Research On The Sustainable Development Of China's Growth Enterprise Market

China's Growth Enterprise Market officially opened on October 23,2009, the launch of the GEM can Improve the multi-level capital market system, broaden the financing channels for SMEs, and promote the development of venture capital industry. But the launch of the GEM less than a year, the stock price rises and falls were frequent, the price-earnings ratio remained high, the various problems existed that GEM's unreasonable, Research on the sustainable development of GEM detailed in the early stage is extremely necessary.This paper uses comparative analysis method and qualitative analysis method to study the sustainable development measures of China's Growth Enterprise Market, the paper is divided into six chapters:The first chapter introduces the purpose and significance, the domestic and foreign research status and the main content. Chapter two describes the basic theory of this essay-venture capital theory and sustainable development theory. The third chapter describes the history development of the GEM, analysis the current status of the GEM from three aspects:the system, listed companies and investors, and points out the problems of the GEM such as the operating mechanism, industry distribution of listed companies and institutions of investors. Chapter IV analysis the United States NASDAQ, United Kingdom AIM and Hong Kong GEM from the operating mechanism, listed companies and investors, summarizes the experience and acceptance. Chapter V analyzes the conditions of GEM's sustainable development, made a number of countermeasures for the better development of the GEM from the government, listed companies and investors. Sixth chapter is a summary of this article, and made the prospect of the development of the GEM.GEM-building needs the government, enterprises, investors and other parties to work together. Governments need to adjust the listing standards constantly according to the development of the GEM, improve the operation mechanism and the relevant laws, found reasonable market position for GEM, and gradually form a wide range industry distribution of listed companies and institutional investors-led investor structure. Companies should continue to improve corporate governance, to establish credibility mechanism. And should enhance investor's risk education, and gradually develop mature and rational investors. GEM, companies and investors should complement each other, promote each other, and finally help the GEM to develop healthily and sustainable, and achieve win-win in all three. Our government has been held the encourage attitude of the GEM, there are a large number of high-quality small and medium enterprises in China, this is the listing rich resources of the GEM, they are the basis of the development of the GEM. China's Growth Enterprise Market should have broad prospects, I believe that in the next few years, with the government guidance and the efforts of the all market participants,the Growth Enterprise Market will be the same as the NASDAQ,breed the world's top of the companies such as Microsoft and Intel, make due contributions to our Economic take-off.