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1、外文原文Reflections on Chinas Growth Enterprise Market Development After a decade of grinding sword , the GEM market finally in October 23, 2009 are open for business . This is an important milestone in China s multi- level capital market for SMEs to expand financing channels , improve the capital marke
2、t structure, promote the implementation of the national strategy of innovation , consolidate the economic development potential , will have far-reaching positive impact .First, the nature of the board market , characteristics and economic significanceGEM , also known as the Second Board Market (Seco
3、nd-board Market), is the main market (Main-Board Market) of a different class of securities markets , is to have a high-risk, high-return characteristics of high-tech SMEs as the main target the setting , with a large listed company on the Main Board of mature market is different, it is a forward-lo
4、oking market , focusing on the companys prospects and growth potential , which is lower than the mature listing standards motherboard market . The main aim is to support small and medium enterprises , especially high- growth enterprises , establish a normal exit mechanism for the venture capital and
5、 venture capital companies , providing a platform for innovation financing national strategy for multi-level capital market system building blocks . It can be said , the GEM is a low threshold , high risk , highly regulated stock market , but also a high-tech incubator , the cradle of growing busine
6、sses .GEM has the following characteristics:1、A lower listing requirements . First, there is no requirement on the earnings , net assets have not followed the requirements for . Partly because of the GEM market -oriented small and medium enterprises , the enterprise value of the growth potential , r
7、ather than the current financial foundation ; hand is the emergence of the knowledge economy forms a measure to make the enterprise has undergone a fundamental change , the most important indicator to evaluate a business tend to start their own human resources and technological achievements , these
8、indicators are important decisions foundation of modern corporate investors to determine whether it is worth investing the time .2 , strict disclosure requirements . Because of the lower GEM listing conditions , many SMEs operating conditions unsatisfactory quality corporate resources are likely to
9、coexist with , and the evaluation of high-tech enterprises in terms of traditional industries compared to more troublesome . Therefore, the full disclosure of the issuers information resources , help investors to make an objective judgment on corporate , investment risk effectively resolved .3 , ser
10、ving the high-growth companies . The main purpose is to create a GEM let their innovative , industry, small and medium enterprises market potential can get financial help for the environment , such high- growth companies in the early development of a smaller scale , it is difficult listed on the mai
11、n market . GEM will provide a good venture capital fund export to promote these funds are more willing to invest in high-growth small and medium sized companies.4 , all of the outstanding shares of the company . In the motherboard market , although the companys shares can be transferred according to
12、 law , but the companys shares held by the promoters , from the date of establishment of the company shall not be transferred within three years . While the GEM Listing Rules, the provisions relating to the company , all shareholders of the Company prior to the date of public offering of shares of l
