Research On The Growth Of The GEM Listed Company

GEM as a financial market segments service to high-tech, high-growth enterprises, has been paid highly attention since it set up, and the focus of the attention is on the GEM listed companies’growth level. Especially when the price issue, high P/E ratio and rise funds continues to appear. the GEM’s running effect is decided by GEM listed company growth level, Only by guarantying companies which access to the GEM market have better growth level, we can achieve the purposes that the GEM should service for high growth enterprise、give full play to the efficiency and effectiveness of the GEM resource allocation、reflect the real value of the GEM and better meet relevant stakeholders’interests, therefore, to evaluate the growth of GEM listed company has extremely important realistic meaning and theory value. GEM listed company’s relevant stakeholders paly different roles in company’s operation process and have different interests subject position and etc. these differences can lead to different interest subjects, difference perspective of growth evaluation to the company, and in the development of market economy and corporate enterprise system establishment process, better meet the interests of relevant stakeholders is the national economy and the company long-term development intrinsic demand, therefore, it is necessary to evaluate the GEM listed company growth from the perspective of different stakeholders, which can better satisfy the interests of all parties decision-making information needs, help them to improve the investment decision-making, realize the benign interaction beyond the GEM listed companies development market economy development and the interests of different stakeholders, based on this, this paper put forward the GEM listed company growth evaluation research based on the perspective of different stakeholders.(一)Research purposesThe purpose of this study lies mainly in the following aspects: First, make better and effective evaluation to the GEM listed companies growth lever by putting a GEM listed company growth evaluation studies combined with the interests of different stakeholders appeal; Second, it can be provide targeted growth assessment information for different position in the market and main body of the interests of all parties to improve its efficiency and effectiveness of decision-making; Third, it can help us better analysis and predict the decision-making behavior of all market players in the market and response behavior, let us better grasp changes in the market; Finally, it can help us to better improve the growth enterprise market operation mechanism, improve the growth enterprise market operational efficiency, improve the investment environment of investors and the company’s financing environment, better to play the GEM market service function, and promote the development of China’s high growth enterprises, expand the sustained and stable development of the national economy.(二)The main contentAccording to the differences in market status and interests, the GEM listed companies related benefit main body can be divided into government regulators, shareholders, investors, creditors, and management, and through to the interests of each main body and the operating status of the gap analysis, concluded where different stakeholders emphasis lies on the GEM listed company growth evaluation. Finally, in order to better growth evaluate for the GEM listed companies, this article build Evaluation from the perspective of the stakeholders’interests and build the comprehensive index evaluation GEM listed company growth evaluation.The CSRC and the place government of corporation’s growth evaluation views on the GEM listed companies exists significant differences. Securities regulators mainly evaluate GEM growth from the legal compliance, industrial policy and sustained profitability perspective, because the securities regulator’s duty is to maintain the growth enterprise market operation order and keep securities market activity rationality, at the same time, securities regulators for the GEM listed companies growth evaluation mainly concentrated in the listing application stage, and the securities regulator for the GEM listed growth evaluation is tend to be more strict. Place government agencies of incorporation claim to the firm growth evaluation is low, even the basic growth assessment requirements does not exist, and because of economic promotion employment absorbing and tax increasing, government agencies generally strongly encourage company to apply for the GEM’s qualification, and give the listed companies of various government subsidies and policy support, help it to reach the GEM listing requirements.By appeal to the interest of shareholders and investors, This article found that the big shareholders in companies, which operating in a dominant position and premium income main source of capital appreciation and control, give the company’s growth evaluation mainly depends on the general situation of the development of industry and management ability and performance level. Empirical results show that the big shareholders’ growth evaluation to the company is proportional to its industry gross margin, the age of the directors、supervisors and senior management personnel, outside being inversely proportional to the number of part-time. Directors、supervisors and senior managers are younger, the higher level of evaluation the shareholders will make to company growth. Analysis of institutional investors replies companies’profit growth situation、industry status and property rights are main angles of view that the institutional investors to evaluate the GEM listed company growth, this mainly because institutional investors influence on company business ability is limited, and at the same time have good ability to access to and analysis information; And retail investors is limited by their poor ability to access to and analysis information, so they can only get information from the company’s stock price and volume of trading to make growth level evaluation to the company.In company’s business, Creditors’main source of income comes from interest income and debt income brought by the cooperation with company for a long time, therefore, creditors for the GEM listed companies growth evaluation is mainly from the perspectives of the company’s solvency, profitability. at the same time, the integrity level of the management is one of the most important aspects of the growth evaluation for it is very important to the creditors ’interests. In this paper, through the GEM listed company growth evaluation under the perspective of creditors, the empirical analysis found that debt paying ability, profitability have great influence on the degree of the growth evaluation which give by creditors. current ratio, debt level has significant negative correlation relationship with the company’s equity multiplier and lag issue of company debt levels were significantly positive correlation, that the company’s debt paying ability is an important aspect of creditors to evaluate business growth; The empirical results also show that the assets of the company profit margins are negatively related with debt levels, but not significance in the test, shows that the company profitability of ascension is not conducive to the creditors for make a positive evaluation to its growth, mainly because the company profitability of ascension will broaden the financing channels, improve company’s bargaining power, the oblige to some extent conducive to creditors to obtain more favorable interest rate.Management is the most important person in the company’s business. They have the comprehensive understanding of Growth to the company. Among them, the board of supervisor’s growth evaluation mechanism is mainly for the legal compliance of company’s business and decisions, and the responsibilities of directors determines its focus on the company’s growth evaluation are mainly on strategy、governance structure、management mode and etc. Management, as head of specific business operation and management, is more concerned about companies in growth, profitability, performance, structure, operation and development, and emphatically on the concrete financial index analysis. Based on the principal component analysis, constructed the management perspective of growth evaluation of four principal components, respectively from the earnings and earnings growth、assets and asset growth、ability to use assets and assets structure four aspects to evaluate company’s growth.After the analysis to five related interest subjects of growth evaluation perspective, This article have analysis the stakeholders benefit maximization goal modernization’s role in our country’s economic sustainable development and the company governance structure, based on the results of growth evaluation analysis above, This article has constructed the GEM listed company growth evaluation system in the perspective of the stakeholders’ interests.(二)Main contributionsThese article main contributions are as follows:By putting the GEM listed company growth evaluation in the perspective of specific stakeholders, the growth evaluation combined with a specific interest subjects of interests demand, makes the evaluation of growth more purposeful behavior, the evaluation results has more practical application value and significance to reality. Specific stakeholders can better combine growth evaluation and its own interests, make targeted research, and make full use of their own perspective of growth evaluation results to improve their decision making; Related benefit main body, meanwhile, also can be more clear growth assessment focus on the company’s other stakeholders, and a better understanding of the relevant specific motivation behind the behavior of interest subject, guide their own decision-making to improve and perfect their decision’s result. Finally, this article also established GEM listed company growth evaluation system from the perspective of related main body benefit maximization, which is in the interests of the stakeholders needs, at the same time conform to the enterprise the management goal and social development goal, this comprehensive evaluation system is conducive to better guide the GEM listed company’s growth and development.