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Chinese Growth Enterprise Market and Business Performance Analysis on Small and Medium Sized Firms and Venture Firms Before and After Listing
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중국의 창업판시장과 중소벤처기업의 상장전후 경영성과 분석에 관한 연구

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Type
Academic journal
Author
Journal
Korean Society of Business Venturing Asia-Pacific Journal of Business Venturing and Entrepreneurship Vol.9 No.3 KCI Accredited Journals
Published
2014.6
Pages
129 - 138 (10page)

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Chinese Growth Enterprise Market and Business Performance Analysis on Small and Medium Sized Firms and Venture Firms Before and After Listing
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After global economic crisis, China has become one of the two pillars in the global economies and the country contributing to the Korean economy. Nevertheless, the research on Chinese financial market, particularly capital market, is rare to date. This study examined the growth enterprise market that emergedat the Shenzhen stock exchange and made comparative analysis on before and after listing for the Chinese small and medium sized firms and venture firms. The listing requirements at the Chinese growth enterprise market for the technologically innovative venture firms and fast-growing small and medium sized firms with financing purpose were more alleviated than the main board of Shenzhen stock exchange. Moreover, the listing procedures are simplified as well. Accordingly, many Chinese enterprises tend to list and the competition for listing is also intense. In particular, with the 36 initially listed firms at growth enterprise market as the research target, the investigation for the business performance before and after listing reveals that the three indexes including return on common equity, debt ratio and operating profit growth rate dropped dramatically for most all the firms. That is, the profitability and growth for the venture firms and small and medium sized firms listed on the Chinese growth enterprise market decreased rapidly after going public, only the stability improved due to the great financing. Taking a step forward, this phenomenon may result from the exaggerated reporting for the business performance before listing with the purpose of going public by the venture firms and small and medium sized firms. Thus, Chinese Securities Regulatory Commission should strengthen the accounting evaluation standard and regulation for the listing firms before going public. In addition, strict sanctions should be imposed on the firms with fraudulent accounting to establish healthy capital market.
#중국 #창업판시장 #벤처기업 #경영성과 #China #Growth Enterprise Market #Venture Firms #Business Performance

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References (10)

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China Securities Regulatory Commission (CSRC) / Initial Public Offerings Eexamine and Verify Procedure by ChiNext Supervision Department and Information for Applied Firms google schola 조상섭 / 2011 / 국내 벤처기업 진화과정에 관한 실증분석 - 코스닥상장 기술벤처기업 분석을 중심으로 - / 벤처창업연구 6(1):23~37 google schola Choi, K. / 1997 / Initial Public Offerings and Earnings Management / Korean Accounting Review 22(2):1~27 google schola China Finance Information google schola 김권중 / 2004 / 신규 상장기업의 이익조정동기 / 회계학연구 29(4):87~116 dbpia

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