The Present Situation And Countermeasures Of The Growth Enterprise Market Development In Our Country

The Growth Enterprise Market (GEM) is a stock market that is established for the purpose of adapting to the development needs of enterprises based on independent innovation as well as other growth enterprises. From a global perspective, the development of the GEM has undergone a long and tortuous four stages, namely, start-up, prosperity, adjustment and revival. The official start-up of overseas GEM has benefited from the third reform of science and technology. After half a century of development and adjustment, all the current mature stock markets around the globe has established the GEM, whose development direction is clear and specific and whose development mode and operating mechanism are becoming mature, exerting an increasingly vital influence on the global stock market. With the market competition intensified, there has emerged a development trend of high-end image, constant adjustment, distinctive positioning, innovative system, multiple products, etc. in the overseas GEM. The GEM is an inevitable byproduct created in a certain stage of our socialist market economy with Chinese characteristics. Experiencing10years of planning and preparation, the GEM of our country has come into being in the end on the basis of the experiences of and lessons from the overseas GEM. After more than two years of development, a bunch of preeminent enterprises have managed to combine their production and financing with the help of the Growth Enterprise Market, setting foot on the innovation-driven and rapidly developing road. But in the meantime, special attention must be given to a range of pending problems that occur during the process of current development of the GEM, such as the market admittance deviating from the original intention of establishment, the valuation level of listed companies not conforming to the growth expectation, the realistic choices of entrepreneurs digressing from the corporate goals, the amount of patent licensing not matching up to profitability, the sponsor institution’s pursuit of profit not meeting the sponsor’s liabilities, the delisting effect diverging from the market demand, etc. In consequence, it is proposed that at the present stage, it is better to take a series of measures to accelerate the process of listing approval, adhere to the market system innovation, strengthen social regulatory responsibility and refine environmental construction in order to promote the stability and sustainable development of the GEM of our country. Combined with reality and adhering to the characteristics of innovation, the GEM of our country is bound to develop into a new market that is not only efficient, competitive, risk controllable, distinct and well-organized with Chinese characteristics but also matches the economic status of China, turning into a new fair and efficient platform with capital guiding, innovation promoting and excellent enterprises breeding, contributing to the execution of innovation stratagem of the country and the construction of socialism with Chinese characteristics.