An Empirical Research On The Relation Between Assets Structure And Growth Of GEM Listed Companies

With good development trend of China’s new economy, the number of start-ups and high-tech companies has been expanding, so China’s securities market needs to provide a steady stream of funds to meet its development, it is in this environment, it needs to provide more than our traditional securities market and commercial banks more flexible financing arrangements to meet the financial needs of these emerging businesses and high-tech enterprises, so the success of the GEM market opened, which not only means that since our start-ups and high-tech companies have local capital development platform, the more important is that the construction of multi-level capital market is an important part. GEM listed companies as the main GEM market, while business growth is a comprehensive index to focus on corporate stakeholders, so as to GEM listed companies as the background, to study business growth to get the attention of many scholars. Enterprise resources are the basis of the enterprise development, and determine the direction of enterprise development. Asset structure is the result of these economic resources allocation, and the study that the asset structure impacts the growth of GEM listed companies has far-reaching significance for the business management. Then how to objectively and accurately corporate the business growth, and capital the structure and corporate growth is the main starting point of this paper and the main problem to be solved.Firstly, the paper review the foreign literature related to the structure of the assets and the business growth, and understand the research status in the field of literature, the main results and theoretical. On the basis of the relevant research, the paper discusses the relevant asset structure and terms of business growth the theoretical basis of: resource-based theory, life cycle theory, growth theory and strategic management theory and other related theories school. In support of the theory under the study, comprehensive evaluation method is used to construct the evaluation system when building business growth targets, the evaluation system can be evaluated the multiple level of the business growth. Construction of the structural indicators of assets, the paper uses three indicators of the liquidity ratio, the ratio of fixed assets and intangible assets ratios. This paper selects the 2010-2012 financial data of 115 GEM listed companies to study the impact of the asset structure to the GEM listed companies growth by principal component analysis and multiple linear regression analysis method.Through empirical research, we have come to the following conclusions:the liquidity ratio, the ratio of intangible assets and fixed assets ratios are negatively correlated with growth. Based on the findings, the paper analyzes the conclusions and assumptions different reasons, and makes relevant policy recommendations:improving the quality of current assets, holding liquid assets in reason, investing in fixed assets to be reasonable, prudent, establishing a sound investment approval system and the relevant accountability system, and improving the usefulness of the intangible assets, give full play to the competitive advantage of intangible assets.