Research On Equity Structure And Capital Chain Security Of GEM Listed Companies

Gem was founded in 2009.Its original intention is to meet the financing and development needs of small and medium-sized enterprises and entrepreneurial enterprises that can not meet the main board listing threshold.It plays an important role in China's economic construction.However,most of the GEM listed companies are family enterprises or individual entrepreneurial companies before listing,and the ownership structure is generally unreasonable,which is not conducive to making scientific and reasonable business decisions,and even affects the long-term development of enterprises.The ownership structure affects the capital chain of the enterprise by influencing the behavior of the major shareholders.Due to the different degree of power restriction,the choice and formulation of the company's strategy are also different.If the ownership structure is too scattered,it is easy to produce "free riding" behavior.On the contrary,if the ownership structure is too concentrated,it is easy to produce excessive investment because of the lack of checks and balances of the rights of the major shareholders The capital tendency is not conducive to the maximum utility of limited resources.Therefore,it is very important to optimize the ownership structure for the management of capital chain security.This paper defines the relevant concepts and theoretical basis of equity structure and capital chain risk of GEM listed companies,expounds the business model of LETV and the course of capital chain fracture of LETV.Firstly,the risk evaluation model Z-score Model is used to confirm the existence of capital chain risk in the company.Secondly,by analyzing the impact of ownership structure on shareholders' behavior,the relationship between ownership structure and capital chain security is established.Firstly,the high concentration of ownership leads to excessive investment,which takes up a lot of capital and affects the capital chain security of the company.Secondly,because the company is non-state-owned There are large financing constraints in the equity nature of some enterprises,which lead to unreasonable financing methods in the process of rapid expansion.A large number of frequent equity pledge affects the stock price and enterprise value of listed companies,and reduces the external financing ability of enterprises.Thirdly,LETV's low equity balance produces a large number of inefficient investment,which reduces the profitability of enterprises.The reason why the equity structure of LETV makes the security of the capital chain risky is mainly related to the failure of the internal supervision of the board of directors,the imperfection of the information disclosure mechanism of related party transactions,and the lack of external supervision.In view of the above problems,this paper puts forward some measures to improve the internal supervision system and strengthen information disclosure.