金融学院知识库

       我国创业板市场于 2009 年在深交所正式启动，在多层次市场体系中处于承上启下的关键位置，进而使得影响创业板上市公司绩效的因素深受关注。根据以往学者的研究，股权结构对公司绩效有一定影响。完善的公司治理结构有利于企业生产经营管理，而股权结构又是公司治理结构的基础，多样的股权结构决定了公司不同的治理结构和方向，最终影响公司绩效。本文以我国创业板上市公司为研究对象，探究股权结构对公司绩效的影响，从而为改善公司治理结构、促进企业成长、推动创业板市场发展提供理论依据。

       本文主要探讨创业板上市公司对公司绩效有何影响，同时讨论代表科技创新的研发支出对二者的调节作用。首先回顾了国内外股权结构对公司绩效的研究，对相应的概念和理论进行梳理；其次从不同方面介绍目前我国创业板上市公司发展现状；接着选取 2018-2020 年创业板上市公司相关数据，对股权结构与公司绩效进行描述性统计和相关性分析，最后加入衡量创新能力的指标研发支出作为调节变量建立多元回归模型，探究股权结构对公司绩效的影响路径。

       实证结果表明：（1）创业板上市公司机构投资者比例与公司绩效呈正相关，但不显著，因此也不存在调节效应；（2）股权集中度与公司绩效表现出倒U字型关系，即股权集中度必须保持在一个合理范围内才有利于提高公司绩效；股权制衡度与公司绩效呈负相关；（3）加大研发力度能够促进第一大股东对公司绩效的正向调节作用；研发投入在股权制衡度影响公司绩效的过程中起到负向调节作用。最后根据实证结果和公司发展特点，从多方面提出提高公司绩效的相关建设性意见。

        China's GEM market was officially launched in Shenzhen Stock Exchange in 2009. It plays a key role in connecting the previous and the following in the multi-level market system, which further draws muchattention to the factors affecting the performance of listed companies onGEM. According to previous studies, ownership structure has a certainimpact on corporate performance. A perfect corporate governance structure is conducive to the production, operation and management ofenterprises, while the ownership structure is the basis of corporate governance structure. Diverse ownership structures determine different corporate governance structures and directions, and ultimately affect corporate performance. This paper takes listed companies on GEM as there search object to explore the influence of ownership structure on corporate performance, so as to provide theoretical basis for improving corporate governance structure, promoting enterprise growth and promoting the development of GEM market.

        The purpose of this study is to explore the influence of ownership structure of GEM listed companies on corporate performance, and discuss the regulatory effect of R&D expenditure, which represents scientific and technological innovation, on the two. Firstly, it reviews the domestic and foreign research on the effect of ownership structure on corporate performance, and sorts out the corresponding concepts and theories. Secondly, it introduces the development status of GEMlisted companies from different aspects. Then, relevant data of companies listed on GEMin2018-2020 are selected to conduct descriptive statistics and correlation analysis on ownership structure and corporate performance. Finally, research and development expenditure, an indicator measuring innovation ability, is added as a moderating variable to establish a multiple regression model to explore the influence path of ownership structure on corporate performance.

        The empirical results show that: (1) the proportion of institutional investors in GEM listed companies is positively correlated with corporate performance, but not significantly, so there is no moderating effect; (2)There is an inverted U-shaped relationship between ownership  concentration and corporate performance, that is, maintaining appropriate ownership concentration is conducive to the improvement of corporate performance; Equity balance degree is negatively correlated with corporate performance. (3) Increasing R&D efforts can promote the positive moderating effect of the largest shareholder on corporate performance; R&d investment plays a negative moderating role intheprocess of equity balance affecting corporate performance. Finally, according to the empirical results and the characteristics of the company'sdevelopment, the paper Puts forward relevant policies and guidelines and constructive suggestions to improve the company's performance.