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2004, the Shenzhen Stock Exchange which the parties concerned on set up in thesmall board, first try to launch of the GEM. Channels is in order to provide financing forsmall and medium-sized enterprises, and to broaden its financing platform, multi-levelcapital market, to promote the rapid development of economic health. The governmentalso hopes to improve the corporate governance of SMEs with the help of this capitalmarket, to establish a scientific and reasonable corporate governance structure, improvethe competitiveness of enterprises, thereby improving operating results. From theinternational capital markets, regardless of the level of development of the market, evenif the United States and Europe and other markets, there is decline in performance afterthe listing of the listed company after the listing of the company’s poor operatingperformance phenomenon.First of all, in the first part of this paper reviews the significance of this pape, andthe research status at home and abroad, and summarized the domestic and foreignresearch results, that most companies have the big performance variation before and afterIPO in many counties, and also summarizes the theory to explain this phenomenon, andresearch methods and indexes of the selected expression, research innovation of theresearch on different from others.Secondly, the second part conducts the research to our country small andmedium-sized board listing Corporation have the same performance decline,201in2004to2007listed companies listed in the small board as the research object, and selectthe representative financial index analysis, using descriptive statistics, in addition to inaddition to choose debt paying ability three indicators of profitability, operation abilityand growth ability through the analysis and comparison, and test, conducts the researchto the sample through the model of comprehensive financial index system. The resultsshowed that, three indicators of sample enterprises for profitability, operation ability andgrowth ability decline significantly after listing, and through a significant test, that greatchanges in our country small and medium-sized listing Corporation also exist in the IPObefore and after the performance, but the trend seven years performance of Chinese smalland medium-sized enterprise board listed is not similar the inverted "V" type trend: the growth ability index trend is the highlight of my inverted "V" trend, while theprofitability index and operation capacity index showed obvious "L" trend, indicatingthat IPO of small and medium-sized enterprises in China before and after theperformance change of greater.Once again, the third part through the establishment of choice in venture capitalequity, financing scale, firm size, ownership structure, underwriter reputation,price-earnings ratio, IPO premium rate, the issue price of listed companies before andafter the quantifiable factors the establishment of multi-factor model for statisticalanalysis of data processing, the regression simulation draws the following conclusion:ownership structure, large shareholders ownership, managerial ownership, underwriterreputation, the scale of financing, the issue price has a significant impact on small andmedium-sized enterprises IPO after the performance, the managerial ownership,financing scale and underwriter reputation three factors and the decline in performance isnegatively related to the proportion of shareholding, and the issue price and the decline inperformance is positive correlation, and based on regression conclusion make detailedanalysis to explain.Finally, the fourth part of this article from the perspective of practice, combinedwith a part of the research results, the SME board, the GEM market and the capitalmarket of small and medium-sized enterprises to improve and grow and puts forwardrelevant policy suggestions. Believe that the equity structure of our country shouldoptimize listing Corporation, avoid large shareholders abusing its market position, theformation of the ownership structure restrict each other; encourage managers,strengthening their consistency with the interests of the company; to strengthen theunderwriter reputation management of securities market, promote the market evaluationsystem development; strengthening information full disclosure, ensure markettransparent; accelerate the reform issue market.
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