An Empirical Study On The Growth Of China's GEM Listed Companies

Since the "18th National Congress",innovation has been promoted to the development strategy of the party and the country.The GEM market is one of the important layouts that carry this strategic expectation.Since the official opening of the market on October 30,2009,the GEM has effectively promoted the rational flow of capital.As of December 31,2017,710 companies have successively landed on the GEM,with a total issued share capital of 3258 billion shares.The accumulated financing amount reached 7942.06 billion yuan,of which the IPO financing amount was 3539.66 billion yuan,and the subsequent refinancing amount was 4402.40 billion yuan.The total market value reached 51289 billion yuan.The purpose of setting up the GEM is to provide direct financing channels for “independent innovation companies and other growth companies”.In the past nine years,a group of outstanding high-tech,growth-oriented companies have stood out with the help of the GEM.Studying the growth of GEM listed companies has important practical significance for the development of GEM listed companies,many stakeholders and the development and improvement of the GEM market.On the basis of clarifying the background and significance of the research on the growth of China's GEM listed companies,this paper sorts out the theory of enterprise growth and growth evaluation at home and abroad,from Six dimensions,such as the scale of operation,operational efficiency,profitability,solvency,development potential and technological innovation,select 22 evaluation indicators to form an evaluation system.341 GEM listed companies were selected as samples.Based on the panel data from 2012 to 2016,factor analysis was used to demonstrate the growth of GEM listed companies.The empirical results show that the overall growth of China's GEM listed companies is not high,and the number of medium and low growth companies accounts for more than half;the growth differences of various industries are obvious,the growth of information technology enterprises is better,and the growth of manufacturing industry is not good;the regional distribution of the number of listed companies on the GEM and growth are not balanced.The number of GEM listed companies in South China,East China and North China is not only large but also relatively high in growth compared with other regions;the innovation ability,operational capability,profitability and solvency of listed companies on the GEM are obvious "short boards".Finally,based on the empirical results,specific recommendations were made from the macroeconomic policy environment,the regulatory system and the GEM listed companies.