The Rational Financing Research On The GEM Listed Companies

Financing issue is always the main issue of affecting the company’s development; the company’s development cannot leave the financing needs. Therefore, the finance is always one of the hot topic in corporate finance, enduring, it is not realistic to research the financing problem of the listing corporation overall. So, this paper is to study GEM and discusses the rationality and irrational factors.The Growth Enterprises Market’s appearance not only enriches our country capital market structure level, but also provides a chance for these small and medium-sized board and main board listed high-tech enterprises to enter the capital market, and it provides a wider range of financing channels for these high-growth, high technology enterprises. It appeared on the market on October 30,2009 in Shenzhen stock exchange finally. From now on, it has been listed four years, in this shorter time; the selection of the reasonable financing structure has become to a core issue of this field. Through the comparison of the average asset liability rate of gem and the main board of listing Corporation, we can know there is a big difference between the gem and the main board of listing Corporation.The paper take the capital structure theory as an entry point, through reviewing the research results of scholars at home and aboard, take the growth enterprise market of listing Corporation as the object of study, via comparing the different among enterprises listed on the gem and the main board of listing Corporation and small and medium enterprise board listed company. We used SPSS 19.0 and Excel statistical tools, asset-liability ratio, WACC to make a two quadratic regression model. And the derivative obtained was corresponding to the derivation for the minimum weighted average cost of capital, debt to asset ratio, and analysis the irrationality with the general linear regression model. The empirical results show that our venture board structure of Listing Corporation financing exist some unreasonable, and the company’s profitability, innovation, guarantees ability, debt for debt financing has significant effect, and affecting the financing structure. Combined with the analysis of empirical results can put forward reasonable proposals and prospects for these rationality of future GEM Listing Corporation financing.