Research On Evaluation Of Innovation Capability Of Listed Companies On GEM

China’s GEM market is aimed at serving small and medium-sized high-tech enterprises,alleviating the financial pressure of high-tech enterprises,providing financial support for their independent innovation,optimizing resource allocation,and improving China’s independent innovation capability.The existing evaluation index system is proposed earlier,where there is no integration and screening of newly generated indicators.Based on the research on a large number of domestic and foreign literatures,this paper conducts theoretical and empirical analysis on the reconstruction of the innovation capability evaluation system of listed companies on the GEM.In the theoretical analysis stage,this paper establishes the first-level indicator layer of the evaluation index system of innovation capability of China’s GEM listed companies from the perspective of production function,including capital investment,labor input and total factor productivity.The selection of the secondary indicator layer is a combination of other scholars’ research indicators and public financial indicators from the GEM.Through the indicator screening process based on the main information content,nine indicators were obtained,including the amount of R&D investment,the proportion of R&D investment in operating income,the number of R&D personnel,the proportion of R&D personnel in total employees,the proportion of employees with bachelor degree or above to total employees,the growth rate of main business income,the growth rate of net profit,the growth rate of net assets and total Asset growth rate.In the empirical analysis stage,this paper selects information technology industry data as samples,and analyzes the rationality of the evaluation system by means of factor analysis and analytic hierarchy process.It is concluded that in terms of talent investment,innovative personnel training mechanisms should be in place to enhance employees’ sense of belonging.In terms of R&D investment,we should focus on internal R&D investment,actively seek innovative cooperation with universities,organize innovative competitions to explore talents,and provide financial support for innovative projects.