Research On The Factors Affecting The Value Of Listed Companies On The GEM

The valuation problem of GEM listed companies has been plagued by scholars for a long time.Some stock prices of listed companies seriously deviated from the real value of the company,there are many problems of overestimating the low value.This circumstance brings trouble when investors make risk decisions.Furthermore,the growth enterprises have some characteristics like high technology and fast growth of value,so the current evaluation methods can not truly show the future of the enterprise value.It is important to establish a new evaluation system suitable for the growth enterprise market.Through the scientific enterprise value evaluation and value management,listed company can establish the reasonable management system and incentive mechanism to promote the healthy and stable development.To identify the company’s intrinsic value objectively and fairly is the effective method to standardize the order of capital market and reduce speculative behavior.In this research,the GEM listed companies in our country as the research object,capital value theory,value management theory,net operating income theory,technological innovation theory,the basic method as a measure of the value of the company by Tobin’s Q,the profitability,operating capacity,solvency,enterprise scale,innovation ability,governance ability,development ability,ownership concentration and other 8 Influence factors.On these factors from two aspects of financial and non-financial impact on the value of companies listed on GEM.An empirical study on the selection of the relevant financial data of China’s GEM listed companies from 2013 to 2015 a total of three year,the mean of each index,standard deviation of descriptive statistics,by building a regression model and the impact of Tobin’s Q index to analyze the impact of various factors on the valuation of the enterprise,at the same time of regression analysis a robust test.The research shows that:(1)there is a good investment value in Chinese growth market,however,the development of listed companies is not balanced.There is still a circumstance that few underestimating and overrating value problems in companies and the investors are facing the risk in their decisions;(2)there is a reverse changing relationship between the value of listed companies and the assets scale.There is a synthetic growth relationship between the value of listed companies and the profit ability,operation ability,debt paying ability,innovation ability,management ability,development ability;(3)among the financial factors,the profitability contributes the enterprise value mostly,the assets scale has the biggest influence in non-financial factors.On the basis of the above conclusion,this paper puts forward the GEM listed company management should be reasonable control of the scale of enterprises,improve the profitability,innovation ability of company,external investors should be a rational view of the market stock price,in the full understanding of the basis to determine the intrinsic value of listed companies and scientific decision-making,improve investment efficiency.