CAJ | 학술논문

对创业板四年来市场状况和公司发展特征的分析发现：第一，创业板在文化传媒、移动互联网等领域涌现出一批优秀企业，吸引了社会资金向新兴企业聚集；第二，创业板市场波动较大，符合新市场、新企业的运行规律，大起大落可能将在较长时间内成为常态，监管部门和投资人对此要有充分认识；第三，股东减持套现可能存在一定的负激励效应，但实际控制人和控股股东减持规模有限，可考虑强化对企业的教育和引导，树立社会责任意识；第四，创业板对新兴企业的培育机制正在发挥作用，一些公司通过并购、股权激励等资本市场特有的培育机制实现了高速成长。
대창업판사년래시장상황화공사발전특정적분석발현：제일，창업판재문화전매、이동호련망등영역용현출일비우수기업，흡인료사회자금향신흥기업취집；제이，창업판시장파동교대，부합신시장、신기업적운행규률，대기대락가능장재교장시간내성위상태，감관부문화투자인대차요유충분인식；제삼，고동감지투현가능존재일정적부격려효응，단실제공제인화공고고동감지규모유한，가고필강화대기업적교육화인도，수립사회책임의식；제사，창업판대신흥기업적배육궤제정재발휘작용，일사공사통과병구、고권격려등자본시장특유적배육궤제실현료고속성장。
After analyzing the GEM market condition and the companies＇ development features in the past 4 years, we found that： 1） there are a group of outstanding enterprises emerged in the fields as cultural media, mobile internet, and GEM is attracting social capital to emerging companies. 2） The volatility is huge in the GEM market, and this is in line with the new market, new enterprises＇ laws governing the market operation. The regulators and investors should be fully aware that the ups and downs of the market will likely become the norm in a long time. 3） Shareholders＇ cash holdings may have some negative incentive effects, but there is limited size of holdings belong to the actual controllers and controlling shareholders. It may be considered to strengthen the education and guidance of the enterprises, establishing social responsibility. 4） The GEM is playing a role as training mechanism for emerging companies. Some companies achieved rapid growth via the unique training mechanism of the capital market such as： mergers and acquisitions, equity incentive