Analysis Of Excessive-raised Phenomenon Of GEM

Ever since Oct.30,2009when the Growth Enterprises Market, Referred to as GEM, was put into practice in ShenZhen Stock Exchange, sought after in the market, the issue price was high. the ultra-raised behavior of GEM-listed company has given rise to concern on the market, Included these listed companies and investors. In order to study the superb raised produce harm, the paper put the listed companies which have happened the super raise as the research object,and does some empirical analysis about the operating conditions.Based on the DuPont system indicators, the paper elect several variables to measure the operating results of the Company’s financial characteristics of indicators with eviews5.0. The indicators conclude:Super company raised high rate, the profit margins of its net assets, current asset turnover, current ratio.Super-raised funds utilization level of investors’ interests are closely related. The paper analyzes the impact of GEM listed companies raised funds from listed companies, investors, market and social. The GEM companies illegal use of funds or large-scale capital idle lower utilization of funds, with a higher risk for the interests of investors.From the issue pricing system, the market maker system, stock issuance system and delisting the system improve the GEM market mechanism. The article suggests that moral capital to intervene in the market economy.