13、isted companies since , a year may not sell its stake in the company. Such provisions in favor of the GEM market liquidity and make the market more active.GEM established economic significance :As the incomparable advantages of the above GEM , GEM will set up micro-economic development have a tremen
14、dous impetus. First, the establishment of GEM can inspire entrepreneurship and entrepreneurial behavior of the community, to provide material support and technical foundation for economic development. Secondly , the establishment of GEM can inspire entrepreneurial investment. GEM gives an effective
15、capital market pricing mechanism and exit mechanism to stimulate investors to take high- risk entrepreneurial zeal and courage , and promote the development of commercial high-tech , high-tech industrialization. Finally , the establishment of the GEM market will have a beneficial impact on Chinas ov
16、erall macroeconomic performance . GEM listing system either from the issue of shares , the information disclosure system or trading rules are fully in accordance with the market mechanism to run , and in the development of the GEM , the atmosphere is conducive to the formation of the standard operat
17、ion in Chinas capital market, thus impact of the construction of the capital market system.Second, the growth of related concepts and determinants business growth and Concept of business growth Business growth is an enterprise in their own development process, their industries and sectors in the dev
18、elopment of good product prospects, yearly expansion of business scale and increasing operating efficiency trends, including the growth of both qualitative and quantitative growth . Qualitative growth and innovation in the development of the internal structure of the enterprise , and constantly impr
19、ove the function is to enhance the competitiveness of the process , is the efficient allocation of internal resources ; volume growth is the expansion of business scale , profitable growth. Quality is the basis of the amount of growth of growth . Amount of growth is the quality of the growth conditi
20、ons , the quality of growth is the purpose and expression. Therefore, in the analysis of business growth , the combination of quality and quantity must be considered. A continuing business growth , dynamic , volatility, of efficiency, expansion and other features . Business growth that companies ach
21、ieve sustainable growth , enterprise internal resources to fully tap their potential , foreign investment to grasp all opportunities to achieve volume growth and an ability to improve quality .As one of the growth of enterprises in their efforts to pursue the goal of theorists has been the focus of
22、attention. Moreover, from the history of economic development in Europe and America developed countries, growth companies both for the macro economy, the capital markets and investors have great significance : standing on the capital market perspective , in essence , whether a well-developed capital
23、 markets , improve , norms and health , the key to see if it can most effectively mobilize savings and to allocate it to the most growth , the most effective investment direction up ; standing investors perspective , the growth of business is to select high-growth enterprises shortcuts ; also develo
24、ped based management and financing policies to be considered .(2 ) the determinants of business growthDeterminants of business growth are external factors and internal factors . External factors include macroeconomic environment and industry environment , including macro-economic environment, includ
25、ing macro- policy orientation, industry environment, industry life cycle, market environment, policy implications , industry structure , and other unique advantages , including the state. Internal factors include the competitive position of companies within the industry , product advantage , financi
