推出创业板是党中央、国务院从经济社会发展全局出发作出的一项重要决策，适应了我国应对国际金融危机、促进经济平稳较快发展的内在要求，也适应了我们加快转变经济发展方式、培育和发展战略性新兴产业的内在需求。自正式推出以来，在有关部门、地方政府的大力支持下，在市场参与各方的共同努力下，我国创业板市场总体运行平稳，市场各方参与积极有序。创业板在鼓励和引导社会投资、支持创新型企业发展、促进产融结合等方面的功能初步显现，正在朝着预期的方向发展。
本文以创业板上市公司为例通过四个部分展开论述：第一部分，分析创业板的财务特征。主要从资本结构的不稳定性、投资方向的不稳定性和经营业绩的不稳定性三个方面来分析。第二部分，针对创业板上市公司的融资风险和影响因素进行分析。第三部分，结合实际案例分析总结创业板上市公司在运营中的融资风险问题。第四部分，依据创业板的特点及融资风险影响因素，对其主要融资风险及问题提出防范和控制的有效措施。
关键词：创业板上市公司、融资风险、融资风险控制
Abstract
The introduction of the GEM is an important decision made by the State Council, starting from the economic and social development to adapt to the inherent requirements of China’s response to the international financial crisis and promoting steady and rapid economic development, but also to adapt us to accelerate the transformation of economic development, fosterand development of the internal needs of the emerging strategic industries. Market participation in government departments, local government support, since the formal launch of the parties to the joint efforts of China’s GEM market in general run a smooth, market parties to participate in an active and orderly. GEM initially appeared to encourage and guide social investment, to support the development of innovative enterprises, promote the production and finance and functions, are moving in the expected direction.
GEM listed companies, for example, discusses the four parts: the first part of the analysis of the financial characteristics of GEM. Mainly from the instability of the capital structure of the three aspects of the instability of the instability of the direction of investment and operating results. The second part of the financing risks and influencing factors for companies listed on GEM. The third part of the actual cases analyzed and summarized the financing risks of the companies listed on GEM operations. The fourth part of the influencing factors based on the characteristics of the GEM and financing risks, financing risks and problems of effective measures of prevention and control.
Keywords：Listed companies on GEM; The financing risk control; Countermeasure
目 录
4．上市企业的公司治理制度有关规定不具体，缺乏可操作性… 13
