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ity is not an important criterion in order to achieve the effect of a temporary relief for SMEs , financing difficulties that really exist , but there are scientific and technological content , with high growth potential enterprises to enter the GEM , a large number of under the current financing system to meet the lack of funds to meet the funding needs of SMEs . Compared with the U.S. Nasdaq market point of view , we can say there is no threshold , as a financing platform , loss-making enterprises can also be listed . In China, the layers of selection by the regulatory authorities , on the one hand squeeze a lot of energy , it also prone to adverse selection problems . In addition , strict delisting system and improved business risk of bankruptcy due to poor management , making institutional investors increase the probability of loss .

Therefore, the existence of China's capital market institutional deficiencies , affecting the enterprise independent innovation capability , the impact of China's innovative private enterprise survival and development, technology and capital combined become the biggest bottleneck .

The success of many enterprises listed overseas experience has shown that by entering the overseas capital market , can encourage enterprises to improve the management mechanism , and establishing a competitive market requirements of the modern enterprise system . The introduction of international norms of corporate governance structure, accounting system and incentive system. By listing the financing of private enterprises . Received development funds , the introduction of strategic investors , to achieve the transformation of property rights , and promote the improvement of corporate governance mechanisms , learning the international advanced management mode and experience. As capital markets have become increasingly mature, improve the enterprise market influence and competitiveness

Chinese private enterprises from a local enterprise to become an international public through the listing process of the company , to be listed on the program design, including the company's group structure , ownership structure design and adjustment for corporate equity , assets, business and other aspects of restructuring to comply with the requirements of overseas listing . These are beneficial to enterprises to establish a sound corporate governance structure, and thereby helping to achieve business goals .

Different financing sources and financing decisions for different financing structure , financing structure determines corporate capital structure, including debt and equity ratio , decentralized or centralized ownership structure , ownership structure and non- tradable shares in the proportion of tradable shares , shareholder distribution and so , determine the characteristics of the capital structure of the company control over the configuration status , to determine the corporate governance structure , the impact of corporate governance efficiency.

In China, mainly bank loans debt financing , debt financing is usually soft constraints exist , can not play a role in the governance of the creditor ; while equity financing constraints more weak , there is no mandatory requirement for dividends paid in the tradable capital market is not perfect in the case , malicious misappropriating corporate behavior abound, amount of financing is not used for investors in the p