中小企业板上市公司成长性评价研究

发布时间：2018-01-07 07:12

本文关键词：中小企业板上市公司成长性评价研究　出处：《西南财经大学》2009年硕士论文　论文类型：学位论文

【摘要】： 中小企业板自2004年推出已有4年的时间,至2008年5月,在中小板挂牌上市的企业达到241家。中小企业板是在吸取了国外创业板成功的经验和失败的教训、结合我国现有实际情况推出的,是我国政府根据经济建设和社会发展的客观需要做出的重大战略决策。中小企业板的推出体现了证券市场改革的力度、发展的速度和市场承受程度的统一,是分步推出创业板市场建设的实际步骤。中小企业板推出4年来的运行实践表明,上市公司的成长性是中小企业板市场发展的核心,是衡量企业和市场发展的主要条件,是未来创业板市场发展的基础,也决定着创业板市场发展的成败。因此,对我国中小企业板上市公司成长性进行研究,具有较强的理论意义和现实意义,主要表现在:第一,为公司成长性研究提供借鉴。本文首先对中小企业板上市公司的总体状况从自身状况和外部环境状况两个方面分四个特征进行了系统的分析,然后在此基础上构建了中小企业板成长性评价指标体系,并用主成分分析法对样本上市公司的成长性进行评价,得出成长性综合排名和分项能力排名,并对排名结果进行分析评述。不仅在研究方法上有新的尝试,而且也得出了一些有意义的结论,为后来的公司成长性研究提供了良好的借鉴。第二,通过使用数量统计模型,可以对中小企业板上市公司成长能力的高低进行判定,从而为政府监管部门制定相应的政策提供参考,为增强中小企业板上市公司的成长性提供指导性建议。第三,该研究可以为中小企业投资价值分析提供参考。由于证券市场的融资扩容作用,已在中小企业板上市的中小企业将面临很好的发展机遇,借助资本市场的力量,利用收购兼并、股本扩张等方式迅速做大、做强或者参与混业经营,这样会对公司未来的发展起到很大的促进作用,而且新的金融体制改革也使上市中小企业成为中国中小企业未来发展的方向。因此,越来越多的学者和投资者开始关注中小企业板的投资价值,中小企业板上市公司的成长性评价是对其投资价值分析最重要的一个参考。除导论外,本文共分五个部分:第一部分对企业成长理论和企业成长性评价研究的国内外相关文献进行综述和评价;第二部分对中小企业板上市公司的总体现状从自身现状和外部环境现状两个方面分四个特征进行系统的分析,为成长性评价指标体系的构建奠定现实基础;第三部分建立了中小企业板上市公司的成长性评价体系,包括构建评价指标体系和选择评价模型,并对本文拟采用的实证研究方法——主成分分析法进行具体的说明。第四部分是实证研究部分,为文章的核心部分,首先对样本选取、数据来源进行介绍,然后用主成分分析法得出样本公司的成长性综合排名和分项能力排名,并对综合排名结果和重要的分项能力排名结果进行分析评述。第五部分是对中小企业板上市公司的成长性评价做简单总结,并为监管部门提出建议,同时,明确进一步研究的方向。本文试图在以下几方面形成特色、实现创新:第一,本文对中小企业板上市公司的总体现状从自身现状和外部环境现状两个方面分四个特征进行了系统的分析,这四个特征分别是总量特征、结构特征、业绩特征、环境特征。对中小企业板上市公司总体现状的系统分析,为成长性评价指标体系的构建奠定了现实基础,也启发了评价指标体系构建的思路。同时,通过对中小企业板上市公司总体现状分析也发现,业绩特征和环境特征对中小企业板上市公司成长性影响较大,这也发现也有助于本文选取更客观、更有效的评价中小企业板上市公司的成长性指标。第二,本文构建了一套由内生性评价指标和外生性影响因素组成的中小企业板上市公司成长性评价指标体系,运用主成分分析法对内生性评价指标进行计算得出了中小企业板上市公司成长性综合排名和重要分项能力排名,再结合外生性影响因素对排名结果进行分析评述,同时,为了克服绝对指标无法反映企业各方面的能力在一段时间内的动态变化情况以及发展趋势的局限性,本文的指标体系均为纵向指标,时间跨度为3年,以便更为客观地评价中小企业板样本上市公司在一段时间内的成长性。第三,本文基于构建的中小企业板上市公司成长性评价指标体系,将主成分分析法应用于中小企业板上市公司成长性的综合评价,得出成长性综合排名。本文还对影响企业成长性综合得分的重要分项能力进行识别,发现在影响中小企业板上市公司成长性综合得分的各分项能力中,盈利能力、成本获利能力、资金运作能力和研发能力是权重最大的影响指标,故本文也得出了这四个分项能力的排名结果,并分别分析了排名前位和排名后位的上市公司的成长情况,探究导致排名结果高低的原因。本文的不足之处表现在:第一,由于中小企业板于2004年5月才设立,而本文采用3年的纵向指标来衡量样本上市公司的成长性,故研究样本只能包括2005年12月31日前在中小企业板上市的公司,样本数不够多。第二,成长性评价指标体系虽然包括了内生性评价指标和外生性影响因素两个层面,但考虑到拟采用的主成分分析方法,本文数量统计模型只考虑了内生性指标,而外生性影响因素只在分析评述中结合使用,没有纳入到模型中。其次,本文还忽略了外生性影响因素中的不可量化的因素。鉴于上述不足,本文提出两点研究设想:第一,构建中小企业板上市公司成长性评价综合指数。本文从可操作性的角度出发,基于中小企业板上市公司的总体现状,以公开的财务报表为依据选取了一些常用的财务指标为内生性评价指标,也就是说本文评价模型仍是以传统的财务指标为基础,忽略了其它内部非财务性因素和外部的环境因素,这在一定程度上制约着评价模型的有效性。因此,寻找到一套能更全面、更客观的评价中小企业板上市公司成长性的指标体系并通过数量统计模型整合为包括财务指标、治理结构、市场表现等几个维度的中小企业板上市公司成长性评价综合指数,有待成为进一步的研究方向;第二,成长性评价其他计量方法仍有待深入研究。主成分分析法在成长性评价有其自身的优点,但由于同一被评价对象在不同样本集合体中的均值和离散程度是变化的,因而协方差矩阵也是变化的,由此计算的主成分与方差贡献率是不同的,所以综合评价的结果是变化的,因此主成分分析方法一般适用于一次性评价,不便于横向和纵向比较,不利于统计资料的累积。其次,进行主成分综合评价没有考虑指标本身的相对重要,用线性关系来处理指标与主成分以及主成分与最后评价函数之间的关系,还是略显粗糙。因此,在成长性的相关研究中,成长性评价的其他计量方法仍有待深入研究。
