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An Empirical Research on the Non-financial Value Drivers of Enterprises Listed on GEM

Author: WangYu
Tutor: WangXiaoWei
School: Harbin Institute of Technology
Course: Accounting
Keywords: Growth Enterprise Market（GEM） non-financial value drivers structural equation model（SEM）
CLC: F275
Type: Master's thesis
Year: 2012
Downloads: 46
Quote: 0
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Abstract


The first batch of28companies listed on GEM focused on the Shenzhen StockExchange in October30th,2009. This is not only means the maturity of China capitalmarket, also opened up new financing channels for SMEs engaged in high-tech industryand new services. With the growth of the GEM its flaws and shortcomings of businessmanagement model and methods become even more prominent. Because the marketaccess conditions of the GEM, the service object and target clients are quite differentfrom MESM the factors which drive the value of the enterprise in GEM are alsodifferent from MSEM. Therefore the analysis of the companies in GEM from theperspective of value management provide reliable basis to enhancing internalmanagement quality, reasonable assessment of the GEM corporation value andperfecting the capital market of our country management system.Based on the value management theory and contingency theory, this paper dosedeep research of the value drivers of the companies in GEM and analyses the charactersof corporation value structure listing in GEM. It took120listed companies in GEM andthe five quarters data of them into SME from July1th2010to September30th2011.Thefive quarterly data for model parameter estimate the relationship between seven keyvalue drivers and the enterprise value. Then we choose the most proper model from thethree competitive models. This paper analyses the relationship between technologicalinnovation ability, opportunity value, risk factors, the scale of enterprises, humanresources efficiency, industry competition and corporate governance efficiency Thecontributions that observed variables make to exogenous latent variables are alsodiscussed. Research results show that the value of opportunity, risk factors, the scale ofenterprises, the human resources efficiency, industry competition have significantinfluence to the value of the company. The research suggested that Opportunity valueand industry competition are the biggest obvious positive factor to the enterprise value.And the scale of the enterprise as the internal environmental factors not only makecontribution to the enterprise value but also influence the technical innovation ability ofthe enterprise positively and are negatively related with the efficiency of corporategovernance and the efficiency of human resources. Finally, according to the researchresults this paper gives advices to corporation listed in GEM in how to enhance enterprise value. This can help enterprise managers to clarify the key to the valuemanagement, give advices to the investors who want to evaluate the value of enterpriselisted in GEM rationally and promote China’s multi-level capital market system.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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