Relationship Among Ownership Concentration,Innovation Investment And Enterprise Value In GEM Listed Companies

The establishment of China's GEM is relatively late,but its development is very rapid.From 2009 to 2017,a total of 710 companies have successfully listed on GEM.GEM listed companies are mainly hi-tech companies.Most of them are short-established,small-scale and have high growth.For the GEM listed companies that have not yet matured,the reasonable allocation of ownership and the level of investment in innovation fundamentally determine their future development.Therefore,this thesis examines the relationship among ownership concentration,innovation investment and enterprise value of listed companies on GEM,in order to provide relevant recommendations for optimizing the ownership structure,improving innovation strategies and enhancing enterprise value for GEM listed companies.Based on some related theories,this thesis selects the company data of GEM from 2010 to 2016 and uses the statistical regression method to verify the hypothesis of this thesis.The conclusions of this thesis for GEM companies mainly include:Firstly,innovation investment has mediation effects on the relationship between ownership concentration and enterprise value.Among them: the increase in the ownership concentration will lead to a decline in the enterprise value,the ownership concentration will inhibit the increase in innovation investment,and innovation investment will promote enterprise value.In other words,the ownership concentration has a negative impact on the value of the enterprise by suppressing innovation investment.Secondly,the degree of ownership concentration of small-scale enterprises has a stronger inhibitory effect on enterprise value than large-scale enterprises.Thirdly,small-scale enterprise innovation investment has a stronger effect on the promotion of corporate value than large-scale enterprises.Finally,the mediation effect of innovation investment which is derived from empirical studies of companies listed on the GEM cannot be generalized to all companies.In the end,this thesis puts forward some suggestions.GEM listed companies should reduce the degree of ownership concentration,further improve internal governance and further increase investment in innovation.Also,the government should further increase its support for innovative companies.