| Generally speaking, GEM market is relatively a new market worldwidely. In the mid-1990s, the development of GEM market began with the information revolution. And so far, more than 70 countries and regions in the world have opened the GEM market. For China, the GEM market is a brand-new market. It’s been less than four years since 30 October 2009, when China GEM was officially opened.GEM market opening process in China is a very tortuous one, this is due from 1997 to 2001 during the Asian financial crisis and the U.S.’"New Economy" bubble burst has occurred which caused people’s concerns over the security issues of financial markets. Meanwhile, China stock market has some existing market manipulation and market speculation is also aggravated the problem of people for the GEM market concerns. With rapid economic development in China, a large number of small and medium enterprises facing financing difficulties faced barriers to entry are relatively high and a limited number of SME board, and many SMEs have chosen to IPO in overseas market. But as Chinese economic development has entered a critical period of transition adjustment of industrial structure, the establishment of GEM is increasingly an urgent demand. AS China stock market gradually matured, it provides better conditions for the opening of the GEMmarket, andas a result GEM finally officially opened in October 30,2009.GEM has already opened for four years, but in May 2011, the market began a longtime recession. As of October 9,2012 (IPO suspended deadline), the GEM index decreased by 28% than June 1,2010 when the GEM index initially released. Although the GEM board took the measure of an IPO purchase restrictions, the first day gain restrictions, turnover restrictions and delisting system reform, among other measures, but the market was still in depression. After October 9,2012, the GEM IPO suspended and the GEM market was undergoing a wave of relatively strong rebound, but as a market for four years, the performance is still not satisfying, and moreover, the GEM IPOs suspension makes the GEM lose its most basic functions.Based on the above background, this paper analyzes the study of Chinese industrial structure adjustment and transformation in the context of China’s SME development features in the market system development theory and market microstructure theory, based on quantitative and qualitative analysis using a combination of research Methods for three years GEM IPO market data analysis. This analysis is different from the previous literature to IPO underpricing as the core issue of research, it is from an investor’s point of view, on the market for three years. The GEM IPO first day return analysis summarized the law changes, environmental factors from the external market transactions, the intrinsic value of factors as well as the body three aspects of future growth for IPO first day return to analyze the impact of research. In addition, the paper also abroad through the GEM delisting system of comparative studies, analysis of the GEM transfer delisting system set up issue.This paper describes the theoretical basis of this study related, and China’s growth GEM basis-an analysis of the characteristics of SMEs in China, and the establishment of GEM from the Chinese history of anti-peep China GEM countries in which the policy environment. Then, in order to open the GEM board three years of market data for the analysis of samples summed up China’s IPO first day return yield variation factor. Since there are actually overpriced and IPO underpricing phenomenon of coexistence in Chinese GEM IPO, we introduce IPO first day return yield to study Chinese GEM IPO issue. Found that China’s current GEM market in earnings, book value, IPO price-earnings ratio, IPO progressively closer to the standards of overseas markets, but this is not the behavior of market self-regulation system, but because of the overall market downturn and the GEM consistent issuance of new shares resulting from high speed, so do not have long-term, still need to continue to work on the construction of various systems. Finally, the system of overseas GEM characteristics and Chinese stocks were "hunting" behind the domestic and overseas institutional differences GEM further proposed on the basis of the development of China’s GEM proposal.Affectting GEM IPO first day return with a comprehensive analysis of the factors and yields for the first day of IPO in six stages fluctuation is a summary of this important innovation, through the stage for the GEM market division to identify the country from GEM to the presence on board a fluctuation and volatility of the law, and have revealed these laws and policy factors behind the system. These fluctuations both GEM market itself relevant existing systems, but also with the national policy control market volatility triggered by the relevant board. China’s stock market has also failed to get rid of" policy market", the economic situation is poor and policy adjustments are necessary, but for the stock market policy adjustments and changes frequently makes our stock from "market" the road is still relatively far away.Finally, in the China’s GEM delisting system analysis, comparing the domestic and overseas markets in the full delisting institutional characteristics and differences, we found in our GEM delisting institutional lack of maneuverability and insufficient implementation of delisting severe is the biggest problem. China’s securities market has not a clear delisting standard, lack of market segmentation, the motherboard market and GEM market tier markets generally lack the support of China from the motherboard to the GEM market," delisting difficulty" crux of the problem, it will become China’s securities market requires careful surface on one of the problems in the future. Our GEM delisting system and transfer plate system may become more sound and play a more important role only when there is more segmentation and more echelon levels in the market.
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