Research On The Impact Of Growth And Innovation Capability Of The GEM Listing Corporation On The Enterprise Performance

After the Chinese government’s long-term unremitting efforts and the Shenzhen stock exchange for ten years of preparation, the GEM finally officially boarded the capital market in October 30, 2009, which means that China’s all-round, multi-level capital market construction took a big step forward again, growth-oriented and innovative enterprises of Chinese style NASDAQ officially launched. After the launch of the GEM market, effectively solve the financing problem of the emerging small and medium enterprises, for many high-growth and innovation-oriented enterprises to provide financial services and financing help, which promotes the development of innovative enterprises and growth of high technology enterprises.Since the beginning of the establishment of GEM, gem for the rapid development of growth and innovation type enterprises provide huge financing platform, making emerging small and medium enterprises gained the support of the huge funds, however, the problems of the GEM market has also gradually emerged, the gem delisting system is imperfect, stock price volatility, gem market regulation does not reach the designated position, market information asymmetry, reality of uneven distribution of industry, company’s growth and innovation ability to be consideration and so on will pushed the GEM market to the cusp.This paper is divided into three parts. The first part is the theoretical analysis of the article. This part includes three aspects of the introduction, theoretical basis and literature review, through this part of the analysis, for the follow-up research to lay a solid theoretical foundation. The second part is the empirical research. This part of this paper is to establish the evaluation index system of the growth and innovation capability of the gem from 5 aspects, and then use the factor analysis to establish a comprehensive evaluation model to study the growth and innovation ability of the GEM Listing Corporation. Finally, the enterprise performance is divided into two aspects of the paper performance and the market performance to inspect. And the relationship between the growth, innovation and enterprise performance of the GEM Listing Corporation is established by 6 multiple linear regression model. The results show that the growth, the innovation ability of the GEM Listing Corporation and the enterprise paper performance, the market performance are positively correlated, that is, the growth and innovation ability to improve the enterprise performance of the GEM Listing Corporation. In addition, the growth has a greater influence on the improvement of enterprise performance of the GEM Listing Corporation than innovation ability. The third part is the main conclusions of the study and optimization recommendations. This part gives the main conclusions and puts forward some suggestions for the future development of the gem from three perspectives: the GEM Listing Corporation, the Gem market and the investors. Through the research of this paper, it provides a reference for other scholars to study the impact of growth and innovation of the GEM Listing Corporation on the enterprise performance.