创业板上市公司成长性评价实证分析

发布时间：2018-04-01 06:56

本文选题：创业板　切入点：成长性　出处：《华东理工大学》2013年硕士论文

【摘要】：公司成长性一直是学者们研究的热点问题,包括成长性影响因素的分析、成长性的评价等。我国的创业板市场备受瞩目,其上市公司的成长性更是人们关注的热点话题。本文以创业板上市公司的成长性为出发点,首先对国内外有关公司成长性的文献进行了回顾,然后选取我国2009年、2010年在创业板上市的146家公司为研究样本,从盈利能力、扩张能力、偿债能力、现金实力、管理水平及创新能力六个方面选取了8个财务指标,运用因子分析方法提取出了三个影响成长性的主要因子,分别命名为费用水平因子、现金及扩张能力因子、偿债能力因子,建立了成长性评价的模型,利用模型对样本公司计算出成长性得分并排名。然后选取成长性排名前十和后十的两组公司的业绩进行比较,发现成长性排名靠前的公司的业绩明显好于成长性排名靠后的公司的业绩,由此证明论文本文建立的成长性评价模型的准确性。最后把所有146家样本公司分为高成长性、中成长性、低成长性三组,针对三个主因子分别建立简单线性回归模型,结果发现费用水平因子在三组公司中都与成长性水平负相关,偿债能力因子与成长性水平正相关,而现金及偿债能力因子在低成长组的样本公司中表现出正相关,但在中成长性及高成长性的公司中的相关关系不显著。
[Abstract]:Corporate growth has always been a hot topic for scholars, including the analysis of growth factors and the evaluation of growth.The growth of listed companies is a hot topic in China's gem market.In this paper, the growth of gem listed companies as the starting point, the first review of the literature on the growth of companies at home and abroad, and then selected 146 companies listed on the gem in 2009, 2010 as the research sample, from the profitability,Eight financial indexes are selected from six aspects of expansibility, solvency, cash strength, management level and innovation ability, and three main factors affecting growth are extracted by factor analysis, which are named cost level factors, respectively.The cash and expansibility factor and the solvency factor are used to establish the growth evaluation model. The growth score and rank of the sample company are calculated by the model.Then we compare the performance of the top 10 and the last 10 groups of growth companies, and find that the performance of the companies with the top growth rank is obviously better than that of the companies with the lower growth rank.This proves the accuracy of the growth evaluation model established in this paper.Finally, all 146 sample companies were divided into three groups: high growth, medium growth and low growth. A simple linear regression model was established for the three main factors. The results showed that the cost level factor was negatively correlated with the growth level in the three groups.Solvency factors were positively correlated with growth level, while cash and solvency factors were positively correlated in low growth group, but not significant in medium growth and high growth companies.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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