| From2000SZSE suspended share issue to October30th2009thefirst28enterprises trading in GEM, by more than10years of hard work,our GEM was finally established in the focus of the society, it enrichedour capital market system, and provided a direct financing channel forsmall and medium-sized enterprises. By December2011, only within twoyears’ development, the number of the listed enterprise has increased,from28to281.Moreover, the scale has achieved an astonishing level,and the total market value reached743.4billion Yuan.However, the listed enterprises in our GEM have not returned somuch satisfactory to the investors. Many researchers think that, thelisted enterprises in our GEM did not achieve the high-growthexpectation, and the high price bubbles overdraw the growth of future. The listing conditions of GEM are relatively bounteous, includingsome innovative, high-growth and high risk small and medium-sizedtechnology enterprises listed in the GEM, these enterprises were mostlyin their early stage, and generally their scales were small, the prospectof the their development were of great uncertainty. In the procedure ofgrowing, there were many factors which contain the external factors andinternal factors can influence their growth, these factors were difficult toidentify, it made the whole of the GEM’s instability increase. From thefluctuation of the shares we can find out that the fluctuations range ofthe GEM is much higher than the main board market. From the surface,the large fluctuation of the share is the result of capital marketsspontaneous regulation; but the deep reason is that the investors’ viewsof the growth of the GEM enterprises changed. This explained that themarket’s view of the growth and influence factors of the GEM is notstable.Based on the researches before and according to the characteristicsof the GEM enterprises, this paper makes a qualitative analysis on the external factors, which influence the listed enterprises in GEM. Afterthat, this paper chose the153enterprises which Listed before December31,2010as samples, and chose13metrics from8aspects, such asprofitability, debt-paying ability, etc, to do an empirical research, anduse Factors Analysis Method and Regression Analysis Method to doempirical research. The results show that the listed enterprises in GEM,whose profitability, operating ability, R&D human investment, assetsscale and cost control ability have a positive correlation on the growth,its debt-paying ability, research and development, cash investment,assets structure and cash flow have a negative correlation on the growth.At last, this paper drawled the conclusion of the research and putforward the suggestions from regulation department, the enterprises ofthe GEM and the investors, and looked ahead the future of this area. |