26、al position , company size , technology innovation and management innovation, quality and decision-making ability of managers, corporate strategy and pioneering spirit , operational efficiency and corporate culture.(3) , the growth of companies listed on GEM evaluation systemGEM listed company s gro
27、wth, not only the core of the GEM market development, but also the premise of its existence . Most companies in the market are in high-tech industries with high growth potential, but often established a short time, company size is relatively small , not prominent position in the industry , developme
28、nt prospects uncertain. Therefore , the establishment of an objective and impartial is important to promote the generation and stable development of the GEM market.Growth is a GEM listed company characteristics, is an important indicator of listed companies and market prospects is the basis of the G
29、EM market healthy development, but also determines the success or failure of the GEM market development. Factors affecting the growth of listed companies there are many , to facilitate this study as well as the principle of easy availability of data , while providing a reference for ordinary investo
30、rs , the paper selected financial indicators as growth analysis . The companys growth can be used to measure a number of financial indicators , including the main business revenue growth and net profit growth are two of the more important indicators , the former reflects the trend of business scale,
31、 which reflects the change in status of operating efficiency . Select this article reflect the companys growth as the net profit growth of core indicators , set the dependent variable , using multiple linear regression analysis method to analyze the relationship between the companys growth and other
32、 factors. Other factors include the companys profitability , operations , solvency , capital size, capital structure.Specific financial indicators are defined as follows :( 1 ) the companys profitabilityIn this paper ROE (ROE) to measure the profitability of the company , namely the ratio of net inc
33、ome and net assets . ROE is a reflection of the profitability of the core indicators , the higher the index , the better to reflect the profitability .( 2 ) the company operating capacityIn this paper, total asset turnover , ie the ratio of main business income to average total assets , said the com
34、pany operating capacity . Primarily reflecting the efficiency of the Companys total assets. Higher total asset turnover , indicating that companies use all of the assets of the results of operations , and high efficiency.( 3 ) the company insolventIn this paper, current ratio, current assets ( avera
35、ge ) and current liabilities ( average ) ratio to measure the Companys short-term solvency . Reflects the ability of the Companys current assets in the short-term debt maturity realizable used to repay current liabilities .( 4)Capital scaleIn this paper, the average size of the total assets of the c
36、ompany to represent the capital .( 5 ) Capital StructureIn this paper, asset-liability ratio to measure the companys capital structure , companies can measure the level of risk and long-term solvency. Balance is high , indicating a good corporate financing efficiency , the role of financial leverage
37、 was a good play , but accompanied by high risk.Third, the study of meaningBusiness growth is the company continued to tap the potential of the internal and external resources on the basis of the show s overall expansion trend, it refers to companies from small to large , from weak to strong process
