An Analysis Of The Tobin Q Mechanism In The Reduction Of The Shareholders Of The GEM

In order to meet the national independent innovation strategy of the emerging industry companies to provide financing platform to ease the growth of small and medium enterprises and scientific and technological innovation oriented enterprises financing difficulties, in 2010 the Shenzhen stock exchange launched the GEM Since the start of the GEM, the GEM Listing Corporation high valuations and corporate executives have become more and more intense. Especially in 2015 ushered in GEM stocks advance triumphantly rose sharply, investors generally on the GEM in emerging industries listed companies development prospects with confidence, shareholders of the GEM in the high price continued massive reduction shares, causing the stock price volatility. Based on Tobin Q theory to analyze the behavior of the shareholders of the GEM Listing Corporation, we can make clear that the shareholders of the GEM to reduce the standard, comprehensive measure of the value of investment in the listing Corporation, and guide investors to form a reasonable market expectations.This paper uses empirical analysis to verify the relevant theoretical adaptive research methods, including:1, the domestic and foreign research on the behavior of investors, the use of effective market theory, behavioral finance theory, Tobin Q theory to analyze the behavior of different investors,2, on the basis of data statistics, the number of shares of the GEM restricted shares and different main body of the paper, the empirical test of the Q test, the study of the behavior of different Tobin Q ratio is an important shareholder.The research shows that the Tobin Q value of the stock market is a direct guide to the reduction of the GEM shareholders. From the point of view of market development, the mutual conversion between the financial capital and the real capital of the GEM market has been gradually emerging from the "Tobin Q arbitrage mechanism".The innovation point of this paper is:using the paired sample T test method to test the guidance function of Tobin Q value to the GEM shareholders, avoid the relative test method to Tobin Q value and reduce the behavior of the large error,helps to clarify the time and standards for the reduction of the GEM shareholders, to provide reference for policy formulation and investment decision.