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Research on the Influencing Mechanism of Corporate Governance on Financial Risks in GEM-listed Companies

Author: ShenChen
Tutor: ZhangGang
School: Zhejiang University
Course: Entrepreneurial Management
Keywords: financial risk GEM-listed companies corporate governance growthability innovation capability
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Type: Master's thesis
Year: 2014
Downloads: 4
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Abstract


Most GEM-listed companies are entrepreneurial enterprises at their initial and expansion stage with characteristics of high growth, high innovation and high risk. They are facing relatively high financial risk because of the complexity of the external environment, the lack of internal resources, and the imperfection of organization structure. So it is particularly important and urgent to control financial risk of GEM-listed companies. In this paper, we explore the influence of corporate governance, growth ability, and innovation capability on financial risk, in order to build the influencing mechanism of financial risk for GEM-listed companies.The conclusions of this research are as follows:First, CEO duality, ownership concentration and ownership restriction of GEM-listed companies have significant influence on their financial risk in China. Second, CEO duality, ownership concentration and ownership restriction of GEM-listed companies have significant influence on their growth ability. Third, independent director ratio and ownership restriction of GEM-listed companies have significant influence on their innovation capability. Fourth, growth ability and innovation ability have significant influence on financial risk. Fifth, growth ability partially mediates the relationship between CEO duality and financial risk, and also partially mediates the relationship between ownership concentration and financial risk.The research has the following contributions:First, combined with the characteristic of GEM-listed companies, we propose assumptions that corporate governance, growth ability and innovation capability of GEM-listed companies in our country have influence on their financial risk, expanding the existing research. Second, by exploring the process that GEM-listed companies’corporate governance, growth ability and innovation capability influence on financial risk, we establish the influencing mechanism for financial risk, further expanding the scope of theoretical research. Third, based on the research conclusion, we put forward management advice for financial risk control in GEM-listed companies in China.

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