【正文】 arket development, but also the premise of its existence . Most panies in the market are in hightech industries with high growth potential, but often established a short time, pany size is relatively small , not prominent position in the industry , development prospects uncertain. Therefore , the establishment of an objective and impartial is important to promote the generation and stable development of the GEM market. Growth is a GEM listed pany characteristics, is an important indicator of listed panies and market prospects is the basis of the GEM market healthy development, but also determines the success or failure of the GEM market development. Factors affecting the growth of listed panies there are many , to facilitate this study as well as the principle of easy availability of data , while providing a reference for ordinary investors , the paper selected financial indicators as growth analysis . The pany39。s shares can be transferred according to law , but the pany39。本文是以投資者為評(píng)價(jià)主體建立的創(chuàng)業(yè)板上市公司成長性指標(biāo)體系，本文建立 的成長性指標(biāo)評(píng)價(jià)體系對(duì)投資價(jià)值的一個(gè)重要參考，所涉及財(cái)務(wù)指標(biāo)均為上市公司公開財(cái)務(wù)數(shù)據(jù)，具有易得性，從而為投資者對(duì)上市公司的投資價(jià)值評(píng)估提供依據(jù)。反映了公司流動(dòng)資產(chǎn)在短期債務(wù)到期時(shí)可變現(xiàn)用于償還流動(dòng)負(fù)債的能力。本文選擇凈利潤增長率作為反映公司成長性的核心指標(biāo) ,設(shè)為因變量 ,采用多元線性回歸分析的方法 ,來分析公司成長性與其他因素的關(guān)系。外部因素有宏觀經(jīng)濟(jì)環(huán)境和行業(yè)環(huán)境，其中宏觀經(jīng)濟(jì)環(huán)境包括國家的宏觀調(diào)控、政策傾向，行業(yè)環(huán)境包括行業(yè)的生命周期、市場(chǎng)環(huán)境、政策性影響、產(chǎn)業(yè)結(jié)構(gòu)和其他獨(dú)特優(yōu)勢(shì)。質(zhì)的成長是量的成長的基礎(chǔ)。 創(chuàng)業(yè)板市場(chǎng)設(shè)立的經(jīng)濟(jì)意義： 由于創(chuàng)業(yè)板市場(chǎng)的上述無可比擬的優(yōu)點(diǎn)，設(shè)立創(chuàng)業(yè)板市場(chǎng)會(huì)對(duì) 微觀經(jīng)濟(jì) 發(fā)展產(chǎn)生巨大的推動(dòng)力。因此，充分披露發(fā)行人的 信息資源 ，有利于投資者對(duì)企業(yè)作出客觀的判斷，有效化解 投資風(fēng)險(xiǎn) 。 一、板市場(chǎng)的性質(zhì)、特點(diǎn)及經(jīng)濟(jì)意義 創(chuàng)業(yè)板 ，又稱二板市場(chǎng)（ Secondboard Market），是與主板市場(chǎng)（ MainBoard Market）不同的一類證券市場(chǎng) ，是為具有高風(fēng)險(xiǎn)、高回報(bào)特性的高科技中小企業(yè)為主要服務(wù)對(duì)象而設(shè)置的 , 與大型成熟上市公司的主板市場(chǎng)不同，它是一個(gè)前瞻性市場(chǎng)，注重公司的發(fā)展前景和增長潛力，其上市標(biāo)準(zhǔn)要低于成熟的主板市場(chǎng)。 創(chuàng)業(yè)板市場(chǎng)擁有以下特點(diǎn)： 較低的 上市要求 。創(chuàng)業(yè)板將為創(chuàng)業(yè)基金提供良好資金 “ 出口 ” ，促使這些基金更愿意投資于高成長性的中小型公司。創(chuàng)業(yè)板給予了一個(gè)有效的市場(chǎng)定價(jià)機(jī)制和資本退出機(jī)制，可以激發(fā)投資者冒高風(fēng)險(xiǎn)進(jìn)行創(chuàng)業(yè)的熱情和勇氣，促 進(jìn)商業(yè)性高新技術(shù)的開發(fā)、高新技術(shù)的 產(chǎn)業(yè)化 。一個(gè)企業(yè)的成長性具有持續(xù)性、動(dòng)態(tài)性、波動(dòng)性、效益性、擴(kuò)張性等特征。市場(chǎng)內(nèi)大多數(shù) 公司都處于高科技行業(yè)，具有較高的成長性，但往往成立的時(shí)間較短，公司規(guī)模也比較小，行業(yè)地位也不突出，發(fā)展前景并不明朗。凈資產(chǎn)收益率是反映盈利能力的核心指標(biāo)，該指標(biāo)越高，反映盈利能力越好。資產(chǎn)負(fù)債率高， 表明企業(yè)融資效率好，財(cái)務(wù)杠桿的作用得到了好的發(fā)揮，但同時(shí)伴隨著高風(fēng)險(xiǎn)。 Foreign language translation After a decade of grinding sword , the GEM market finally in October 23, 2020 are open for business . This is an important milestone in China 39。s capital market, thus impact of the construction of the capital market system. Second, the growth of related concepts and determinants ? business growth and Concept of business growth Business growth is an enterprise in their own development process, their industries and sectors in the development of good product prospects, yearly expansion of business scale and increasing operating efficiency trends, including the growth of both qualitative and quantitative growth . Qualitative growth and innovation in the development of the internal structure of the enterprise , and constantly improve the function is to enhance the petitiveness of the process , is the efficient allocation of internal resources 。s growth and other factors. Other factors include the pany39。s profitability , growth and asset structure, solvency , panies can realize the current situation and future development , and take appropriate measures to improve the operation and management to avoid losses , summed up the successful experience of the previous year , to create more value for the enterprise .