non-linear,irrelevant,and not a unified Conclusive.It shows that the ownership structure of different enterprises is different,and the corporate governance plays a different role,operating results also change with the change.EVA is used as the evaluation index of business performance,EVA abandoned the equity capital is the "free capital" of the wrong view,all the capital cost considerations,better reflect the business performance.This paper chooses 281 listed GEM companies from 2012 to 2015 as samples.This paper discusses the influence of ownership structure on EVA from both theoretical and empirical aspects.The results show:institutional investors shares and EVA were significant positive related;senior management shares and EVA is significant positive related;Ownership concentration shares and EVA were significant positive related;outstanding shares of GEM listed companies and EVA were Down"U" type relationship.At the end of the article,according to the above conclusions,the relevant policy recommendations were put forward.