| The Chinese GEM market has developed to a scale with355listedcompanies from the original28listed companies since it opened October30th,2009. Itsmarket capitalization is about412billion and has become an important part of thesecurities market in China. The distinctive features of listed companies on GEM are theuncertainty of its future development and its high growth, thus the traditional enterprisevaluation method is difficult to accurately assess the investment value of thesecompanies. In addition, with the rapid development and expansion of investment scaleof the GEM market, there is a huge demand on value assessment about the companieslisted on GEM. Therefore, it has considerable theoretical and practical significance toresearch a suitable valuation model of GEM listed companies and set up a companyinvestment value system which is adaptable to the characteristics of China’s securitiesmarket.The following thesis has a research on the investment value of companies listed onGEM based on in-depth analysis of domestic and foreign companies valuation theoryand methods. The paper first reviews the company’s value theory and characteristics ofthe GEM listed companies, then compares and selects the investment value analysismethods of GEM listed companies, followed by analysis on the fundamentals of thecompanies listed on GEM, namely macroeconomic analysis, industry analysis andcompany analysis. Then it has empirical analysis of the investment value and builds theinvestment value analysis model for the companies listed on GEM considering theprofitability, growth, solvency, operational capabilities and market performance of thefive areas. It uses factor analysis out of multivariate statistical analysis method based onthe investment value analysis of the first28listed companies and it aims to provide ；investors with a quantitative approach and direct the investment practices. Finally, thethesis makes a summary and comes to the conclusion and directions for furtherresearch. |
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