The Research Of Chinese SME Financing On Stock Market And Evaluation Of Growth

Financing concerned small and middle enterprise (SME) as well as stagnant development of high technology firm caused by insufficient fund is all along critical problems which stop rapid growth of Chinese economy. The research of thesis aimed to disclose motivation among SMEs and the reason behind such kind of alternatives. Meanwhile, the author here tries to set up evaluation system of growth of firm listing on second-board based on conclusion of academic achievements by both national and international scholar. For the purpose of giving basic direction, the author hope the viewpoint of thesis will be helpful in term of construction of entrance's guide and evaluation system evolution in the future.Starting from defining cope of SME firstly, the author proceed to set focus on different listing choices between medium companies and mature ones, and finally to disclose fiscal difference is the critical reason caused listing deviation in the stock market nowadays. Healthy growth is the key issue concerned whether or not the second board would develop smoothly and be judged as successful one. Setting up a new evaluating system on SMEs' growth, before doing positive test on evaluating index fitting in reality, the author combines quantitative and qualitative index to evaluate growth's stage of company listing on second board market. In this thesis, the author gave two creational points which respectively are companies listed on second board apparently differ from counterparts on main board in term of fiscal index, and the evaluation system of growth of SMEs meet reality well as result of positive test turns out.At the end of thesis, the author do conclusion on thesis while figuring out some point need to be improved on paper in the future, which may lies in methods of econometrics applied, correction of data, right on index and etc.