Research On Growth Evaluation And Investment Value Of Chinese Listed Companies In Growth Enterprise Market

As the Growth Enterprise Market established in2009, the growth of enterprise become a hot topic. The development practice of foreign growth enterprise market show that growth is the core problem of Growth Enterprise Market and listed company. The research aim of this paper want to found the factors which affect the growth of listed company and establish the accurate evaluation model. Then this paper analyzes the realtion between growth, enterprise value and investment value so as to find the mechanism of action between growth and investment value of enterprise. The outcome of analyise could help investor make objective evaluation to the growth of listed company so that to safeguard the interests of investors and promote the benign development of the capital market.This paper contains two main lines in research design,(1) Evaluation of listed company growth in the GEM.(2) The transmission mechanism and correlation between listed company growth and investment value. For the evaluation of listed company growth in the GEM this paper was mainly based on literature theory and detaily analyzed the factors affecting the growth of listed company in the Growth Enterprise Market. During the course of the research, factors influencing listed company growth in the Growth Enterprise Market will be with the changing economic environment and exhibits different characteristics, grasping factors affecting the growth of listed company is a way of reasonable from the macro and micro angle.At present the method of evaluation is so more, But the various evaluation methods in the sample selection, data collection and evaluation model are different, resulting in the evaluation of listed company growth in the GEM is contradictory, which seriously affects the scientific evaluation of growth of listed company in the Growth Enterprise Market and will also have a negative impact for the development of the GEM.On the other hand:conduction mechanism of growth and investment value is the focus of this paper. Reseaching on conduction mechanism between listed company growth and investment value is a relatively new subject, it involves many factors, there exist many difficult to quantify variables between growth and investment value. For example, these factorsci include the performance of enterprise fundamental, the release of value creation ability, the impact of macroeconomic policy, the psychological factors of investors, the investor knowledge level, the judgment of entire capital market, personal preferences and so on. So the research on conduction mechanism between growth and investment value will faced with huge challenge. But from the development practice of the GEM market, listed company growth and investment value will have an important impact on the the interests of all parties of GEM, which have very important practical significance to the development of the gem. This paper basing on full use of existing data and theory analyzes inner logic and the relationship between enterprise growth and investment value.This paper mainly contains six parts. The first part is the introduction which mainly illustrated the research background, purpose, significance, the technical route and described the overall framework. At the same time this paper made simple introduction for problems of research and innovation points.The second part is the literature review, the research needs theoretical depth and sufficient width therefore it must be based on summarizing all kinds of literature theory, this paper collects a large number of relevant research literature, and after reading carefully, in order to find some advanced theory research methods related evaluation of listed company growth and investment value,which lay a good theoretical basis for following research. After the classification of literature, this paper found that the research on the growth evaluation of listed company in the GEM mainly in three aspects, unified research for growth and investment value is very rare.The third part analyzed the growth evaluation theory of Listed company in the GEM and the current development of China’s venture capital market, then this paper analysed and evaluated the growth of listed company, and then has made the induction, analysis and summary to the related theory of the growth of listing copmpany and investment value so as to lay a foundation for the following research.The fourth part is the theoretical and empirical analysis on the evaluation method. This paper has established the comprehensive index system based on the analysis to influencing factors and feature of growth of listed company, through these factors influencing growth is quantified and integrated into specific growth score, thus the growth evaluation lays on the premise and foundation for subsequent content analysis. That how to deal with specific indicators reflects the growth way, the author puts forward the idea using the combination of factor analysis and entropy method to evaluate the growth of listed company, Chosing factor analysis method and entropy method combined with application because of the two methods have their own characteristics, the combination of these two methods can both remove application correlation between the indexes and the repeatability, at same time they consider the effect of variation of each index to comprehensive evaluation.The fifth part baseing on the analysis in the previous section, firstly this paper discussed the relationship between the growth of listed company and investment value in theory and the relation between growth and enterprise value and the investment value so as to analyze the internal logical relationship between growth and investment value. Then this paper was based on quantitative analysis, in order to verify the relationship between growth and investment value, through the analysis of correlation between growth and future profit growth rate, correlation between growth, enterprise value and stock price an so on so that it coudle find internal links between growth of listed company and investment value.The sixth part is the suggestions and strategies of this paper, this part put forward some good and pertinency suggestions for how to realize the benign development of the growth enterprise market, optimizatize the growth of enterprises and protect the interests of investors based on the clear relation between growth of listed company and investment value.Through resrarch this paper obtains some valuable conclusions, which has some inspiration for promoting the development and optimization of the GEM and boosting the stable growth of listed company. Of course, this research also has certain insufficiency and defects, the relevant theory and empirical analysis of growth evaluation and investment value still lacks the depth and further width which will be the areas of improvement in future.