An Empirical Analysis Of The Factors Affecting The Growth Of Listed Companies On The GEM

The present study shows that the small and medium-sized enterprise is the main driving force for our country economic growth,job creation and technical innovation.Especially the new ventures in the SMEs represent the main direction of technical and economic development in future?They have high growth and high technical?To meet the increasing demand of SMEs' financing,countries around the world have created the GEM.Our country created the GEM in 2008 after ten years preparation.GEM mainly focuses on the growth of SMEs' performance rather than the income that they made ever before.Although the GEM-listed companies' P/E ratio is high,they develop rapidly.The overall development is good.Because our country disclosures about GME-listed companies are not complete,Investors can't completely know these companies' potential development from disclosure of financial indicators.So through the analysis to evaluate the GEM-listed companies' business growth,they can accurately assess the gem company value,it has a certain practical value and theoretical significance.This paper makes an empirical analysis of factors that influence the GEM-listed companies' business growth.Through existed literature readings,make a list about enterprises' growth theories;make a summary about the research methods.Build the GEM-listed companies growth evaluation index system.Collect the GEM-listed companies' relevant data that are from 2013 to 2015,make average value of the relevant data.Use factor analysis method analyses the data,get the public factors' scores and companies' growth composite scores.At the same time,adjust the old evaluation index system,change nine indicators to seven indicators.Respectively named profit ability factor,debt paying ability factor,enterprise scale factor,core technology impact factor,operation ability factor,the executive team factor and enterprise development ability factor,in accordance with the order of the influencing are becoming weaker.Review the results,we find that the GEM-listed companies' business growth grades are generally low in our country.The company's overall profitability and debt paying ability are stronger,but the core technology impact factor and the executive team factor evaluation results are low.Finally,use regression analysis to analyze the senior management team of the return on capital,highly educated personnel proportion,executives' shareholding and average annual salary of executives by,it can verify the accuracy of the model.The research shows: Although the current gem listing enterprises,growth is generally not high,it indicates that technology research and development ability and the team construction is in short.It has certain reference value to the relevant government departments and GEM-listed companies;The model results and investors view has a better fitting.It has a certain guiding significance to investors about the investment decision for the GEM.