A Comparative Study On The Quality Of Listed Companies On

Quality of listed companies will affect the healthy development of the stock market, in order to improve the quality of listed companies,the government must standardize the behavior of listed companies by regulations. As a representative of mature market,the US capital marketsaccumulated profound experience in the field of market supervision, as an emerging and tranditional market, China’s securities market still has risk of inadequate supervision, regulatory supervision over even failure, we need to continuously improve the level of supervision. To reflect the comparability,we select two countries’ IPO regulations, information disclosure regulations, the corporate governance regulations and the delisting regulations to reflect the differences in the regulatory system in this paper.We choose Listed Companiesin which gave its initial public offering in the US NASDAQ stock market or in the start up board in Chinain 2010 as a sample, and the later four-year after its initial public offering as sample period.In the text,we build the system of evaluating the quality of listed companies and level of corporate governance using AHP.To construct the listed company’s financial performance evaluation system,factor analysis was used.Finally,we test the difference between two sample GEM listed companies ’quality which conclude the listed company’s financial performance and the corporate governance by analysis of variance.We found that GEM listed companies’ quality is significantly different in the USA and in the domestic even they are all set up in China.Thefiniancial performance and level of corporate governance in NASDAQ is significantly higher than companies in Chinese GEM market.