Research On The Relationship Between Equity Ownership Structure And Corporate Performance Of Listed Companies On The GEM

In our country's securities market,the financial fraud of listed companies is constantly emerging,and its roots lie in the serious flaws in the corporate governance structure of listed companies.As to whether the company's equity structure,which is an important part of the corporate governance structure,is reasonable,it not only affects the improvement of the modern governance system of the listed company,but also has an important impact on the performance of the listed company.In order to examine the relationship between the ownership structure of listed companies and the company's performance,this article is based on the review of domestic and foreign related literature and related basic theories,and from the aspects of ownership concentration and the nature of equity,the related connotation of the ownership structure Define,then select 280 companies from 2012 to 2016 listed on GEM before 2012 as research samples.Based on the relevant theoretical analysis,the variables of the explanatory variables,the explained variables and the control variables are designed.Four hypotheses are put forward from the perspectives of equity concentration and the nature of equity,and then four test models are constructed based on the four hypotheses.On this basis,the statistical analysis and regression analysis of the relationship between the explanatory variables and the explanatory variables were performed using STATA statistical software.The following conclusions are drawn:There is an inverted U-shaped correlation between the current OWN₁ and the company performance in the later period,and there is no correlation between the current company performance;HHI₅ is positively correlated with the company performance in the later period,and the correlation with the company performance in the current period is not.Obviously,the relationship between LP and corporate performance is not obvious;GP has significant positive correlation with corporate performance.Finally,on the basis of the related conclusions,it is proposed that the listed companies on the GEM should dynamically consider the intertemporal impact of the equity structure on the company's performance;control the size of the largest shareholder's holdings,and maintain the appropriate shareholding ratio of the largest shareholder;The degree of equity control among major shareholders restricts the shareholder power of major shareholders;raises the proportion of management stocks of listed companies on GEM,and gives full play to the advantages of management holdings,etc.,to improve the company'sshareholding structurepolicy recommendations.