Chinese Companies Listed On Gem Growth Assessment,

On October 30, 2009, the official opened China's GEM board. This means that China's construction of a multi-level capital market to a new level, and high-tech growth-oriented enterprises "Chinese NASDAQ" officially open. GEM is set to primarily serve high-tech SMEs with the characteristics of a high-risk, high return, which investors invest in the market actually for purchasing the expected growth of the enterprise. The enterprise growth is continual to play the potential of internal and external resources to show the overall expansion of the situation, it refers to companies from small to large, from weak to strong in the ever-changing process. Growth of listed companies is the key issues of GEM development. Currently the study for how to measure the growth of companies listed on GEM is very few in China. Therefore, to study the problem has great theoretical significance.This article's aims is to answer how to correctly understand the growth of companies listed on GEM, if the GEM have the problem of performance "Changing Faces " after listed, what factors affect its growth etc., which has important practical significance for the promotion of healthy growth of the GEM and to help investors rationally analysis and investment. This paper was in-depth study by these methods of combining normative analysis and empirical analysis, combining theory and practice. Enterprises "growth" was by complete definition and selected 174 listed companies on China's GEM object as samples for empirical analysis. Finally, analyzed empirical results and raised the policy recommendations.The study concluded: companies have the problem of performance "Changing Faces " after listed and technological innovation generally low, and have specific policy recommendations for encourage technological progress, to curb corporate performance " Changing Faces ".This article is divided into seven chapters: The first Chapter's the introduction describes the background and significance of topics, research methods and structures, innovations and lacks. The second chapter reviews domestic and foreign theories about the enterprises growth. Chapter III according to the GEM Listing companies and their growth characteristics, put forward growth evaluation index system of the GEM Listing companies, and standardized the indicators. Chapter IV concludes the main model to determine business growth, to describe factor analysis model by selected and shows the framework of this study. Chapter V, taking 174 listed companies on GEM in the empirical analysis, mainly by factor analysis to calculate on business growth; Chapter VI, the companies'list time, industry competition, firm size, ownership concentration etc. as explanatory variables, business growth indicators as explained variables, having the correlation analysis. Chapter VII analyzes the results of empirical analysis and raises policy recommendations.