| In recent years, China's SMEs'economic status is one of the most increasingly conspicuous and active development potential parts of the new economic growth. However, the SME financing channel, which has become constraining the development bottlenecks. Therefore we establish the SME board, "SME financing structures for direct market platform, greater scope to the capital market to play the role in the allocation of resources, to ease the financing of SMEs'company, is conducive to optimizing the overall financial market structure." It is of important significance to sustainable economic development and economic structure of the strategic adjustment.On June 25, 2004, a milestone is that the SME board in Shenzhen Stock Exchange trading. SME board, as a component of the Shenzhen Stock Exchange Main Board, the main board market laws and regulations and listing standards issued within the framework of implementation of relatively independent management, and gradually promote the system, GEM for the construction market to accumulate experience. Mark also will take the lead in realizing the SME board. Visibility SME board in China's capital market plays an increasingly important role, Thus this area of a certain academic value and practical guidance. As the market gradually shifted investment concepts investment value, the listed companies will change the fundamentals of a concern. SME board as a segment of the new capital market is of important significance.This paper studies the SME board listed companies consolidated results, reveal and explore the enterprise's current operating conditions, the competitive advantages and disadvantages. Based on the difference in strength and operating characteristics of different classification we give the proposed investment. The full text is divided into four chapters.Chapter I is the SME board on the creation process and the establishment of significance. China's SME board as a multi-layer capital market an important part of the establishment, It is also the main board from GEM transition to an important part of the SME board recalled the creation process, understand the significance of the establishment will help us on the SME board to have a rational understanding and contribute to the follow-up research papers unfolded.Chapter II is the SME board of a listed company to undertake a situation analysis. This chapter introduces the SME board market characteristics, and then a detailed analysis of the SME board of a listed company status. On the SME board market characteristics and good grasp of the situation, help us more in-depth understanding of small plates listed company's overall situation.Chapter III is on empirical research methods. The article first overview the domestic companies on the SME board investment value, and the factor analysis and cluster analysis of the detailed steps.Chapter IV is the use of factor analysis and cluster analysis of investment value Empirical Research on China SME board listed companies, and may be given to the interpretation and investment advice.This paper mainly studied the listing of the 38 companies of the Shenzhen SME board before December 31, 2004. We use of these companies in 2004, the 2005 annual financial data and key financial indicators to make empirical research. Factor analysis results of the selection of indicators are very important, so we selected 20 financial indicators. Using factor analysis methods, inspection listed companies on the various indicators of the performance of listed companies extent selected from the impact of performance. The company a major factor, but can be a certain category of listed enterprises ranking for investors to make rational investment decisions is a great help. Cluster analysis is built on the basis of above analysis, based on the basic level of the stock of quantitative analysis, make up for the basic analysis of the impact on the stock price factor deficiency. Through the reasonable explanation of six main factor, and the individual scores and overall score, we evaluated 38 listed companies'performance level.The results show that split the investment value of the company exceeds 60% of the total number of companies. These companies have different characters, and investors can make an appropriate investment own to the understanding of the investment value and construction reasonable and effective investment portfolio.We used factor analysis and cluster analysis on the Shenzhen SME board of the 38 companies listed on the classification evaluation, The following results are obtained:1. Listed companies consolidated results of the factors can be condensed to profitability, solvency and growing ability, continuing viability, cash flows and the market value. On making investment decisions, investors can consider those factors as indicators of reference.2. Through six main factor scores, integrated performance scores and ranking, we reveal the enterprise and to explore the current business situation and the competitive advantages and disadvantages, identify its weaknesses, develop a competitive strategy to provide important scientific basis for listed companies. From the ranks of view, some good returns, reasonable financial structure, operation stability of the enterprises have obviously standing out and is relatively high consistency with the actual situation.3. Cluster analysis showed that listed companies based on the overall strength difference and operating characteristics of different can be classified into high performance, performance and the general poor performance, which account for the overall proportion of 10%, 37% and 53%. Classification and evaluation of the conclusions are basically in line with the objective reality. This can help investors more detailed analysis of listed companies of investment value, complex data quickly and accurately, Simple clarifying context, grasp the relationship between the various listed companies, thus suitable structure of the investment portfolio to reduce investment risk and improve investment returns. |
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