An Empirical Study On The Factors Affecting The Growth Enterprise Market

As the innovation-oriented plate of financial market, Growth Enterprise Market(GEM) has brought huge economic and social benefits. The growth of GEM is the most important index to measure the development of GEM. GEM market in China is entering a stage of rapid development. By the end of 2016, the total market value of the GEM has reached RMB 5 trillion and 200 billion yuan and China's GEM market has become the main engine for global economic growth. Because the GEM has the characteristics of high investment and high risk, the research for the influence factor and influence extent of development of GEM enterprise is a method to ensure the GEM listed issuers to reward and control risk,which has important reference value for investment decision.This paper absorbs the research outcomes of domestic and foreign experts and scholars and is based on the actual situation of Chinese GEM market. Using 7 growth indexes of return on net assets, the proportion of fixed assets, total asset turnover ratio,asset liability ratio, R&D investment ratio for researches, gross profit for main business and total asset of 153 companies listed on the GEM in 2009 and 2010 as a basis, this paper gets the comprehensive scores and rankings of companies listed on GEM. This paper uses the comprehensive score of each company as the comprehensive index to measure the ability to develop and defines 15 categories,which includes 19 indexes that are not considered or are less considered in domestic researches, to construct index system of influence factors of the development of the GEM enterprises through qualitative and quantitative analysis and selection. This paper establishes regression model of dynamic panel and study the relationship between the developing situation of GEM enterprises and influence factors.The empirical analysis shows that the conclusion is reasonable and consistent with the general public cognition. This conclusion can explain the relationship between variables and independent variables well and can put forward reasonable suggestions aimed at the development of GEM in our country and can provide the reference value for the development decision of the GEM enterprise.