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2015年10月30日,我国创业板开板六周年。创业板在2009年设立时正值美国金融危机在世界范围内蔓延。六年来,创业板上市公司数量已将近500家,总市值达到上市之初的三十多倍,其中有318只个股涨幅在100%以上。在创业板上市的战略型新兴产业公司不断增多,逐步显现出创业板为新兴公司提供筹集资金渠道的目的。创业板公司整体发展态势良好且政府监管制度进一步完善,这对整个社会形成支持创新的局面具有重大意义。当然创业板在发展过程中也出现了估值被推高形成大量泡沫等问题。对此,本文试图从宏观角度浅析影响创业板上市公司股价变动的宏观影响因素,以期对企业经营和投资者投资提供宏观角度的借鉴。
October 30, 2015, the sixth anniversary of China’s GEM opening. The GEM was launched in 2009 at a time when the U.S. financial crisis spread around the world. In the past six years, the number of GEM companies has nearly 500, with a total market value of more than 30 times that of the initial public offering, of which 318 stocks rose more than 100%. The GEM companies listed on the strategic emerging industries continue to grow, and gradually show that GEM provides emerging companies with the purpose of raising funds. The good overall development of the GEM companies and the further improvement of the government supervision system are of great significance to the formation and support of innovation in the entire society. Of course, the GEM also appeared in the development process has been pushed up the valuation of a large number of bubbles and other issues. In this regard, this article attempts to analyze the macro-factors that affect the changes in the stock price of GEM companies from a macro perspective, with a view to providing a macro perspective of business operations and investor investment.