Research On Factors That Influence The Growth Of Enterprises Listed In SME Board

According to《Report on growing small and medium enterprises in 2005》,the steady growth of small and medium enterprises(SME) not only can alleviate the employment pressure, but also play an important role in the increasing and improvement of the macro-economy. To promote the growth of the SME, SME board was established in Shenzhen on May 17th in 2004. According to its arrangement, it will mainly list SME with high growth and high-technology. In other words, the listed SME is an excellent group in the whole SME. Using the data of listed SME, this thesis is trying to answer the following questions: What about the growth of the listed SME? Which factors will influence their growth?Besides the foreword, this thesis constitutes five parts and the main content is as follows:Part 1On the basis of summarizing the enterprise growth theories and SME growth researches, drawing lessons from the growth concept and thinking SME growth in the scientific development view, the author put forwards and discusses the scientific growth concept of the SME and its essential characteristics.Part 2The second part carries on a descriptive analysis on the growth and basic characteristics of the listed SME. From the asset growth rate, income growth rate and the stock price growth rate of the SME listed in 2004, the whole growth performance of the SME is excellent, but the net profit growth rate polarizes. From the descriptive analysis of the SME listed before 2006, we get the basic characteristics of the listed SME as follows:(1)The number of listed SME are off-balance in region, and the enterprises are mainly located in the eastern region;(2)Most SME are private enterprises;(3)Most listed SME is in manufacturing industry ;(4)From main financial rates, we can see the SME as a whole has an excellent performance.Part 3In this part, the author first views the studies that focus on the factors influencing the growth of SME. Then using the data of SME listed in 2004 by adopting empirical method ,the thesis builds up the regressing model: Asset Growth=F(return on equity, long-term liabilities ratio, main business vivid rate, control rights belonging ,average asset logarithms, industry ,region),to find the influence of profit earning capacity ,financing ability ,capital structure, core ability, management , capital scale, industry and region on the SME's growth. As the regressing result shows, only return on equity and long-term liabilities ratio have notable influence on the growth of SME.Part 4In this part ,the author takes SUNING APPLIANCE CO.LTD as an example to analyze the factors supporting its high growth ,the factors including:(1)catching the chance of retailing industry's modernization; (2)scale and performance improved hand in hand; (3)paying attention to the basic management and organization restructuring; (4)outstanding leadership of Zhang Jindong; (5)merchant capital blending with the industrial capital; (6)making use of SME board; (7)keeping on innovative strategy; (8)sharing interest with the nation and employees.Part 5Part 5 sums up the main conclusions and makes suggestions.