创业板运行四年的市场特征与公司发展状况

The Market Characteristics and Company Development Analysis of the GEM after Its 4th Anniversary

对创业板四年来市场状况和公司发展特征的分析发现:第一,创业板在文化传媒、移动互联网等领域涌现出一批优秀企业,吸引了社会资金向新兴企业聚集;第二,创业板市场波动较大,符合新市场、新企业的运行规律,大起大落可能将在较长时间内成为常态,监管部门和投资人对此要有充分认识;第三,股东减持套现可能存在一定的负激励效应,但实际控制人和控股股东减持规模有限,可考虑强化对企业的教育和引导,树立社会责任意识;第四,创业板对新兴企业的培育机制正在发挥作用,一些公司通过并购、股权激励等资本市场特有的培育机制实现了高速成长。

After analyzing the GEM market condition and the companies＇ development features in the past 4 years, we found that： 1） there are a group of outstanding enterprises emerged in the fields as cultural media, mobile internet, and GEM is attracting social capital to emerging companies. 2） The volatility is huge in the GEM market, and this is in line with the new market, new enterprises＇ laws governing the market operation. The regulators and investors should be fully aware that the ups and downs of the market will likely become the norm in a long time. 3） Shareholders＇ cash holdings may have some negative incentive effects, but there is limited size of holdings belong to the actual controllers and controlling shareholders. It may be considered to strengthen the education and guidance of the enterprises, establishing social responsibility. 4） The GEM is playing a role as training mechanism for emerging companies. Some companies achieved rapid growth via the unique training mechanism of the capital market such as： mergers and acquisitions, equity incentive