本毕业论文主要研究德国法交所中小企业板(Scale)作为中小企业筹集资金平台，以帮助中小企业在上市后更快成长，即中小企业在Scale上市前的成长性与上市后相比是否有显著差异。为此采用因子分析法将6个财务指标降维，计算公司上市前中后各一年的三维度成长性得分，并进行配对样本非参数检验，得出成长性得分是否在上市前后有显著变化。此外，本文探讨了在Scale上市的净利润为负的公司，成长性是否会受此影响。在此运用回归分析，以中小企业成长性得分为因变量，净利润的正负为虚拟自变量建立模型，并解释分析结果。实证分析结论为：(a) 德国中小企业成长性指标在上市前后不存在显著差异。(b) 中小企业净利润的负向对企业总体成长性变化率有显著的消极影响。最后本文在结论的基础上提出对中小企业板的入市条件建议和退市机制。

This thesis aims to study whether Scale is the effective fundraising platform for Small and Medium Enterprises (SMEs) to help SMEs grow faster after IPO. More specifically, the thesis explores whether the growth rate of each SME changes significantly after IPO. Thus, I conduct the Factor analysis to summarize six financial indicators and calculate the growth rate of SMEs from three aspects. In addition, I conduct the Wilcoxon signed-rank test in order to compare two matched samples, i.e. the growth rate of SMEs from three aspects before and after IPO. Moreover, I study the topics by regressions: whether the negative net income of SMEs influences the changes of growth rate of SMEs before and after IPO. The conclusions of the empirical research are: (a) There is no significant difference between the growth rates of SMEs before and after IPO. (b) The negative net income of SMEs has a negative impact on the change rate of integrated growth rate of SMEs. Based on the research results, I come out the suggestions on the IPO reform in China and the rules behind delisting of one stock.