The Empirical Studies Of The Gem Listing Company’s Innovative Performance On Financial Evaluation Perspective

Theoretically, the GEM is conducive to further improve the financing of innovative SMEs chain and accelerate the industrialization of scientific and technological achievements. It has an important role to promote and guide the transformation and upgrading of industrial structure. Thus, GEM reduces the enterprise access threshold compared to the Main Board with emphasis on its "innovative" and "growth". However, the innovation and growth of the GEM listed companies have been repeatedly questioned since the GEM opened three years ago. Therefore, researching on the innovation performance which related with the Sustainable Growth of GEM listed companies will be conducive to better promote industrial restructuring and upgrading to play its due role.This study attempted to use fixed distributed lag model which used to study the impact on the economic development caused by R&D investment in the macro-level to evaluate GEM Listing Company’s innovative performance, in the perspective of corporate financial evaluation, this study locked in the enterprises most comprehensive financial areas within the range of performance evaluation, define the concept of innovation performance, build index system, and establish the multi-angle model. By descriptive statistical analysis and empirical research, reveals its independent innovation, economic performance and the status of growth and the innovation investment contribution to economic performance, and to observe the growth characteristics of the companies listed on GEM and sustainable growth. The research results show that the R&D input intensity of companies listed on GEM is about5%to6%, about2times the strength of high-tech enterprises in China, but still a wide gap with the United States. Its performance of the whole economy is good, but the data distribution shows that, the gap between the individual enterprise level of R&D investment and the economic performance is ever-widening. In2009, the index of profit growth is marked decline, but the index of R&D investment, the performance of the main business income growth rate, and the technology assets growth rate, which are characterized of the growth potential of the companies listed on GEM are much better. The R&D investment of GEM listed companies to its core competitiveness, operating capabilities and profitability do have some contribution, but the lag effects are significant and in turn strengthen. Obviously, we should look forward to the sustainable growth of the companies listed on GEM, and GEM is worthy of recognition for the role of China’s industrial transformation and upgrading.