Research On The Growth Enterprise Market And High-tech Industry Development In China

Development of high-tech industry is not the impetus of social and economic progress, and also a crucial index to measure national competitive power. High-tech industries in the national economy from the performance, the output value of the ratio of GDP, from 6.7% growth in 1995 to 19.0% in 2008, in the national economy not only play an increasingly important role. However, with the rapid development and expansion of high-tech industries, China's stock market cannot meet their financing needs, and financing difficulties and the further development of the industry has become the universal problem, a bottleneck restricting the development. It is important to adapt to on the agenda providing similar high-tech industry development financial platform.Under this situation, in October 23,2009, the Growth Enterprise Market (GEM) of China came into being after brewing. However, the growth enterprise market is a new thing, to make it run smoothly, and promote the development of high-tech industries, we need comprehensive analysis of the GEM and the interaction between high-tech industry, from abroad GEM effective experience, putting forward feasibility proposal to improve our GEM, improving its services for the development of the efficiency of high-tech industries, and effectively promoting sound and rapid development of high-tech industries.This article introduces the relative theories of the GEM and high-tech industries, analyzing the relationship between the GEM market and high-tech industries, discussing the status of high-tech industry, trends and the role of institutions in the industry, building econometric model of high-tech industries in China to study the factors that affect the development of high-tech industries. This article finds that there is no structural significant difference of the five sub-sectors, whose development are mainly dependent on the funding boost, and are less affected by technical input.This article argues that the GEM for high-tech industry has a strong promoting effect of the financing. On the one hand, it is difficult in financing high-tech industries, embodied in the single financing channel, a lower proportion venture capital and direct financing; on the other hand, the characteristics of GEM and the establishment purpose determine its clients as the innovative and high growth enterprises, and its function to provide effective financing channels for them. The GEM in China but there are still deficiencies to be improved, and its trading mechanism also needs further discussion.Chapter 5 in this article uses analytic hierarchy process (AHP) to comparatively discuss the NASDAQ market in America, the AIM market in Europe, and the KOSDAQ market in Asia, and empirically study the three markets and their interaction efficiency of high-tech industry, finding that NASDAQ market shows efficient interaction between high-tech industries, AIM followed, and KOSDAQ ranked last. This article further finds that the U.S. NASDAQ market is better able to achieve positive interaction with the high-tech industries, which should be an exemplar to learn for China's GEM development. From the analysis of GEM trading mechanism, we find that the market maker system runs more efficient, and timely introduction of the market maker system combined with auction system, can improve the efficiency of the GEM market.Finally, in summing up the successful experience of the U.S. NASDAQ market, based on the combination of the characteristics of China's GEM, it is important to find an effective way from the GEM market position, strict supervision, risk prevention and appropriate trading Mechanism to improve the interaction efficiency between the GEM and high-tech industry, and its services for the development of high-tech industry capacity and efficiency.