The Evaluation For Chinese Companies Listed On GEM Based On The Investor’s Perspective

China’s growth enterprise market (GEM) opened up in the October 2009, after more than five years of development, the number of listed companies increases to close to 500, with the expansion of the scale of the gem, some problems did not disappear, but acted more worse, such as the "three high" phenomenon, the overall valuation of the gem also gradually rising. GEM companies are generally small in size, broad space for development and the overestimate valuation has a certain rationality.At the same time,the growth company have great uncertainty, the higher the risk. To have a correct understanding for the GEM companies, and to make an accurate valuation of its analysis, it is the theme of this article.This paper bases on value assessment, combined with the characteristics of the growth enterprise market (GEM) and the unique risk, according to the data of financial statements of listed companies,analysing the history data, including the company operation ability, growth ability, forecast the company’s future earnings, and quantitatively determined the value of company.At the same time, according to the list of factors listed companies, such as the status of the industry, human capital, management team, advantages of capital for qualitative analysis. Finally, the results of the two methods, the conclusion that whether the enterprise has the investment value.This paper selects the GEM listed company Blue Focus(300058) to evaluate and draw its enterprise value about conclusion 278.55 billion yuan,and the Blue Focus’s intrinsic value is higher than the market price, we recommend investors to buy.