38、 of continuous change. Growth is a GEM listed company characteristics, is an important indicator of listed companies and market prospects is the basis of the GEM market healthy development, but also determines the success or failure of the GEM market development. Therefore, the growth of companies l
39、isted on GEM of the study , with a strong theoretical and practical significance .Firstly, to help investment decisions of investors. GEM-listed companies for the evaluation of the main investors in this paper is to establish the growth index system , this paper establishes the evaluation index syst
40、em of growth is an important reference value of investments , involving financial indicators are publicly listed company financial data , are easy to get , thus providing the basis for investors to assess the value of investments in listed companies.Secondly, to strengthen internal controls and mana
41、gement to help improve management . For the management of the company, a comprehensive grasp of the companys profitability , growth and asset structure, solvency , companies can realize the current situation and future development , and take appropriate measures to improve the operation and manageme
42、nt to avoid losses , summed up the successful experience of the previous year , to create more value for the enterprise .中文译文中国创业板市场发展的思考 经过十年磨剑，创业板市场终于在2009年10月23日开门营业。这是中国多层次资本市场建设的重要里程碑，对于拓展中小企业融资渠道，完善资本市场结构，推进创新型国家战略的实施，夯实经济发展后劲，将产生积极深远的影响。一、板市场的性质、特点及经济意义创业板，又称二板市场（Second-board Market），是与主板市场（M
43、ain-Board Market）不同的一类证券市场，是为具有高风险、高回报特性的高科技中小企业为主要服务对象而设置的, 与大型成熟上市公司的主板市场不同，它是一个前瞻性市场，注重公司的发展前景和增长潜力，其上市标准要低于成熟的主板市场。其目的主要是扶持中小企业，尤其是高成长性企业，为风险投资和创投企业建立正常的退出机制，为自主创新国家战略提供融资平台，为多层次的资本市场体系建设添砖加瓦。可以说，创业板是一个门槛低、风险大、监管严格的股票市场，也是一个孵化科技型、成长型企业的摇篮。创业板市场拥有以下特点：1、较低的上市要求。首先没有关于盈利状况的要求，其次没有对于净资产额的要求。一方面是因为创
44、业板市场面向的是中小企业，看重的是企业的增长潜力，而不是现时的财务基础；另一方面是知识经济形态的出现使对企业的衡量标准发生了根本性的变化，评价一个企业的最重要指标开始倾向于其拥有的人力资源和技术成果等，这些指标是现代投资者判断企业是否值得投资时的重要决策基础。2、严格的信息披露要求。因为创业板市场上市条件较低，许多经营状况不尽如人意的中小企业很可能与优质企业资源并存，而且对高科技企业的评价相比传统产业而言更为繁难。因此，充分披露发行人的信息资源，有利于投资者对企业作出客观的判断，有效化解投资风险。 3、服务于高成长企业。创业板的主要目的是创造一个让从事创新性、有市场潜力行业的中小企业能够得到金
45、融帮助的环境，这类高成长性公司在发展初期规模较小，在主板市场上很难上市。创业板将为创业基金提供良好资金“出口”，促使这些基金更愿意投资于高成长性的中小型公司。4、公司股份全部流通。在主板市场，公司的股份虽然可以依法转让，但发起人持有的公司股票，自公司成立之日起3年内不得转让。而创业板公司有关上市规则中规定，上市公司公开发行前的所有股东自公司股票上市之日起，1年内不得出售其所持该公司股份。这种规定有利于创业板市场的流动性，使市场更加活跃。创业板市场设立的经济意义：由于创业板市场的上述无可比拟的优点，设立创业板市场会对微观经济发展产生巨大的推动力。首先，创业板市场的设立能激励社会各界的创业精神和创
46、业行为，为经济发展提供物质支持和技术基础。其次，创业板市场的设立能激励创业投资。创业板给予了一个有效的市场定价机制和资本退出机制，可以激发投资者冒高风险进行创业的热情和勇气，促进商业性高新技术的开发、高新技术的产业化。最后，设立创业板市场还会对我国整个宏观经济运行产生有利的影响。创业板无论是从股票的发行上市制度、信息披露制度还是交易规则等都是完全按照市场机制来运行的，在创业板的发展过程中，有利于在我国的资本市场形成规范操作的风气，从而影响整个资本市场的制度建设。二、成长性的相关概念及决定因素（一）企业成长与企业成长性的概念企业的成长是指企业在自身的发展过程中，其所在的产业和行业发展良好，产品前
47、景广阔，企业规模逐年扩张及经营效益不断增长的趋势，包括质的成长和量的成长两个方面。质的成长是企业内部结构的发展和创新，功能的不断完善，是竞争力增强的过程，是内部资源的有效配置；量的成长是企业规模的扩张、利润的增长等。质的成长是量的成长的基础。量的成长是质的成长的条件，是质的成长的目的与体现。因此，在分析企业的成长性时，必须将质与量结合综合考虑。一个企业的成长性具有持续性、动态性、波动性、效益性、扩张性等特征。企业成长性即企业实现可持续成长的能力，是企业对内充分挖掘自身资源潜力，对外把握一切投资机会，从而实现量的增长和质的提高的一种能力。成长性作为企业努力追求的目标之一，一直是理论界关注的焦点。
48、而且，从欧美发达国家的经济发展史看，成长型企业无论是对宏观经济、资本市场还是投资者都具有十分重大的意义：站在资本市场的角度，本质上，一个资本市场是否发达、完善、规范和健康，关键看它是否能够最有效地动员储蓄并将之分配到最具成长性、最有效益的投资方向上去；站在投资者的角度，选择成长性企业是企业实现高成长的捷径；同时也是管理层制定融资政策所要考虑的依据。（二）企业成长性的决定因素企业成长性的决定因素有外部因素和内部因素。外部因素有宏观经济环境和行业环境，其中宏观经济环境包括国家的宏观调控、政策倾向，行业环境包括行业的生命周期、市场环境、政策性影响、产业结构和其他独特优势。内部因素包括企业所在行业内的
49、竞争地位、产品优势、财务状况、公司规模、技术创新和管理创新、管理者的素质和决策能力、公司战略和开拓精神、经营效率与企业文化。（三）、创业板上市公司成长性评价体系创业板市场上市公司的成长性，既是创业板市场发展的核心，也是其生存的前提。市场内大多数公司都处于高科技行业，具有较高的成长性，但往往成立的时间较短，公司规模也比较小，行业地位也不突出，发展前景并不明朗。因此，建立客观公正的对促进创业板市场的产生和稳定发展具有重要意义。成长性是创业板上市公司的特色，是衡量上市公司和市场发展前景的一项重要指标，是创业板市场良性发展的基础，也决定着创业板市场发展的成败。影响上市公司成长性的因素有很多，为方便本文研究以及数据的易得性原则，同时，为普通投资者提供借鉴，故本文选取财务指标做为成长性分析。公司成长性可用多个财务指标衡量,其中主营业务收入增长率和净利润增长率是两个比较重要的指标,前者体现了企业规模的变化趋势,后者则反映了经营效益的变动状况。本文选择净利润增长率作为反映公司成长性的核心指标,设为因变量,
