The Change Of GEM-listed Companies’Operating Efficiency Before And After Listed And The Important Factors

By the end of2013, GEM board has set up for four years, the companies which were listed on the GEM has grown from36at the end of2009to355by the end of2013, the total market capitalization of the companies on GEM has grown sharply from158billion at the end of2009to1520billion at the end of2013, only four years, the number and size of the GEM expanded nearly10times,which has become the darling of investors touted.As the new field of fierce competition of capital flows, why is GEM so concerned, Is the true purpose as a speculative investment or financing promoting development? This article will show reader the explanation,by taking the IT industry for example, standing the perspective of operating efficiency, using BCC model and Malmquist Index of data envelopment analysis (DEA), comparing the change of average overall efficiency, average technical efficiency, average scale efficiency, TE, TC, SE, TEC and TFP before and after listed on GEM. In addition, we will further analyze the main factors which causing the operating efficiency changed before and after listed and make proposal. The main innovation of this article:(1) Using the method of combining Empirical research and descriptive research to analyze the operating efficiency of enterprises;(2) Analyzing the change of operating efficiency of GEM-listed companies from the perspective of both static and dynamic, so that they are mutually corroborative;(3) It not only studies the change of operating efficiency after listed, but also studied the differences of GEM-listed companies’Operating Efficiency before and after Listed, and the main influencing factors.The results show:(1) The operational efficiency of GEM’IT industry which after listed is significantly less than the operating efficiency of the pre-listing;(2) The main factor which cause the change of operating efficiency before and after listed is the impact of technological advances;(3) For the GEM’ IT industry, R&D capital investment and research output does not show a significant positive correlation.