【正文】 , and promote the development of mercial hightech , hightech industrialization. Finally , the establishment of the GEM market will have a beneficial impact on China39。 (4)公司資本規(guī)模 本文用平均總資產(chǎn)來(lái)表示公司資本規(guī)模。內(nèi)部因素包括企業(yè)所在行業(yè)內(nèi)的競(jìng)爭(zhēng)地位、產(chǎn)品優(yōu)勢(shì)、財(cái)務(wù)狀況、公司規(guī)模、技術(shù)創(chuàng)新和管理創(chuàng)新、管理者的素質(zhì)和決策能力、公司戰(zhàn)略和開拓精神、經(jīng)營(yíng)效率與企業(yè)文化。首先，創(chuàng)業(yè)板市場(chǎng)的設(shè)立能激勵(lì)社會(huì)各界的創(chuàng)業(yè)精神和創(chuàng)業(yè)行為，為經(jīng)濟(jì)發(fā)展提供物質(zhì)支持和技術(shù)基礎(chǔ)。 其目的主要是扶持中小企業(yè)，尤其是高 成長(zhǎng)性企業(yè) ，為 風(fēng)險(xiǎn)投資 和創(chuàng)投企業(yè)建立正常的退出機(jī)制，為 自主創(chuàng)新 國(guó)家戰(zhàn)略提供融資平臺(tái)，為多層次的 資本市場(chǎng) 體系建設(shè)添磚加瓦。創(chuàng)業(yè)板的主要目的是創(chuàng)造一個(gè)讓從事創(chuàng)新性、有市場(chǎng)潛力行業(yè)的中小企業(yè)能夠得到金融幫助的環(huán)境，這類高成長(zhǎng)性公司在發(fā)展初期規(guī)模較小，在主板市場(chǎng)上很難上市。因此，在分析企業(yè)的成長(zhǎng)性時(shí)，必須將質(zhì)與量結(jié)合綜合考慮。 具體財(cái)務(wù)指標(biāo)定義如下 : (1)公司盈利能力 本文用凈資產(chǎn)收益率 (ROE)來(lái)衡量公司盈利能力，即凈利潤(rùn)與凈資產(chǎn)的比率。對(duì)于公司管理層來(lái)說(shuō)，全面地掌握該公司的盈利能力、成長(zhǎng)性及資產(chǎn)結(jié)構(gòu)、償債能力，能夠意識(shí)到公司目前情況以及未來(lái)的發(fā)展，并采取相應(yīng)的措施改善經(jīng)營(yíng)管理以避免損失的發(fā)生，總結(jié)以前年度的成功經(jīng)驗(yàn)，為企業(yè)創(chuàng)造更多的價(jià)值。s growth as the profit growth of core indicators , set the dependent variable , using multiple linear regression analysis method to analyze the relationship between the pany39。s profitability , operations , solvency , capital size, capital structure. Specific financial indicators are defined as follows : ( 1 ) the pany39。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。 (2)公司營(yíng)運(yùn)能力 本文用總資產(chǎn)周轉(zhuǎn)率 ,即主營(yíng)業(yè)務(wù)收入與平均總資產(chǎn)的比率來(lái)表示公司營(yíng)運(yùn)能力。企業(yè)成長(zhǎng)性即企業(yè)實(shí) 現(xiàn)可持續(xù)成長(zhǎng)的能力，是企業(yè)對(duì)內(nèi)充分挖掘自身資源潛力，對(duì)外把握一切投資機(jī)會(huì)，從而實(shí)現(xiàn)量的增長(zhǎng)和質(zhì)的提高的一種能力。 公司股份全部流通。這是中國(guó)多層次資本市場(chǎng)建設(shè)的重要里程碑，對(duì)于拓展中小企業(yè)融資渠道，完善資本市場(chǎng)結(jié)構(gòu)，推進(jìn)創(chuàng)新型國(guó)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。這種規(guī)定有利于創(chuàng)業(yè)板市場(chǎng)的流動(dòng)性，使市場(chǎng)更加活躍。 （二）企業(yè)成長(zhǎng)性的決定因素 企業(yè)成長(zhǎng)性的決定因素有外部因素和內(nèi)部因素。 (3)公司償債能力 本文用流動(dòng)比率 ,即流動(dòng)資產(chǎn) (均值 )與流動(dòng)負(fù)債 (均值 )的比率 ,來(lái)衡量公司短期償債能力。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。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 ori