Study Of The Growth Of The Listed Companies On GEM

Since reform and opening-up, our economy has developed quite rapidly. There has appeared not only many large companies, but also a group of high-tech enterprises who have great prospects in development. In today’s market conditions, the high-tech firms take a significant role in the economic operation process. The high-tech enterprises has already became an important force in our economy. But in the process of financing to further development they face great difficulty because of there high risk and small scale, etc.The growth enterprises market (GEM) held the opening ceremony officially on October23,2009. On October30, the first28listed enterprises traded on the market. Establishment of GEM is mostly for small and medium sized enterprises who have high growth, high-tech enterprises and emerging companies to facilitate the financing channel for developing.The primary characteristic of company is its growth, it is not only the focus of investors, but also the important indicator of government screening and regulation of listed companies. It is also the basis of the GEM. After four years of testing, the attitude to growth of the listed companies for investors on GEM gradually turned wind-heat to rational analysis. What is growth? Which factors can influence the growth of the company? How to estimate and compare the growth of the firm? The principal idea of this research is to e answer these questions.After substantial reading and thorough analysis of extensive literature, the author had a profound understanding of business growth theories. By studying the publicly available data in the financial reports of the companies listed on GEM, the author analyzed the characteristics and a series of influencing factors of the firms. A research method combing canonical analysis and empirical analysis is applied in this thesis. This thesis evaluates and analyzes the business growth of listed companies through factor analysis. At the same time, based on the score of the samplings, the sample companies are divided into about seven categories: overall growth, profit-driven growth, scale-driven growth, scale-profit-driven growth, innovation-driven growth, innovation-profit-driven growth and industry-driven growth. Finally, the author gives further suggestions as to how to improve the business growth of our nation’s companies listed on GEM.The article is composed of six parts.The first part, introduction. Mainly introduces the background and the research significance, sums up the research of the theory by the foreign and domestic scholars, and then introduces the research contents.The second part, the theoretical research. Introduces the theory of enterprise growth theory and recognizes the influencing factors of the companies listed on GEM from the company’s internal and external aspects.The third part, the characteristic and nature of the firms listed on GEM. Introduces the nature of GEM and firms listed on GEM.The fourth part, construction of comprehensive evaluation mode for the listed companies on GEM growth. Mainly introduces the comprehensive evaluation model system, and choose the evaluation method according to the acting factors.The fifth part, an Empirical study of comprehensive evaluation of the growth listed enterprises. Chooses related data of the listed company on GEM and carries out performance evaluation empirical study through the selected evaluation model and evaluation method.The sixth part, summary and prospect. Mainly analyzes the results of empirical analysis and raises policy recommendations. Finally, points out the article’s limitation and the future research direction.