The Performance Evaluation Of The Companies In Growth Enterprises Market And The Analysis On Influencing Factors Of The Performance

Perfecting the capital market system, to supporting the start-up companies and carrying out the strategy of independent innovation, is the historical mission of the gem market. Gem has been more than three years since its establishment in our country, it was accompanied by the applause while established, with the criticism to grow. The "three highs" phenomenon in gem listed companies such as high issue price, high p/e ratio and high over-raise ratio has been controversial. Do these companies really have so much investment value? What happened since these companies entered the gem? These are pressing problems we have to work out, but until now there arnn’t any systematic and comprehensive studies about the performance of the gem listed companies. Through the study of this article, we can deeper understand the situation of the gem listed company, on the one hand it helps the gem listed companies ameliorate governance structure and financing structure in order to improve their performance; On the other hand it also guild the government to formulate relevant policy in order to perfect the system of improvement of the gem.This paper firstly clears up the domestic and foreign research literature from two aspects, one is the evaluation of the enterprise performance, the other is the influence factors of enterprise performance. Then we introduce the development background of the gem in our country from two aspects:development history and the macro environment, and further analyse the development of the gem listed companies. We find three serious problems:the performance and stock price deviates grievously in gem, high over-raise ratio and underweight phenomenon happen in the same time, underpricing and issue price breaking coexist. On the basis of these problems, we start to use empirical analysis in the fourth chapter. The first step is choosing eight indicators from the ability of profitability, operation, solvency and development, using the factor analysis method to evaluate the performance of36sample companies in2009-2011. We find that the performance varies hardly among the gem listed companies, we also discover the declining trend of the performance in these three years. In the second step, we combine Pearson correlation test and significance test method to research the relationship among corporate governance structure, financing channels and enterprise performance. The result shows that dominant phenomenon and the declining of executive holdings have significant negative impact on enterprise performance; second largest shareholder is difficult to constraints the actions of the first big shareholders; gem listed companies don’t make good use of the financial leverage; the performance of the companies which have private equity background is significantly higher than other companies. At last we put forward three suggestions on decision makers of the gem listed companies on the basis of the empirical conclusion:one is to increase the proportion of debt financing, adjust the debt maturity structure; second is to invite institutional investors, optimize the equity structure; third is to improve the equity incentive mechanism, avoid the declining of executive holdings. We also put forward two Suggestions policy makers:one is to strengthen the information disclosure of gem listed companies, avoid the deviation between the stock price and the performance; second is to develop the multi-level capital market, promote the diversification of financing channels.