The Research On Affecting Factors To The Growth Of GEM Listed Company

After a decade of preparation,the Growth Enterprise Market(GEM)in China is listed on the Shenzhen Stock Exchange,On October 30,2009.It has been run for 7 years and the number of listed company increases from 28 in the first batch to 546 by the end of October,2016,which gets great attention of all walks of life.The GEM in China,as an important part of the mufti-level capital market,provides financing channels and capital operation platform for the small and medium-sized high-tech companies and provides the way to withdraw from the venture capital investment,which can improve the efficiency of capital utilization and promote the adjustment of industry structure in China.Compared with the main board,the GEM pays more attention to the growth and the development potential of enterprises rather than the general performance.However,the“three high”of the GEM,"high issue price,high price earnings ratio,high raise funds",increase the investment risk and affect the growth expectations of investors.Therefore,it is of great practical significance to study the growth of the GEM from increase of quantity and the promotion of the quality and find out the key factors affecting the enterprise growth of the GEM.from the dynamic process.This paper focus on the factors that affect the growth of the GEM listed companies.The full text is divided into five parts.The first part,the introduction,mainly introduces the research background and significance,reviews and comments the relevant literature,and describes the research methods and the basic framework;The second part introduces the basic concepts and theories of the GEM in China and enterprise growth including the definition and present situation of GEM,the classical and neoclassical growth theories,modern and new growth theories.The third part builds the system of enterprise growth evaluation and effect factors on the basis of relevant research and characteristics of the GEM;The fourth part does multiple regression analysis by using SPSS 19.0 and EVIEWS and comes to the conclusion that the national preferential policies,R&D investment,the two level-one of chairman and general manager,the proportion of independent directors and proportion of state owned shares are positively associated with enterprise growth,and executive incentive is negatively related to enterprise growth;The last part,according to the results of empirical research,puts forward some suggestions from four aspects:improving the enterprise innovation ability,perfecting the incentive mechanism of executives,improving the corporate governance structure and appropriately introducing into state-owned capital.This paper focuses on the micro perspective and chooses measurable indicators to build the system of GEM listed companies growth evaluation and effect factors.In particular,the innovation capability index,such as employee education level and technicalpersonnel ratio,is bought into the research.Further research will analyze macro factors such as industry environment,macroeconomic situation.