[Abstract]:Small and medium enterprise board launched since 2004 has been 4 years, to May 2008, in the small board listed companies reached 241. The SME board is in absorbing foreign successful experience and failure lessons with the launch of the gem, the current actual situation, is a major strategic decision of our government according to the actual needs of economy construction and social development. To make the introduction of the SME board reflects the stock market reform efforts, the speed of development and market acceptance is unified, step by step to promote practical steps of construction of the gem.
The introduction of the SME board operation practice of 4 years showed that the growth of listed companies is the core of the development of small and medium-sized enterprises in the market, is the main measure of the conditions of the enterprise and market development, is the foundation of the future development of the GEM market, but also determines the success or failure of the development of the GEM market. Therefore, to study the growth plate small and medium sized enterprises in China listed companies, has strong theoretical and practical significance, mainly in: first, the growth of the study provide a reference for the company's overall situation. Firstly, the SME board listed companies from two aspects of external environment condition and its four characteristics are systematically analyzed, and then the based on the construction of small and medium-sized enterprises in the growth evaluation index system, and analyzed by principal component analysis method on the growth of listed companies, the growth ranking and sub capacity ranking, Review and analysis of the ranking results. A new attempt not only in research methods, but also draw some meaningful conclusions, provides a good reference for the later growth of the company. Second, by using the statistical model, the SME board listed company growth ability to judge, to to provide reference for the government to formulate relevant policies and provide guidance and advice to enhance the growth of SME board listed companies. Third, the research for SME investment value analysis provides a reference. Due to the financing of securities market expansion effect, has been listed on the board of small and medium-sized enterprises of small and medium-sized enterprises will face great opportunities for development and with the power of capital markets, through mergers and acquisitions, equity expansion rapidly bigger, stronger or in mixed operation, this will be the future development of the company to A great role in promoting the reform of the financial system, and also make the listing of small and medium enterprises to become the future development of small and medium-sized enterprises Chinese direction. Therefore, more and more scholars and investors started to pay attention to the board of small and medium-sized enterprises investment value, the SME board listed company growth evaluation is one of the most important reference for the analysis of the value of the investment.
