Research On The Heterogeneity Of Risk Information Disclosure Of GEM Based On Text Mining

The opening of GEM(Growth Enterprise Market)in Shenzhen gave a way to increase the financing for many medium and small-sized enterprises that are qualified.Because the risks can have an important effect on various aspects of the enterprise activities or even about the survival of the enterprise,so investors care more about the possible risk of the enterprise,of course it is directly related to investors if their investment can bring benefits.Enterprises listed on the GEM have the same characteristics such as small size,high growth,high risk and so on,before applying for listed,enterprises need to give the prospectus that is one of the important legal document in listed enterprise information disclosures to initial public.This paper studies on the heterogeneity of risk information disclosure by selecting the part of risk factors on GEM listed enterprises' prospectus based on text mining technology,through the study of heterogeneity,we can find out the difference of the risk information disclosure of GEM listed enterprises,and help the relevant regulatory authorities to monitor and improve the disclosure of GEM prospectus risk information better.Based on text mining and social network analysis and descriptive statistical analysis,this paper makes a preliminary analysis from the perspective of the normative of risk factors disclosure on the GEM prospectus,then studies on the total of risk information disclosure from the aspect of risk high-frequency words cloud analysis,this paper divides risks into five major types like technology,policy,finance,market and management through the analysis of risk information disclosure co-occurrence analysis,finally,the paper studies the heterogeneity of GEM risk information disclosure by combining the five main types of risks.Study shows that: the normative of risk information disclosure of GEM in our country is preferable,enterprises disclose risks more such as market,policy,technology,operation,management,finance,investment and so on,because these risks are the most important to the enterprise developing,they have the concentricity;The risk information disclosure of GEM enterprises have the heterogeneity on the area of distribution,the mainly characteristic is the southeast more while northwest less,it has obvious agglomeration effect;During the different regions developing,they are all preferring to the field of scientific research and technology service,information transmission and information technology service,they have larger proportion,especially enterprises listed on the GEM in southwest are large enterprise increasing,fast growth,paying more attention to the field of high-tech,knowledge-based,enterprises in this area have paid more attention to the technical risk in the disclosure of risk information;Enterprises in southwest disclose risks almost focus on investment,technology,policy for information transmission and information technology services industry,the policy risk disclosure is the most,this is very similar to manufacturing;This industry risk disclosure in east China and south China are convergent,focus on the technical risk disclosure slightly,investment,policy and market risk disclosure proportion are average and similar to manufacturing;The degree of manufacturing enterprises disclosing the technical risk is higher,on the account of the constraints of national western development policy and natural resources,in the aspect of risk information disclosure,manufacturing enterprises in southwest and northwest regions are larger different from other regions,particularly in the policy,investment,market and so on.Finally,in order to help supervision and management departments monitor and manage the GEM listed enterprises disclosing the risk information,the paper gives the rationalized proposals based on the heterogeneity of risk information disclosure of GEM.