The Evaluation Research About The Growth Of GEM Listed Company

The official opening ceremony of the China Growth Enterprise Market was held on Oct.23in2009.The target of the GEM is to promote the growth of high-risk and high-return companies.The biggest difference between the GEM and the Main Board is that the GEM Board always has the high-growth. Whther the GEM companies have the sustainable development potential is a very serious problem.At persent,the GEM companies in our country is in a period of progressive development,all aspects of development are not very mature, through research and analysis of the GEM listed company growth. It can enrich the GEM listed company growth theory knowledge; It can help the GEM listed companies better understand their own development problems in the course of growing up; can provide certain reference for investors. The research GEM listed company growth has certain practical and theoretical significance.Drawing on the overseas development practice,this paper will focus on researching the GEM growth evaluation, using the factor analysis method, entropy value method, mutation progression method, the empirical analysis of the factors affecting the growth of the gem listed companies in China, according to the characteristics of the three methods and empirical research conclusion, determine the comprehensive evaluation model of the gem listed company growth, and according to the empirical conclusions related policies and suggestions are given. The full text overall frame is divided into four parts.First of all, based on the Chinese and foreign influence on the gem growth factor analysis, pointed out that in different stage of development, for the factors influencing the gem growth is in constant change. Through the comprehensive factors affecting the gem growth at present, and will affect the company growth comprehensive evaluation can be divided into two aspects of macro and micro growth growth. In terms of micro growth, profitability, solvency, operation ability, the cash flow of the four indicators reflect the gem listed company growth.In terms of macroeconomic growth, reflecting the capital structure and earnings quality, growth ability, a total of16indicators as a comprehensive index research gem listed company growth. Argument put forward the gem listed company growth evaluation of the basic theory of ideas, evaluation growth method, the advantages and disadvantages of using method of factor analysis, entropy, mutation progression method empirical analysis on the influence of the gem of the company’s growth, which in order to make up for the mutation progression method shortcomings, the introduction of principal component analysis (pca) aided analysis.Secondly, in the summary of factor analysis, entropy value method, the characteristics of the mutation progression method, based on the model calculation result for three made a comparative analysis, the gem listed company growth concluded that three analysis results tend to be more consistency; Operation ability and solvency of the gem had a greater influence on the growth ability of the company.Thirdly, in order to validate the resulting about comprehensive evaluation model and the accuracy of the results of the gem growth, using the same in the first quarter of2013profit growth rate and growth rate of total assets correlation analysis, the result shows that using factor analysis method, entropy value method, mutation progression method, the results have a certain reliability and accuracy.Finally, according to the analysis and study of growth, the gem listed companies in China are still in the primary stage of development, overall growth remains to be improved. Thus, from the national macroscopic policy and the company itself gives suggestion to improve the internal structure and opinions.Innovation of this paper is as follows.First, this paper summarizes scholars growth based on the analysis, namely that the use of three different methods of factor analysis, entropy method and empirical analysis of catastrophe progression method, a more comprehensive reflection of the growth of companies listed on GEM sex. Second, in order to validate the model conclusion, this paper selects2013GEM data on the results of tests, passed the relevant tests, indicating that the model used in this paper is reasonable and accurately reflects the GEM companies’ growthShortage of this paper lies in:firstly, the study of the gem growth is based on three different methods to study growth, but the selection of the three kinds of evaluation model can still exist some problems in practice. Secondly, the suggestions for the gem listed company growth, still need to collect more information and data, and combine with the actual situation of company to make decisions for the company’s growth, so as to improve the core competitiveness of the company. Thirdly, in this paper, we only select the financial index that can be quantified, and the unquantified indexs are not involved, ignoring the macroscopic aspects such as political environment, economic environment, industry and other aspects of the gem listed company growth,therefore, for the gem listed company growth evaluation index are still needed further perfect. Fourthly, in this paper, the growth of the research is based on the overall growth enterprise market, do not apply for a single industry or a single company, if you want to study the gem companies or individuals of a single industry growth, further studies are needed.