Research On Listed Companies’ Alternation Of Financial Capital On GEM

Since the listed companies of China have altered the usage of financial capital for the first time in1998, the alternation of financial capital becomes more and more serious, which has aroused intense scholarly interest. The usages of financial capital is important for the listed companies’ sustainability of development, careful use of financial capital has great significance for efficient operation of the market, reasonable allocation of resources and improving the investor’s investment confidence. Listed companies’ alternation of financial capital is a sign of business risk and uncertainty, which will not improve the accounting performance, indeed can lead to the increases of stock trading risks and the decrease of stock yields. Listed companies’ alternation of financial capital is so frequent, which hints the listed companies’ defects in strategy formulation.On October30,2009, the growth enterprise market set up, which provided financing channels for independent innovation enterprises and other growth enterprises. But with the rapid development of GEM, a lot of problems have surfaced. High price, high raising rate, high P/E ratio resulted in the alternation of financial capital. The study of the alternation of financial capital has important significance in improving business performance and enhancing its market image.This paper adopts normative research method. The sample period ended with2011, because the research is involved in the future data of accounting performance。The full paper is divided into seven chapters in total.The first chapter is introduction, which mainly introduces the research purpose and significance, research methods and ideas of this article, and explains the research contributions and limitations of this article, and briefly put forward the research conclusion of this paper.The second chapter is domestic literature review and summary of foreign research literature about the alternation of financial capital.The third chapter is the related theory, involving the double principal-agent theory, contract theory and MM theory.The fourth chapter is about the current situation of the alternation of financial capital of listed companies on GEM.The fifth chapter analyzes the reason for the alternation of financial capital, which includes surface reasons obtained from listed companies’announcements, and deep reasons.The sixth chapter is the consequence of the alternation of financial capital of listed companies on GEM.The seventh chapter is conclusion and suggestion.Research on the characteristics of the gem listed companies, the alternation of financial capital and corporate governance structure, risks of stock trading, market reaction and a series of important basic problems fills the gap in the research of the alternation of financial capital on GEM, which will provide certain theoretical basis for regulators to establish and perfect the listed company regulatory policy, It is not a long time since the set up of GEM, information disclosure system remains to be perfect, many data can not be obtained.