Research On The Influencing Factors Of The Financing Capacity Of GEM Listing Corporations In China

Currently, GEM listing Corporations become an important part of our economy and society is an important factor to ease the employment pressure, and promote social stability. With the gradual development and growth of GEM listing Corporations, companies can not rely solely on the internal accumulation of funds to meet their own needs; GEM listing Corporations financing issue has become an urgent need to solve the problem. Only an effective solution to the financing difficulties of GEM listing Corporations will promote long-term stable development of SMEs. On the one hand, national policy guidance and financial system through innovations broaden the financing channels for GEM listing Corporations, other factors also affect the company’s own financing capacity of GEM listing Corporations.The notice of the central bank introduced financial services for GEM listing Corporations, combining quantitative and qualitative analysis, the value of firm size, growth, profitability, solvency and asset-backed aspects of in-depth exploration of the SME financing capacity, in order to provide an effective solution for GEM listing Corporations financing problems.This article includes a total of six parts. The first part presents of the purpose of the paper and significance of the topic, content, methods and technical route of this paper and scope of the study were defined. The second part analyzes the basic theory of GEM listing Corporations financing, including MM theory, trade-off theory, the pecking order theory and the theory of asymmetric information, and discusses the significance of these theories on GEM listing Corporations financing. And on the literature of GEM listing Corporations financing problems of the sort proposed value thesis. The third part is the analysis of GEM listing Corporations financing capacity. First of all, it is pointed out that the characteristics of GEM listing Corporations in China as well as the financing capacity of the current situation, and then based on the theory of corporate finance, GEM listing Corporations financing capacity from factors such as firm size, growth, profitability, support capabilities, the relationship between banks and enterprises and liquidity analysis pointed out the relationship between these factors and the financing capacity. The fourth part is based on the empirical analysis of the factors affecting the financing capacity. Firstly, taking listed companies for the study, and putting forward research hypothesis, it adopts multivariate statistics and regression analysis methods to establish a linear regression model, and makes empirical testing for the financing capability of GEM listing Corporations.The results show that firm size, profitability, development capacity, solvency and investment income is an important factor affecting the ability of GEM listing Corporations financing.The fifth part puts forward countermeasures and suggestions to improve GEM listing Corporations financing capacity. On the one hand to improve their own sustainable development and competitiveness, establish a reasonable system of internal accumulation; hand strengthen cooperation between banks, venture capital funds and actively guide the development of GEM listing Corporations participating in the management, financing guarantee system really play in the process of financing for GEM listing Corporations in rats.The last part is a summary of the full text. This paper argues that to solve the financing problems of GEM listing Corporations, need to work together to play a role from the external environment and internal aspects of the enterprise. From their own point of view, GEM listing Corporations need to improve the ability to respond to market, reduce business risks, build core competitiveness. From the external environment, the government should give full play to the functions, establish a sound credit guarantee system, and improve the macro-environment for GEM listing Corporations financing.