| The GEM Listing for China play a major importance in improving the financial system, promoting national science and technology innovation, solutions to SME financing etc. GEM run four years to boost the numbers of new technological innovation companies,such as the ZHEJIANG DAILY MEDIA, ZQGAME. However, GEM has inherent characteristics that companies listed on GEM are some small scale, weak anti-risk capability, while highly innovative, they often mastered a technique, or created new social needs, they also have great growth potential. These inherent characteristics make GEM characteristic high-risk, high-cost, high-yield. Review of2012and2013, GEM index climbed up1423.9in only a short period of one year. The GEM performance coincides with the characteristics of GEM. However, in the face of GEM, investors often lack rational investment philosophy and professional investment guidance, blindly follow the trend of operations. The significance of this study is to provide a reference of stock picking in investment of GEM.The paper includes the following content and opinions.The first part analyzes the background and purpose and significance of this research paper, summarizes the paper research,the content, the structure, basic ideas and innovation and shortcomings. The picking logical idea of this paper is that a listed company operating efficiency is higher, the stronger its resources into capabilities, the more income creation, output beyond the investment, and DEA effective, the higher its intrinsic value, the stock price will rise, relatively high yields, whereas the stock price will fall, the yield is relatively low. The innovation of the article are the following:(1)select GM for the study to evaluate relative value investment of companies listed on GEM by SUPER-DEA method, to investigate the use of stock picking by the evaluation of SUPER-DEA method in the rise and fall of period, and thus provides use for reference for the investment recommendations.(2)Constructing index system is a major feature of this paper.(3)Put forward the concept of hypothetical investors.The second part introduces the GEM, analyzes the current situation GEM development and the entrepreneurial characteristics of listed companies, summarizes the characteristics of GEM, and GEM significance for China’s economic development. Analysis focuses on the significance and the role GM market for China’s economic development, and GEM high-risk, high-yield, high-cost characteristics, to build the model provides a theoretical basis. The fourth part of this paper focuses on evaluating relative investment value of the companies listed on GEM by empirical researchThe third part is the theoretical basis, results of previous studies of this article. This part focuses on enterprise value evaluation theory, accounting information and price theory association studies, DEA theory.The fifth part argues investment philosophy assumptions by building a model. The paper concludes that(1)Investor get the excess return of investment through the predictive value of corporate growth, and the quarterly information reported can bring investor sufficient confidence to make a reasonable investment option.(2)As a listed company GM, it has an inherent characteristic city, the higher the relative investment value, the greater the risk it.(3) The yield investors can get beyond the broader market by the use of DEA relative value assessment method.(4)Investment needs through the formation buy more (up phase) and short (fall term) portfolio in the different market trends. The sixth part summarizes the conclusions of the article, and analyzes the shortcomings of the place and further research articles. This study has reference value for the construction of the pool stock investment, and investment in the stock and GM Equity Fund. |
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