Optimization Design Of Value Evaluation System For GEM Listed Companies

The launch of the Growth Enterprise Market(GEM)in October 2009 has provided a convenient financing channel for growth,innovative and entrepreneurial enterprises,increased financial support for the development of related industries,and created new opportunities for investors.With the rapid development of GEM,as of January 9,2023,the number of listed companies on GEM has increased from the initial 28 to 1,239.At the same time,the rise and fall of 20% under the background of registration system has amplified the profitability and risk of investment,and investors have also been confused about the characteristics of "high growth,high profitability and high risk" of GEM listed companies.Therefore,how to effectively and objectively evaluate the value of GEM listed companies has gradually become an important concern for investors.In this context,this paper firstly combs the literature related to the value assessment theory and the GEM valuation research.Through the study and analysis of the mainstream enterprise value assessment system,it is found that the traditional value assessment system is difficult to reflect the growth value of the GEM listed companies,can not measure the core assets of the company,difficult to find analogy companies and other defects.The application of the index system focuses on the financial dimension,and the selection of indicators cannot fully reflect the overall value and future potential value of enterprises.Therefore,this paper proposes to optimize the value evaluation system of listed companies on GEM.Secondly,when selecting evaluation indicators,this paper follows the principle of combining financial indicators with non-financial indicators,combining quantitative indicators with qualitative indicators,comprehensiveness and scientific applicability.According to the financial data of annual reports of all GEM listed companies in the past 12 years,Core financial indicators that can reflect the company’s debt paying ability,operation ability,profitability,development ability and relative value are screened out through non-parametric test of two relevant samples.Then,based on the characteristics of GEM market and previous research results,7 second-level indicators and 26 third-level indicators are set up respectively under the three dimensions of operation ability,innovation ability and external environment according to expert opinions.Then the analytic hierarchy process is used to give scientific weight to the index system to form the final value evaluation system.Finally,in order to evaluate the optimization effect of the value assessment system in this paper,this paper selects 4 listed companies for application verification on the basis of previous studies,and finds that this system has better correlation with the annual increase of stock price and other income models than previous studies.In terms of selecting indicators and revising indicator weights,this paper’s optimization of the GEM valuation system pays attention to the objective accuracy of quantitative indicators,as well as the scientific and comprehensive nature of qualitative indicators.The resulting valuation system optimization effect is excellent and more applicable to GEM listed company valuation.It also has practical value and can provide some reference for investors.