The GEM Enterprise Growth And Debt Financing Structure Of Listed Companies Empirical Research

The growth enterprise market in our country was founded on October 30,2009,although the open time is not long,but it supports the development of high and new technology enterprise which has become the main driving force to promote the development of economic balance,a land of high and new technology enterprise real convergence.With the aid of the gem,on the one hand,we build a multi-level financing system and expand the proportion of direct financing.On the other hand,for many start-ups pressing demand of direct financing,the gem provide liquidity circulation market,guide the capital flow to the right.The establishment of the gem of our country economic development plays an important role.Since the reform and opening up,the enterprise growth and the relationship between the debt financing structure has the attention of scholars both at home and abroad.High growth companies in the process of development requires a lot of financial support,different channels,different term capital to the enterprise financing cost and financing risk vary,shareholders and creditors for enterprise growth promoting role also vary.Enterprises to choose the reasonable financing structure for all production and business operation and business strategy development,smooth financing is the fundamental guarantee of its bigger and stronger.Gem listing of small and medium-sized enterprises of high growth is a measure of macroeconomic benign operation and healthy development of capital market is an important indicator.For gem listing of small and medium-sized enterprises in a high-growth phase,reasonable equity structure,financing structure is helpful to its business activities benign development and avoid such as ignoring their own capital and management ability and blind expansion,but for the behavior of size regardless of profits.In addition,the capital market is an indicator of corporate investment,capital market can promote enterprise specification constantly perfecting the financing strategy,improve the financing efficiency,with low input to obtain the biggest returns.Therefore,the gem listed companies to improve the financing efficiency,adjust scale,financing way and is the inevitable requirement to the healthy development of the enterprise steady progress.Based on growth and financing present situation of the gem listed companies in our country,analyzed the enterprise growth and internal cause and external cause,this article growth factors cover the profit ability,operation ability,development ability and debt paying ability from four aspects,build a growth evaluation index system and using the factor analysis method to draw growing comprehensive score.Based on the analysis of growth and influence mechanism between the financing structure,this paper mainly focuses on the direction of debt,from the aspects of scale,source term and three,respectively is also hypothesized these three aspects of content.Using statistical analysis software for gem listed companies selected sample data descriptive statistics analysis,correlation analysis,regression analysis,the empirical relationship between enterprise growth and debt financing structure,through the empirical conclusions are proposed in order to broaden the financing channels,optimize financing structure,improve the enterprise competition ability,promote enterprise long-term steady growth.In this paper,we study the optimization of financing structure,financing efficiency and broaden the financing channels for the gem listed companies provide advice,and help the paper conclusion user for new and high technology and innovative enterprise growth status with the understanding of the objective,for its future development play a role of reference,but because of the constraints,there are still some shortcomings.