Research On The Growth Ability Of National’s Listed Companies On Growth Enterprise Market

It is acknowledged that the small and medium-sized enterprises(SME) plays an important role in our national economy. SME have large quantities, small scale and distribute in the different industries. But financing is the biggest problem faced by SME during its developing process which restricts its development to a great degree. The Growth Enterprise Market (GEM), that was founded in2009, broadens SME’s financing channels and helps it solve this problem in some degree. The majority companies trading in GEM are high-tech enterprises and the emerging field of enterprises. Most of these companies have high-risk, high-yield and high-growth characteristics and the third one has great effect to SME’s sustainable development. Therefore, GEM-listed companies’growth analysis and growth evaluation have attracted many theorists’and investors’attention.However, the researches on listed companies mostly focus on main board market, and researches on SME’s growth ability are relatively small and the evaluation index is not unification, it has not yet formed a complete system of analysis and evaluation.;The evaluation systems creatied by some scholars are separated from the strategic target of listed companies, and the companies’strategic target can’t be transformed to specific index which is apprehensible and easy to be operated.The attention on creativity ability and prediction of future growth ability of GEM-listed companies is not enough which to a consideration extent reduce the usefulness and predictive value of accounting information. Therefore, how to evaluate the growth ability of GEM-listed companies scientifically has become an important problem to be solved in the accounting theory and practice. Based on these, this paper is guided by some related theories, and its sample is GEM-listed companies. This paper studies on the growth ability of GEM-listed companies that want to provide a reference for further improving the theoretical system and methods of enterprise performance evaluation in china.Based on the reviews of the existing research results on growth ability of domestic and foreign companies, it analyze the status of GEM comprehensively from GEM-listed companies’market performance, industry distribution and regional distribution with the theories of economics of scale and economics of growth. Base on these, it established16relative indexes through the analysis of affecting factors on growth ability, which construct an evaluation index system of SME’s growth ability. It samples101companies’data from the year2010to2012and empirically analyzes their growth ability using evaluation model of factor analysis. It ranks the companies in the sample separately according to scores of these factors and the overall score and gives some recommendations.