The Research On The Influence Factors Of The GEM High-tech Enterprise’s Market Value Management

The State Council issued a number of opinions on further promoting the healthy development of capital markets(referred to as the new country nine) pointed out that enterprises should enhance their market value level, and strive to establish a market value management system for their growth. This is the first time that the country supports enterprises to take the market value management by the macro policy, and the market value management as the top-level system into the securities market supervision system. The GEM market plays an important role in promoting the development of the multi-level capital market, but the reality of the GEM market is that investors do not value the business valuation. More of reality is the value of the growth of the enterprise. Many short-term bull stocks rose, and no good performance to support its reasonable valuation. The utility of market value management has not really reflected, and it is just a speculation of the theme and imagination. Listing Corporation to carry out market value management, in essence, is to continue to realize their own value growth by maintaining and enhancing market value. Listing Corporation should realize the maximization of corporate value and shareholder interests. Therefore, the GEM Listing Corporation only rely on the basic of the value and the correct and standardized market value management tools, and can really improve the market value of quality.Based on the research results of the research on value management and market value management, the paper analyzes the factors affecting the market value of high-tech enterprises. By the data of the high-tech enterprises in 2010-2014, the paper uses the factor analysis and panel data regression analysis. Through analysis of the factors that affect the market value of the GEM Listing Corporation, the purpose is to help the Listing Corporation to find out the factors that affect the value premium effect and to provide a reference for improving the market value of the high-tech enterprises. The paper conclusion: The relationship between ownership concentration and market value of the listing corporation has a significant positive effect of up-and-down. The position advantage of the industry can improve the performance of market management. According to the theoretical analysis and empirical results, the paper puts forward five suggestions on optimizing the ownership structure, improving the equity incentive system, improving the level of the main industry premium, increasing R&D investment and strengthening the management of for the GEM high-tech enterprises.