【正文】 s shortterm solvency . Reflects the ability of the Company39。 also developed based management and financing policies to be considered . (2 ) the determinants of business growth Determinants of business growth are external factors and internal factors . External factors include macroeconomic environment and industry environment , including macroeconomic environment, including 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 petitive position of panies within the industry , product advantage , financial position , pany size , technology innovation and management innovation, quality and decisionmaking ability of managers, corporate strategy and pioneering spirit , operational efficiency and corporate culture. (3) , the growth of panies listed on GEM evaluation system GEM listed pany 39。s information resources , help investors to make an objective judgment on corporate , investment risk effectively resolved . 3 , serving the highgrowth panies . 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 panies in the early development of a smaller scale , it is difficult listed on the main market . GEM will provide a good venture capital fund export to promote these funds are more willing to invest in highgrowth small and medium sized panies. 4 , all of the outstanding shares of the pany . In the motherboard market , although the pany39。 第一，有助于投資者的投資決策。 (3)公司償債能力 本文用流動比率 ,即流動資產(chǎn) (均值 )與流動負(fù)債 (均值 )的比率 ,來衡量公司短期償債能力。公司成長性可用多個財務(wù)指標(biāo)衡量 ,其中主營業(yè)務(wù)收入增長率和凈利潤增長 率是兩個比較重要的指標(biāo) ,前者體現(xiàn)了企業(yè)規(guī)模的變化趨勢 ,后者則反映了經(jīng)營效益的變動狀況。 （二）企業(yè)成長性的決定因素 企業(yè)成長性的決定因素有外部因素和內(nèi)部因素。質(zhì)的成長是企業(yè)內(nèi)部結(jié)構(gòu)的發(fā)展和創(chuàng)新，功能的不斷完善，是競爭力增強(qiáng)的過程，是內(nèi)部資源的有效配置；量的成長是企業(yè)規(guī)模的擴(kuò)張、利潤的增長等。這種規(guī)定有利于創(chuàng)業(yè)板市場的流動性，使市場更加活躍。因?yàn)閯?chuàng)業(yè) 板市場上市條件較低，許多經(jīng)營狀況 不盡如人意 的中小企業(yè)很可能與優(yōu)質(zhì)企業(yè)資源并存，而且對高科技企業(yè)的評價相比 傳統(tǒng)產(chǎn)業(yè) 而言更為繁難。這是中國多層次資本市場建設(shè)的重要里程碑，對于拓展中小企業(yè)融資渠道，完善資本市場結(jié)構(gòu)，推進(jìn)創(chuàng)新型國家戰(zhàn)略的實(shí)施，夯實(shí)經(jīng)濟(jì)發(fā)展后勁，將產(chǎn)生積極深遠(yuǎn)的影響。首先沒有關(guān)于盈利狀況的要求，其次沒有對于 凈資產(chǎn) 額的要求。 公司股份全部流通。最后，設(shè)立創(chuàng)業(yè)板市場還會對我國整個 宏觀經(jīng)濟(jì) 運(yùn)行產(chǎn)生有利的影響。企業(yè)成長性即企業(yè)實(shí) 現(xiàn)可持續(xù)成長的能力，是企業(yè)對內(nèi)充分挖掘自身資源潛力，對外把握一切投資機(jī)會，從而實(shí)現(xiàn)量的增長和質(zhì)的提高的一種能力。因此，建立客觀公正的對促進(jìn)創(chuàng)業(yè)板市場的產(chǎn)生和穩(wěn)定發(fā)展具有重要意義。 (2)公司營運(yùn)能力 本文用總資產(chǎn)周轉(zhuǎn)率 ,即主營業(yè)務(wù)收入與平均總資產(chǎn)的比率來表示公司營運(yùn)能力。 三、研究意義 企業(yè)的成長性是指企業(yè)在持續(xù)挖掘內(nèi)外資源潛力基礎(chǔ)上所展現(xiàn)出的整體擴(kuò)張的態(tài)勢 ,它是指企業(yè)由小變大、由弱變強(qiáng)的不斷變革的過程。s multi level capital market for SMEs to expand financing channels , improve the capital market structure, promote the implementation of the national strategy of innovation , consolidate the economic development potential , will have farreaching positive impact . First, the nature of the board market , characteristics and economic significance GEM , also known as the Second Board Market (Secondboard Market), is the main market (MainBoard Market) of a different class of securities markets , is to have a highrisk, highreturn characteristics of hightech SMEs as the main target the setting , with a large listed pany on the Main Board of mature market is different, it is a forwardlooking market , focusing on the pany39。 volume growth is the expansion of bu