Study On The Evaluation Of The Growth Of The Listed Companies On GEM

Now, the Chinese GEM is being designed completely and put in practice step by step.The experiences and lessons of Oversee GEM show that the growth characters of listedcompanies are the core of the GEM. The growth characters of listed companied on theGEM is being chosen as the topic of the dissertation. Our aim is to find the main factorsaffect the growth characters of the listed companies on the GEM. The author try to establishrational and righteous evaluation model and system of the growth potential, which lay thefoundation for the growth of SMEs and the improvement of capital market. Firstly, thedissertation sums up the characters of venture capital, the GEM and the listed companies onthe GEM. Then, the listed companies on the NASDAQ market and HK GEM are chosen asthe samples for analysis. The author analyses the characters of the recourse structures andthe growth phases of the listed companies by SPSS V10.0 statistics software. The materialsof the selective emphases and the practical industrial distribution of the GEM are beingused and Crosstables analysis and Chi-Square tests are being put in practice for makingcertain that the differences of the industrial distribution have prominent statistic meaning.Fuzzy mathematics muster is being used to set up fuzzy identifying model of enterprise lifecycles on the ground of the model of IchakoAdizes(1989) and Xiong Yijie(1996).The lifecycles of listed companies on the GEM are identified according as the selective emphasesand the listed conditions of listed companies on the GEM. The characters of size and typesof the listed companies on the GEM are identified according to the SMEs criteria, theselective emphases, size condition and actual size condition of the main GEM. Otherwise,the wide gap of the difference of growth condition is being discovered through analysis ofthe chosen sample enterprises. The characters of the studied object of the paper are beingdefined distinctly, which lay a good foundation for the study of the growth of listedcompanies. Secondly, the growth factors of listed companies on the GEM are analyzed positivelyand normatively. On the ground of distinct definitions of enterprise and growth, thedevelopment course of the growth theory of the modern enterprise is expounded carefully.The main factors of the growth of the enterprise changed constantly in the different periods. IIIThe core competitive factor is labor division in the handcraft era and they become capital,labor and entrepreneur talent in the industrial era. Then, they translated to innovation,technique transform and intangible assets, which reflects the process of mankind's progress,and also reveals footmarks of the growth of enterprise. The crucial factors of high-techSMEs and high-growth SMEs are lucubrated. Theoretic hypotheses are put forward thatfinancial condition and potential, human resources power, technology and innovationabilities, market capabilities and social network are considered as the main growth factorsof the listed companies on the GEM. Then, the questionnaire is being designed for somesenior managers and technologists to determine weightiness of each factor and get the meanscore. Besides, the statistic materials of 216 high-tech SMEs in the province of Jiangsu areused to test the hypothesis. Regression equation method is being used for analysis of themutual connection of the factors. Thirdly, the interdependence of the growth of enterprise and the development of theGEM is confirmed. On the ground of review of the study papers of the specialists andscholar abroad and home, the simulative effects of the GEM for the growth of enterprise areanalyzed both as a common capital market and a special capital market. The proposal of theconstruction of multilayer capital markets is being put forward in favor of solution to thedifficulties of the financing of SMEs thoroughly and development of direct financingchannel in light of the d...