An Empirical Research on the Relationship between Ownership Structure and Corporate Performance of GEM Listed Corporations

Ownership structure,as a kind of structural arrangement of corporate ownership,will affect corporate governance structure and the efficiency of corporate governance will affect corporate performance. Given the special features of GEM listed corporations and the characteristics of ownership structure,this paper makes an empirical research on the relationship between ownership structure of GEM listed corporations and corporate performance from such aspects as ownership attributes,ownership concentration and ownership balance as well as management shareholding. The research indicates that state-owned shares and management shareholdings have a positive but not significant effect on corporate performance. Corporate shares,institutional shareholdings,ownership concentration and ownership balance have a positive correlation with corporate performance,while outstanding shares have a negative correlation with corporate performance.