| Since the reform and opening up, China’s private enterprises developed rapidly, and in the national economy looking more and more important role to play. Therefore, China’s private enterprises have become a society and an important force for economic development. However, a long time, due to various reasons, mostly with small and medium private enterprises, mainly in terms of finance and growth are facing enormous challenges, especially in the financing.GEM stock market is essential in the process of industrialization of high-tech achievements. In order to solve the representative of the times "two high","six new"enterprise financing problems in the early stages of development, By learning the Hong Kong GEM and NASDAQ market experience, after a decade of deliberation and repeated studies, the Growth Enterprise Market (GEM) is finally listed on the Shenzhen Stock Exchange, On October30,2009. The first batch of36companies successfully landed on the Shenzhen GEM, opened the GEM era of China, and provided a rapidly growing opportunity for high-tech enterprises with growth potential. By December2012, GEM listed companies from36in the first year of rapid expansion to355, just two years the GEM Listing expansion of the number of enterprises7times. However, since the open board GEM "three high", over-listed packaging phenomenon also led to many concerns and questions on the Growth Enterprise Market (GEM). The high price-earnings ratio, high price, superb raised issue is the focus of attention, Since GEM opened, There are more than a dozen listed companies, the issue of price-earnings ratio of more than a hundred times, much higher than the average of the major international markets. The first batch of GEM companies starting the average price-earnings ratio of55.25times, in December2009reached81.24times, the average price-earnings ratio is to reach90times up and down in2010. However, GEM break corporate or34.7%at December2012, on average, investors start to question the ability of GEM listed firms.Furthermore, Future growth is the base of the GEM listed companies stock price, and plays key role for the GEM market financing function.From above all.lt reflects that characteristic of China’s GEM market is in the exploration and development stage, and practice of overseas GEM market has also shown that the growth of listed companies is the key to the Growth Enterprise Market (GEM) from infancy to a mature stage.The purpose of this study is the reaction of the GEM business growth, On this basis, we want to find out the main factors affecting its growth at this stage, and explore appropriate evaluation models and methods. Based on the domestic and foreign scholars on the basis of research on business growth, Using earnings growth indicators and growth indicators to build GEM business growth metric system, and strive to objective and comprehensive response to the growth of enterprises in the study. For comparison purposes, The samples used in study are Listed enterprise data, collected from2007to2011. Selection of evaluation index is based on the characteristics of the development of enterprises and characteristics, Emphasis reflects growth changes of the enterprise in innovation ability, capital investment rate of return, firm size, the main business growth capacity. Finally, the panel data model used in the study empirical research to find what’s role external economic factors, business factors and corporate governance factors played in corporate growth. |
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