Study On The Growth Of The Companies On The GEM

The GEM is important component of multilevel capital markets.The GE M offers multiple financing scheme and the capital of the subsequent devel opment for the small-medium-sized enterprises and high technology enterpris es. The GEM widen the depth and breadth of the capital market, and the diversified investment demands of the investors are satisfied. The characteris tics of the companies on the GEM is high-growth, it is a problem need to resolve how to estimate the growth of the companies on the GEM.In the first instance, the thesis analyze the characteristics of the first 2 8 companies on the GEM from six aspects:registered time, registered capi tal, distribution,scale, profitability ability,the growth speed. and the issue c haracteristics:higher P/E, higher issue price and high-risk. According to th e characteristics of these companies, the thesis analyze the characteristics in respect of growth.These companies have high growth though they have hu ge gap in scale and profitability ability. By analyzing the internal and exter nal factors to impact the growth of the companies on the GEM, and comp aring and analyzing the growth indicator, the thesis choice the financial indi cator to growth appraising indices. Combined with the management SFC st art to the companies listed on the GEM, the thesis withdrawal of six indica tors that to reflect the ability of increase and profitability:revenue growth, operating profits growth, total profits growth, net profit growth, total assets growth and net assets growth, to appraise the growth of the first 28 comp anie on the Second-board. According to calculate and analyz the relevant da ta in 2007～2009, the thesis have the six indicators score, and drew the gr owth ranking of the 28 companies. The same time, the thesis analyze the p rofitability ability of the GEM, MSEM in Shenzhen Stock Exchange,SME in Shenzhen Stock Exchange according to analyzing and calculationrelating th e relevant data of three bboards in 2007-2009.it is reflect the growth cha racteristics of the companies listed the GEM.The contribution of the thesis is as following:according to calculate an d analyz of the six financial indicator of revenue growth,operating profits growth, total profits growth, net profit growth, total assets growth and net a ssets growth, it"s found that the growth of the first 28 companies listid on the GEM is good as a whole, butthe growth ranking in 2009 and the gro wth trend ranking in 2007-2009 is not unanimous completely, and the gap is huge. Contrast analysis on the relevant data of MSEM,SME in 2007-20 09 and the corresponding indicators of GEM, we found the three boards sh ows the pronounced characteristic their own, which demonstrates from anoth er aspect of the function characteristic on multilevel marketing system. Thre e boards have overall growth in financial indicator to growth in 2009, But t he companies on the GEM showed the the best strong growth from revenue growth operating profits growth, total profits growth, net profit growth, an d far above the GEM, MSEM.Of the thesis is in:the study on the growth should be a long-term process, but the GME launched just over a year, the datas we can use and study is not enough, so the results only shows a short period state. We n eed to wait and see. The thesis can only adopt the data in 2007-2009,b ecause there have 6 in 28 companies are not published annual report by 20 10 cutoff originally the thesis complete. The thesis select 28 companies liste d on GEM act as study sample, the small number of samples may make th e conclusions of the analysis is limited.