Comparative Study Of The Financial Position On China's Mainboard And GEM Listed Companies

With economic development and competition intensifies between enterprise, enterprise's growth is much more important. Especially the development of science and technology and the the strategy of national independent innovation in China, is an opportunity and is also a challenge for hi-tech enterprises'development. In order to provide financing channels and the growth space for small and medium-sized enterprise, especially for high growth emerging technology companies , our country sets up gem market in ShenZhen stock exchange in 2009. Gem is rank below the mainboard market in the securities market, standatd listed on the threshold, the information disclosure and the supervision system, investment risks etc,.Gem board market is the effective supply for mainboard market ,it plays an important position in capital market, its biggest characteristic is low threshold into, strict requirement operation, helping the potential of small and medium-sized enterprises to obtain financing opportunities, promote enterprise's development.Judging from data purely ,the financial report of listed companies, cannot explain enterprises's financial condition directly, especially cannot show business management quality and operating results. Therefore, how the discretion of correct understanding and using the financial information of listed company , to understand the true financial position and operating results are very important. Financial analysis,which is according to report data and other related information as the basis, through the collection of data about the financial report, and combined with other relevant information, to reflect economic organizations'past and present financing activities, investment activities and business activities. Analysis and evaluation enterprise's past for the investors, creditors, and other stakeholders, to reflect enterprise future status, appraisal making the right investment decisions with useful information. Therefore, the comparative study of the financial position on China's mainboard and gem listed companies which based on the high-tech companies listed in 2009 has great significance.This paper adopts induction, analysis and comparison of the normative research methods, taking 15 high-tech companies listed on the mainboard and 15 high-tech companies listed on the gem in 2009 as the research object, the comparative study on the financial status of listed companies, mainly involving debt-repaying ability analysis, profitability analysis, asset management and operation ability analysis, cash flow analysis, etc., and adopts Dupont financial system being comprehensive analysis and performance evaluation. Through the comparative study of the financial position on China's mainboard and gem listed companies, found that the mainboard debt-repaying ability below gem companies; Gem companies'excessive liquidity ratio reflects that the phenomenon of gem market super raised seriously; The mainboard listed companies'utilization efficiency of total assets is higher, but as mainboard listed companies'sales cost and the financial cost are higher, cause the mainboard total assets of the listed company less profitable then gem companies; Gem companies operating effect is good and its application to obtain cash assets ability is also stronger. Financial analysis results show that the gem market exists seriously ultra raised, and the phenomenon of raised funds utilization inadequately. Focused on the phenomenon, the paper analyzes the reasons from the issuer level, market level and institutional aspects, puts forward related suggestions in China's IPO system, sponsor of the regulatory and the use of funds raised.