People's Daily: investment in the gem risk can not be forgotten

China's GEM market recently officially run. As a new market, the gem in the opportunity to bring investors, but also there are many risks.　　In this respect, investors must have a full understanding before investing in the gem. The risk of gem is mainly from the market risk and the risk from the gem itself.　　The gem market exists in the main board market, such as the operating risk of listed companies, the credit risk of listed companies, the blind investment risk of listed companies, the company quality risk caused by the agency's endless job, and the risk of market speculation.　　In addition, the Gem also exists its own risk, as the gem market listed companies relatively small, more in the entrepreneurial and growth period, the development of relatively immature, its higher risk than the motherboard. One is the operating risk of the listed company.　　Entrepreneurial enterprise operating stability overall lower than the main board listed companies, some listed companies may fluctuate or even failure, listed companies so the risk of delisting. Second, the credit risk of listed companies.　　The task of perfecting corporate governance and strengthening market integrity construction of GEM is more arduous. Third, the risk of large fluctuations in stock prices. Gem listed companies small size, market valuation is difficult, the stability of the valuation results, and a large number of stock trading behavior may induce a sharp price fluctuations, stock price manipulation is easier.　　From overseas gem market development experience, the gem market price fluctuations significantly higher than the motherboard market. Four is the technical risk of the venture enterprise.　　The product or service that transforms high technology into reality has obvious uncertainty, which is bound to be influenced by many variables and uncertain uncertainties beforehand, and there is a risk of loss due to technical failure. The risk that the investor is immature may cause.　　The investor structure of our country is still dominated by individual investors, the ability to discriminate the value of the company needs to be improved, the ability to resist risk is not strong, the value of the start-up enterprise itself is more difficult, and the risk of investment loss is easy to appear blindly. Six is the intermediary agency service level is not high to bring the risk. Because of the characteristics of the entrepreneurial enterprise itself, if the intermediary agencies can not fully play the role of market screening and supervision, may lead to the recommended quality of the company is not high.