Dissertation
Dissertation > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management

Study on Sustainable Innovation Ability of the GEM Listed Company

Author ChengZhen
Tutor MengJunZuo
School Tianjin University of Commerce
Course Accounting
Keywords GEM listed companies continuous innovation ability factor analysis
CLC F275
Type Master's thesis
Year 2013
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Since the year1999, China Securities Regulatory Commission answer to considerestablishing GEM, until November23rd2009, the first28enterprises enter the market,GEM experience10years’ hard work. Setting GEM is a lucky sign for small andmiddle enterprises and capital market. As for the special character for our economicmarket, big enterprises get a monopoly site in our market and they can acquire capitalsupport from the government. On the other side, a big size of small and middle sizeenterprises always face the lack of capital. Small and middle size enterprises need lotmoney to support their development, but their risk is high, the banks do not want tolend money to them or lend limited money to them. Capital lack will bring lotproblems for the small and middle size enterprises; seriously, they will face the risk ofgoing bankrupt. Once they go bankrupt, our economy will suffer some loss and a lotpeople will lose their job.GEM creates a platform for the enterprises to raise money, through GEM, enterprisewill acquire lot money to develop and on the other side, then the investors will getsome rewards. So the capital market, investor and enterprise have formed a positivecycle. A health and perfect GEM will foster a lot innovation enterprise, like Microsoftand Google on NASDAQ market. GEM in china should do the same thing. But GEMin china has been set for four and half year, in the past half and three year, GEM inchina creates a lot strange phenomenon. After the enterprise has entered GEM for ashort time. A lot advanced manager has resigned their job just for the rights to selltheir stock. And a lot enterprises get more money than they needed, then they investthe money in the capital market or real estate; cause a serious waste of capital.Through the strange phenomenon, we should see that the key complete ability andgrowth power of the enterprise is their continuous innovation ability. Only get enoughcontinuous innovation ability, can an enterprise gets the continuous power to grow. Sothe author chooses continuous innovation ability of the GEM listed companies tostudy. In order to get the conclusion, the author chooses two major study lines: one isGEM and the other is continuous innovation ability. First the author does some theoryanalysis on these two major lines, then the author uses factor analysis to do empiricalanalysis, after these analysis, the author uses correlation analysis to check the model.At last the author proposes some suggestions for the GEM listed companies’ base onthe conclusion of this essay.

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