创业板上市公司成长性影响因素分析——基于财务数据的实证分析-analysis on influencing factors of growth of gem listed companies - empirical analysis based on financial data.docx

华中科技大学硕士学位论文华中科技大学硕士学位论文IIIIAbstractOn October 30, 2009, the first 28 companies went initial public in the GEM, which means that the GEM appears in the mainland over a long-term deliberation and preparation. GEM-listed companies are in the leading position among small and medium enterprises and they have better prospects potential and growth powerment. So, the distinguish on the impact factors of the companys growth, first of all, can provide the rich theoretical and data support for the follow-up study on the GEM. On the other hand, it can also provide reference to the follow-up GEM’s healthy development. So it has a strong theoretical and practical significance.The object of this paper is 332 GEM-listed companies before the end of July 2012. The study focus on the impact factors of GEM-listed companies growth based on the financial data, using the method of combination of theoretical analysis and empirical tests. Full-text is divided into five part. Part 1 introduced the background and significance of this research, including research methods, innovative point and then carried out a review of relevant literature; secondly, it gave a brief overview of GEM’s development and the important characters; The third part is the effect of GEM growth related financial factors specific to do theoretical analysis, and in the follow-up study is mainly based on these analysis hypothesis;Finally, we did empirical test using factor analysis and regression analysis, then it made recommendations to the GEM-listed companies and pointed out the deficiencies of this study and future research directions. Through theoretical and empirical analysis, we discovered operational utility factor and asset return factor, the scale of the company impact a GEM-listed companies growth, while the asset structure factor and the companies’ holding structure are not significant impact factors. It will help us to understand the impact factors of GEM-listed companies’ growth and for investors and policy