Selecting 90 growth enterprises market ( GEM) companies as the research sample , whose stocks held by executives had overpassed lock-up period by the end of 2011, this study applies OLS methods to analyze the impact of executives′share reduc-tion and ownership structure on the growth of GEM companies , and then explores the impact of the corporate governance mecha-nism using dominance of ownership structure on GEM companies′growth.The results show that:core managers′share reduction significantly and negatively impacts companies′growth, the initial ownership structure is the main factor that affects the growth of GEM companies , GEM companies form passive compliance under a strict regulatory regime , and the board of directors , board of supervisors, as well as other internal governance mechanisms play a limited role in the highly concentrated equity .Thus, the u-tility of corporate governance is not obvious in the short time .Embedding the corporate life cycle , the research demonstrates that functions of independent directors and board of supervisors become prominent with the development of companies .Conclusions indicate that the enhancement of supervision of core managers′share reduction behaviors and the optimization of the ownership structure are conducive to reinforce companies′growth.High starting point and high compliance of GEM companies′governance will be the institutional guarantee to realize corporate high-growth in the future .%选取截止到2011年底高管所持股票已过禁售期的90家创业板公司作为研究样本，采用最小二乘法分析高管减持和股权结构对创业板公司成长性的影响，研究一股独大的股权结构下公司治理机制对成长性的作用。研究结果表明，核心管理者减持对公司成长性的负面影响显著，初始股权结构是影响处于成长期的创业板公司成长性的主要因素，创业板公司在严格的监管制度下形成被动合规，在股权高度集中的背景下董事会、监事会以及其他内部治理机制的作用弱化，治理的有效性短时间内难以显现；嵌入企业生命周期变量后发现，随着公司的发展，独立董事和监事会的职能逐渐凸显；加强对核心管理者减持行为的监管和优化股权结构有利于提升公司成长性，而创业板公司治理的高起点、高合规性在未来能够成为创业板公司真正实现高成长的制度保障。
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