上市公司财务状况的评价—创业板和中小企业板比较2.doc

毕业论文材料：英文文献及译文 课题名称：创业板上市公司融资情况分析 ——以医药行业为例 专 业 财 务 管 理 学 生 姓 名 张 莉 班 级 B 财 管 093 学 号 0910405319 指 导 教 师 沈 友 娣 专业系主 任 卞 继 红 发 放 日 期 二零一三年一月 An Evaluation Research on Financial Situation of Listed Companies on GEM SMEs Board Yuan Shi Abstract: On the basis of comparative analysis of the growth enterprise market’s position and financing function, this paper chose 28 companies of the first batch on the growth enterprise market (GEM) with their 2009 financial data, and correspondingly selected 28 companies in the same industry and accounting period on the small and medium-size enterprise (SME) board as paired samples. The empirical results showed that: GEM listed companies were optimistic about the overall financial position, and most of them had the qualifications to list on the SME board. These results indicated the GEM was not an excellent financing platform for the potential small and medium-size enterprises. It also revealed the reasons and provided policy recommendation on development strategy to improve the market. Keywords: GME; SME board; listed company; financial situation; financing function I. INTRODUCTION Small and medium enterprises, accounting for 99% of total number of all the enterprises in China, provide the state with a large number of jobs and tax contributions. However, financing is the bottleneck restricting the development of SMEs for a long time. In order to share the benefits SMEs creating, the society must give a good financing system to make it more effectively. Although the Shenzhen Stock Exchange launched the SME board in May 2004, its positioning principle of two unchanging, four independence results in strict listing requirements on the SME board, which is very close to the main board market. Therefore, SME board does not facilitate SMEs’ financing problem through issuing and listing