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本文首先对国内外研究现状进行了综述，然后界定了相关概念，重点阐述了
公司治理理论和成长理论，对创业板上市公司进行了成长性评价，并将计算得出
的成长性综合评分与反映公司治理结构的十个具体指标进行实证分析，从公司治
理的四个维度：股权结构、董事会治理、高管激励、监事会特征深入探讨了公司
治理结构对其成长性的影响作用，得出了以下结论：股权结构方面，第一大股东
持股比例与公司成长性有正相关关系，第二至第五大股东持股比例与公司成长性
也有正相关关系；董事会治理方面，董事会规模与董事会独立性对公司成长性影
响不大，董事长与总经理两职合一对公司成长有促进作用；高管激励方面，高管
薪酬与高管持股比例的增长对公司成长均有明显促进作用；监事会特征方面，监
事会规模对成长性没有影响，监事会持股比例与监事会会议次数均与公司成长性
正相关
这一结论说明创业板上市公司治理结构仍存在很多问题，如董事会和监事会
规模对成长性均无影响，说明董事会和监事会的设置大多是为了符合法律要求，
并未真正发挥其科学决策和有效监督的作用。最后，本文根据实证结果结合我国
创业板上市公司特征，对我国创业板上市公司完善公司治理结构促进企业成长提
出了相应的对策和建议：1.在保持股权相对集中的现状下，提高股权制衡度，同
时适度引入机构投资者，增强股权制衡力度；2.优化董事会结构，充分发挥董事
会的决策作用，同时也要根据公司实际情况，灵活配置领导权；3.长期激励与短
期激励相结合，建立完善的经理层激励机制，同时建立完善的高管层绩效考核体
系，培育职业经理人市场；4.构建合理的监事会治理结构，强化监事会监督职能
关键词: 创业板；上市公司；公司治理结构；成长性；影响II
Abstract
A sound corporate governance structure is the basis of stable operation,
continuous growth and healthy development for the company, It is of great
significance for the company growth. Most of the listed companies in the growth
enterprise market in China are in the early or middle stage of growth, on the one hand,
they have high-tech content to support the development as has a high growth potential,
on the other hand, they have yet to establish an effective corporate governance
structure, resulting in their governance problems emerge in an endless stream,
operating performance of two differentiation, some companies lack of growth
potential, it is difficult to ensure sustainable growth. Through the combination of
theory and empirical analysis，the paper deeply analyzes the endogenous relationship
between corporate governance and growth of GEM listed companies, For China&39;s
listed companies to improve their corporate governance structure, so as to promote the
growth of the company to provide practical guidance, but also for the majority of
investors to improve the level of decision-making, to avoid investment risks to
provide effective recommendations. Therefore, this topic has certain theoretical
significance and important practical significance to the healthy and stable
development of China&39;s GEM market, and to enhance investor confidence.
Firstly, this paper reviews the domestic and international research status, and
then defines the related concepts, focuses on the corporate governance theory and
growth theory, evaluates the growth of GEM listed companies in China. And through
this method to calculate the growth of the comprehensive score, the results are
empirical analyzed with ten specific indicators of reflecting the corporate governance,
from the four dimensions of corporate governance: ownership structure, board of
directors characteristic, executive incentive, board of supervisors characteristic,
in-depth studys the influence of corporate governance structure to the growth, draws
the following conclusions: in terms of ownership structure, there is a positive
correlation between the proportion of the largest shareholder and the growth of the
company, and the proportion of the second to the fifth largest shareholder is also
positively related to the growth of the company; in terms of the characteristics of the
board of directors, the board size and board independence have little effect on theIII
growth of the company, chairman of the board of directors served as CEO to help the
company grow; in terms of executive incentive, executive compensation and the
proportion of executive ownership growth has a significant role in promoting the
growth of the company; in terms of the characteristics of the board of supervisors, the
board of supervisors scale has no effect on the growth, the proportion of the board of
supervisors and the number of board meetings are positively correlated with the
growth of the company.
This conclusion shows that there are still many problems in the governance
structure of GEM listed companies, such as the board of directors and the board of
supervisors scale have no influence on the growth. This shows that the board of
directors and the board of supervisors are mostly set up to meet the legal requirements,
did not really play the role of scientific decision-making and effective supervision.
Finally, according to the empirical results combined with the characteristics of
China&39;s listed companies, this paper puts forward the corresponding countermeasures
and suggestions to improve the corporate governance structure of Listed Companies
in China.：1.In maintaining the relative concentration of equity, to improve the equity
balance degree, at the same time, through moderately introduction of institutional
investors, to strengthen the equity balance degree;2. Optimize the structure of the
board of directors and give full play to the decision-making function of the board of
directors, at the same time, according to the actual situation of the company, flexible
allocation of leadership;3. Combined with long-term incentives and short-term
incentives, in order to establish a sound management incentive mechanism, at the
same time establish a sound executive performance evaluation system, cultivate
professional managers market;4. Construct reasonable governance structure of the
board of supervisors and strengthen the supervisory function of the board of
supervisors.
Keywords: Gem; Listed company ； Corporate Governance Structure ; Growth ；
InfluenceIV
目 录
第 1 章 绪论....1
1.1 选题背景与研究意义...1
1.1.1 选题背景.....1
1.1.2 研究意义.....2
1.2 国内外研究现状...........3
1.2.1 成长性影响因素.....3
1.2.2 成长性评价.4
1.2.3 公司治理与成长性关系.....5
1.2.4 研究评述.....8
1.3 研究方法...........8
1.4 内容结构安排...9
1.5 研究创新之处....
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