Innovation Efficiency Of Gem And Main Board Listed Companies Empirical Study

China's Growth Enterprise Market (GEM) finally opened its door to massive investors on Oct.23,2009, which is an important event in China's capital market. The open of GEM is significant for the promotion of our technological progress and innovation, optimizing industrial structure and improving the multi-level capital market system.Evaluation of the innovation efficiency is necessary and meaningful.Through evaluation, we can compare the level of innovation efficiency of different bodies, and then find out the key factors affecting the efficiency of innovation, to guide enterprises to make effective investment decisions and arrangements to reduce innovation risks.The listed companies on GEM board are mostly science and technology enterprises with high growth potential.Although they are very small,they are with more prominent R&D and innovation ability. Listed companies on main board have a larger scale, more stable market and products than that on GEM.It is seemingly that innovation efficiency of listed companies on GEM is high than that on main board, however, our research presents different views and there is no obvious difference between two samples. This study tried to discover the key factors affecting the efficiency of innovation, to take to guide businesses to make effective investment decisions.