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成长性是衡量创业板上市公司经营状况和发展潜力的重要指标,影响因素颇多。本文从股权结构因素着手,以2009-2012年我国创业板上市公司为样本,研究了高管持股、股权集中度及股权制衡度对创业板上市公司成长性的影响。通过因子分析法建立创业板上市公司成长性的综合指标;通过回归分析,研究了高管持股比例、第一大股东持股比例、前五大股东持股比例及股权制衡度Z指数对创业板上市公司成长性的影响,从而为我国创业板股权结构的合理配置提出建议。
Growth is a measure of the GEM listed companies operating conditions and development potential of an important indicator, many influencing factors. This paper starts with the factors of ownership structure, and takes the listed companies in China from 2009 to 2012 as a sample to study the influence of ownership of senior executives, ownership concentration and equity balance on the growth of GEM. By means of factor analysis, this paper establishes a comprehensive index of the growth of GEM companies. Through regression analysis, it analyzes the relationship between the proportion of executives holding shares, the proportion of the largest shareholder, the shareholding ratio of the top five shareholders and the Z index of equity balance on the Growth Enterprise Market The growth of listed companies, so as to make recommendations for the rational allocation of the ownership structure of China’s GEM.