| GEM is the main platform for SME financing.There are two major issues currently.First,the level of debt financing of listed companies on GEM is generally low.Second,most of its profits are derived from mergers and restructuring.So the inflated profits have led to a high market value.The maximization of corporate value requires the maintenance of an optimal capital structure.Only relying on the expansion of performance resulting from continuous mergers and acquisitions cannot achieve sustainable development of the GEM.In addition,debt financing also has the positive effect of financial leverage and interest tax credit.Therefore,it is necessary to conduct in-depth research on GEM board debt financing.Market value is the bond connecting the intrinsic value of the company and the external capital market,and has a close relationship with the company's financing capabilities.On the one hand,market value is a new benchmark for comprehensive evaluation of listed companies in the capital market.High level of market value management helps to improve the financing environment and enhance financing efficiency.On the other hand,the company's debt financing level can test the effectiveness of market value management.The two reasons that can effectively distinguish one result from another are the increase in value based on overall strength and the apparent high market value obtained by manipulating the capital market.In order to study the real utility of the market value management and enhance the company's debt financing capacity,this article selected 153 companies that had been listed on the GEM from 2009 to 2010 as the research object,and took the 2010-2016 financial data as the research sample.Firstly,factor analysis is used to extract the principal components of the 17 factors of three levels that affect the performance evaluation system of the market value management.Five common factors are obtained.Secondly,five multivariate linear regression analysis models were established to empirically study the effect of market value management performance on overall debt financing level,different term structures,and different source structure debt financing.The results show that:(1)the correlation between market value management and corporate debt financing,and the overall market value management performance has a positive effect on the overall debt financing level,short-term debt financing level,and bank loan financing level of the GEM listed companies.(2)Influenced by the inflatedprofits of listed companies on GEM and the blind expansion of equity capital,the value-creation ability ratio of market value management has a significant negative correlation with the level of debt financing of listed companies on GEM.The effectiveness of market value management cannot yet be fully reflected.Finally,this paper proposes specific suggestions for promoting the development of GEM listed companies: For GEM listed companies themselves,it is necessary to establish a performance evaluation system in which value creation and value realization are linked to each other,and encourage management to continuously improve corporate governance.Operational efficiency increases intrinsic value to maximize market value.Second,we must give full play to the utility of market value management,control the market value within the range of reasonable fluctuations centered on the value of the company,increase the pricing efficiency,and improve the status of corporate debt financing.At the government level,on the one hand,a comprehensive market value management system must be established,a market value management system should be introduced based on the “ board ”,and supervision over manipulation of stock prices should be strengthened.On the other hand,it regularly publishes the market value management performance of GEM and incorporates it into the financial credit indicator system to create a favorable institutional environment for SMEs. |
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