Financial Factor Analysis on the Pricing of Domestic IPO of the Growth Enterprise in China

摘要

This essay would analyze the IPO data of the startups listed in the SMEM of the Shenzhen to the Growth Enterprise Market (GEM) and the Small & Medium-Sized Enterprise Market (SMEM) Exchange by using factor analysis so as to find out the financial factors which deeply influenced the companies' IPO in the two markets. According to the pre-IPO financial data we would analyze the difference about financial characters of the two markets. In comparison with that of those listed in the SMEM, the pre-IPO financial situation of the companies listed in the GEM were better. From financing viewpoint, the companies listed in the SMEM focused on the profitability, operating and paying-debt capacity, while those listed in the GEM focused on the profitgrowth capacity.