Research On The Risk Of Private-owned Technological Corporations In The GEM

GEM (Growth Enterprise Market) is the prerequisite for venture investment and is very vital for the development of high technology. After the launching of the growth enterprise market of Hong Kong in November 1999, the Chinese GEM has been raised in the schedule. For these reasons, the functions of the Chinese GEM have aroused interest of people in the field of economy theory.Thanks to the financing problem of private-owned technological corporations and their significance to the Chinese GEM, the private-owned technological corporations are chosen as the main body in the research of risk management in the process of coming into the GEM. As the result, the thesis built some rules and models. The objective is to help corporations strengthen the understanding of risks and keep away risks by enhancing the building of the corporations themselves. In the mean time, for this kind of corporations play important roles in the development and boom of the market, reinforcing the risk management of the corporations is valuable to reduce the risks of Chinese GEM.The main theories and methods include risk management, technology economics evaluation and analysis, finance management, finance, investment and financing management, strategic management, etc. The subject and focus of the thesis is how to prevent and control risks. This thesis divides the risk management into two segment, discusses some relative problems of the Private-ownedtechnological corporations in the process of coming to the GEM, including risks identifying, risks decision-making, controlling, risks measurement and forecast, etc. Because of the importance of combining theories and practice in the research of management, during the course of the research I have referred a lot of productions of financing of private-owned corporations in China as well as data from Nasdaq and GEM of Hong Kong.The thesis uses research productions of formers for reference, and pays attention to innovation. The ideas of this thesis focus on four ways. First, identifying risks, building evaluation system and evaluating risk factors. Second, establishing decision-making model from cost and income by using data of NASDAQ and the growth enterprise market of Hong Kong. Third, founding preventing system of all sorts of risks, and establishing useful supervisory methods of risks by using risk management tools. Fourth, by using similar method of Main Board, researching the measurement and forecast method of risks in the Chinese GEM.To study risks intensively is a complicated problem. Because of limited time and my knowledge, there are plenty of shortages. Some conclusions and methods should be modified or ameliorated in the future, especially after the Chinese GEM is set up.