创业板在高科技企业融资中的功效研究

Efficacy of GEM in Financing for High-tech Enterprises

创业板市场作为主板市场的重要补充,它的推出将会为更多的高科技企业通过证券市场融资提供机会。运用两独立样本非参数检验的统计研究方法,对创业板在高科技企业融资中的功效进行了实证分析,研究结果表明,创业板市场的推出对高科技企业融资具有显著影响,即创业板市场有利于提升高科技企业的融资能力。进一步分析了创业板市场推出的必要性和发展过程中遇到的问题,并对创业板市场今后的发展提供了政策建议。

As an important supplement to the Main Board,GEM market＇s launch will provide more opportunities for high-tech enterprises to finance through Stock Market.This paper conducted an empirical analysis of efficacy of GEM in financing for high-tech enterprises through two independent samples of non-parametric test of statistical research methods.The results show that the launch of GEM market has a significant impact for high-tech enterprises when financing.That is to say,GEM is conducive to enhance the financing capacity of high-tech enterprises.The paper further analyzed the necessity of GEM market and the problems that may be encountered in the process of GEM market development and provides policy recommendations for future development of GEM.