Study Of The Evaluation System Of The Listedenterprises Growth Ability

Over-The-Counter market, is also known as the OTC market, which means the market where business owners transfer their ownership of companies to other investors to realize capital flows. Currently, accelerate the construction and development of the OTC market, is an important measure of improving multi-level capital market system, and is an important task of solving SMEs financing problem and their development.OTC market is a necessary platform for the development of SMEs by direct financing, and SMEs can not only directly making equity finance through the OTC market, can also indirectly financing through equity pledge. Good-development SMEs can also issue bonds for financing through the exchange platform to carry out long-term and stable development of new technology, innovation and market-oriented, in-depth and diversified businesses, and scale expansion and so on.For this reason,with the index of "market research"-"Research Object Selection"-"literature"-"Evaluation Index System"-"Impact univariate analysis"-"An Empirical Analysis"-"The study concluded with recommendations," the research was carried out in this paper.First, after describing the development of SMEs in China for a simple, the paper presented the current situation of China’s economic development to solve the problem, it is necessary to effectively solve the financing needs of SMEs. Therefore, this paper presented the necessity of developing the OTC market, while, in the foundation of researching U.S. OTC market of the development process, summed up the market level of the U.S. OTC market, trading systems, market regulation and development characteristics, on the basis of combining market position of the OTC market, development status, basic characteristics and the development of national policy guidelines on the research, presented the idea of OTC markets and routes in this paper. Second, at present, the governments all over the country, in the provincial administrative’areas, provide equity, debt transfer and financing servicesfor enterprise especially for small and micro enterprises, and independently established equity market. By the end of2013, the country has been operated24OTC markets (except for the "new three board"). In these more active OTC markets, Tianjin equity exchange is the oldest and most mature one, the current total number of listing and financing account is gonging ahead, and the trading volume and turnover shown in Tianjin Exchange market is activity among OTC market. Therefore, we select the Tianjin Equity Exchange for researching the growing ability of businesses listed OTC market in this paper.Third, after selecting the research object, sorted out domestic and foreign research on the OTC market through literature, and comprehensively analysed the theory of business growth capabilities. Find out common research abroad is a profound various factors affecting the business growing ability in this period, while the influence of different factors on the growth of enterprises lead to produce different effects; while domestic scholars mainly make outstanding contributions for acomparative study of the growth ability of listed companies in China, and they primarily focused on listed companies and their ability to influence the growth factors impact on the ability to grow.Fourth, on the basis of the growth ability of SMEs built as evaluation index system in this paper, quoted the first use of corporate growth indicators during the three-year average growth rate and to examine the grow ability of enterprises as a single factor, thus beginning univariate indicators sentenced impact on the SMEs growth capabilities. And get the following conclusions:(1) Listed business performance showed a big increase, indicating that the growth of the profitability of the enterprise have a positive effect. The results showed sharply ups and downs, the phenomenon means the business operation in the process is affected by market fluctuations.(2) Turnover growth of listed companies is not obvious, indicating their ability to use assets is not strong, the effect of operational capabilities of enterprise is not obvious for growth ability, and its operational capabilities also need to be further improved.(3) Total assets showed a rapid, consistent growth rate, the net assets indicators show that enterprises in the growth process showed good consistency and high quality growth, indicating that the sample companies listed on the Stock Exchange after listing in the Tianjin Equity Exchange showed good stable performance, and the stability of the enterprise has significant positive effect on business growth capacity.(4) Asset-liability ratio analysis result explained:On the one hand, after those enterprises listing in Tianjin Equity Exchange, its financing capacity have grown, and the margin financing is also increased, indicating that the risk have a positive effect on the ability to grow; on the other hand, in their operations, once the asset-liability ratio beyond a certain level, companies are likely to find themselves in financial difficulties. Therefore, the use of debt capacity should also cause entrepreneurs’ attention.Annual data of26sample listed companies was selected from Tianjin Equity Exchange form its founded to2010, through comparative analysis and testing its hybrid model and individual fixed effects model, selected individual fixed effects model to carried out the research, after comparative analysis and testing of the random effects model of the individual and the individual fixed effects model, selected the optimal evaluation model as the individual fixed effects model.In the end of this study, summed up of the full text thinking, and concluded: In the process of growth of SMEs, business operation ability, profitability, stability and risk are significantly positive effective for the growth capacity of SMEs, where should be note is that the high gearing ratio of the enterprises have a certain risk, requires SMEs have a reasonable degree to control debt.