In addition to the introduction, this paper is divided into five parts: the first part reviews and evaluates the research on growth evaluation theory and enterprise growth on the related literature at home and abroad; the second part of the overall situation of the SME board listed companies from the current situation of our current situation and the external environment two aspects four characteristics are systematically analyzed, which lays a foundation for the construction of the evaluation index system of the growth; the third part of the establishment of the evaluation of the growth of listed companies on SME board system, including the construction of evaluation index system of evaluation and selection model, and the empirical research methods used in the paper are explained: the principal component analysis method. The fourth part is the part of empirical research, for the core part of the article, firstly, sample selection, data sources are introduced, and then use the growth ranking method of principal component analysis and to draw the Sample Firms Power rankings, ranking analysis and review results of ranking results and important sub ability. The fifth part is the evaluation of the growth of the SME board listed companies to do a brief summary and put forward suggestions for the supervision department at the same time, a clear direction for further research.
This paper attempts to form a feature of innovation in the following aspects: first, the overall situation of the SME board listed companies from the two aspects of their own situation and the external environment is divided into four characteristics of the system analysis, these four features are the total characteristics, structure characteristics, performance characteristics, environmental characteristics analysis system. For small and medium-sized enterprises in the general status of the listed company, and lay the foundation for constructing the evaluation index system of the growth, also inspired the construction of the evaluation index system of ideas. At the same time, the SME board listed companies present situation analysis also found that environmental features and performance has great influence on the growth of Listed Companies in SME board it is also found that also contributes to the selection of more objective and more effective evaluation indicators of the growth of listed companies on SME board. Second, this paper presents an endogenous evaluation The evaluation index system of the growth of small and medium-sized board index and exogenous factors of the listed companies, the use of principal component analysis of endogenous evaluation index is calculated in the SME board Ranking Ranking the growth of listed companies and the important component, combined with external factors to analyze the impact on the ranking results, at the same time, in order to the limitations and development trend of the dynamic changes of absolute index can not reflect the ability to overcome the various aspects of the enterprise in a certain period of time, the index system for longitudinal index, a time span of 3 years, in order to objectively evaluate the growth of small and medium-sized enterprise board of Listed Companies in a certain period of time. Third. In this paper, the evaluation index system of the growth of small and medium-sized enterprises in the construction of listed companies based on the principal component analysis method is applied to the SME board listed company's growth The growth of the comprehensive evaluation, an important part of the power rankings. The overall score of growth of influence on enterprise's identification, found that profitability in the influence of small and medium enterprise board scores the growth of listed companies of each sub capability, cost, profitability, capital operation ability and development ability is the largest weight, so this paper it indicates that the four sub capacity ranking results, and analyzes the growth situation and the top ranked companies, explore the cause of high and low ranking results.
The deficiencies of this paper in the following aspects: first, because of the small and medium-sized enterprise board was set up in May 2004, and the longitudinal index of 3 years of growth to measure the sample of listed companies, so the research sample includes only listed on the SME board before December 31, 2005, the number of samples is not enough. Second, although the growth of evaluation index system including the factors of endogenous and exogenous impact evaluation index of two levels, but considering the principal component analysis method this paper proposed, statistical model only considers the endogenous factors outside nature index, affects only in conjunction with analysis and review, not incorporated into the model. Secondly, this paper also ignores the non quantifiable the effects of exogenous factors.
In view of the above problems, this paper proposes two research ideas: first, construct the comprehensive evaluation index of the growth of companies listed on the SME board. This paper from the operational point of view, the overall situation of the SME board based on the listed companies, based on the public financial statements based on a selection of some commonly used endogenous financial indicators as the evaluation index, also it is said that this evaluation model is still in the traditional financial indicators as the basis, ignoring the other environmental factors, internal and external non financial factor, which restricts the effectiveness of the evaluation model to a certain extent. Because of this, to find a more comprehensive, more objective evaluation index system for the growth of small and medium-sized enterprises listed the company and the number of statistical model integration including financial index, corporate governance structure, the SME board market performance of several dimensions of the growth of the listed company comprehensive evaluation index, have To be a further research direction; second, the evaluation of the growth of other measurement methods remains to be further studied. The principal component analysis method has its own advantages in the evaluation of the growth, but because of the same mean was evaluated in different samples in the aggregation and dispersion degree of change, so the covariance matrix is also variable, principal component and the calculated variance contribution rate is different, so the comprehensive evaluation result is changing, so the principal component analysis method is generally applicable to a one-time evaluation for horizontal and vertical comparison, is not conducive to the accumulation of statistical data. Secondly, the comprehensive evaluation index of the relative principal component is not an important consideration, using linear relation to the relationship between index and principal component and principal components and final evaluation function, is slightly rough. Therefore, the related research in growth in the evaluation of the growth of the other The measurement method still needs to be further researched.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：F224;F276.6;F832.51

【引证文献】