On The Innovation Performance Of Listed Companies In China’s GME Stock Market

GEM listed companies are representatives of the small high-tech enterprises in China, research on innovation performance of this group of companies, on the one hand, will provide micro-enterprise data empirical supplement to innovation economics academic research, on the other hand can also provide a useful reference for improving innovation capability of Chinese enterprises.To make a preliminary attempt to open the "black box" of the innovation process, we divide the innovation process into three stages:investment of innovation resources, R&D and commercial application, and then we establish the "three-stage DEA model" for innovation performance research. In the part of empirical research, this paper select148GEM companies as sample to estimate the overall innovation performance, as well as the innovation performance of the R&D stage, and the commercial application stage. Then, we select3variables of the company characteristics and3variables of industry characteristics, to analyze impact of these factors on innovation performance.This study show that the performance of the GEM companies in R&D stage is significantly higher than the commercial application stage, and overall innovation performance is highly correlated with the commercial application stage performance. According to our analysis of innovation performance factors, the government could create specialized commercial applications subsidy programs, improve the existing R&D subsidies accreditation policy, and encourage the export of high-tech enterprises and other methods to enhance the innovation performance of enterprises, thus contributing to improve the innovation capability of Chinese enterprises.