我国创业板上市公司成长性实证研究

发布时间：2018-04-27 03:19

本文选题：创业板上市公司 + 成长性　；参考：《北京化工大学》2013年硕士论文

【摘要】：创业板的诞生是我国建设多层次证券市场的一个里程碑。经过三年的发展，创业板市场容量不断扩充，吸纳了众多服务于新兴、战略新型产业的中小企业。由于创业板定位于成长型中小企业，因此，合理评价其成长性对上市公司本身、对其利益相关者、对创业板市场的发展，都具有很重要的参考价值。本文系统地总结了企业成长性及其影响因素理论，以前人的研究成果为基础，结合对创业板市场特点及其上市公司特征和发展现状的分析，建立了适用于创业板企业的成长性分析框架（企业资源与能力——企业核心竞争力——企业成长）和评价体系（成长结果评价和成长动力评价），并运用因子分析法对选取的139家样本上市公司进行了成长性测评。实证结果表明：我国创业板上市公司整体成长性不佳，且个体间差异较大；信息技术行业等科技含量高的新兴行业整体成长性较好，制造业等传统行业整体成长性差；区域经济越发达、地方政府对于民营经济和新兴、战略新型产业的发展越重视，则地区上市公司的成长性表现越好；科研创新能力不足是制约我国创业板上市公司成长的桎梏。最后，通过对实证结论的深入分析，，本文从不同侧面提出了提高创业板上市公司成长性的合理化建议。
[Abstract]:The birth of the gem is a milestone in the construction of the multi-level securities market in China. After three years of development, the capacity of the gem has been expanded continuously, and it absorbs a large number of small and medium-sized enterprises which serve the new and strategic new industries. As the gem is located in the growing medium and small enterprises, it is reasonable to evaluate its growth to the listed companies themselves. Stakeholders are of great reference value to the development of the growth enterprise market.
This paper systematically summarizes the theory of enterprise growth and its influencing factors, based on the previous research results, and combines the characteristics of the GEM market and the analysis of the characteristics of the listed companies and the status quo of its development, and establishes an analytical framework for the growth of the enterprise (enterprise resources and ability -- the core competitiveness of the enterprise -- enterprise formation). Long) and evaluation system (growth results evaluation and growth dynamic evaluation), and using factor analysis method to evaluate the growth of the selected 139 listed companies. The empirical results show that the overall growth of China's GEM listed companies is poor, and the individual differences are large; the new industry with high scientific and technological content such as the information technology industry is whole. The growth of the traditional industries and other industries is poor. The more developed the regional economy is, the more important the local government attaches to the development of the private economy and the new and strategic new industries, the better the growth performance of the listed companies in the region; the lack of scientific research and innovation is the shackle of restricting the growth of the GEM listed companies in China. Through in-depth analysis of the empirical conclusions, this paper puts forward the rationalization proposals to improve the growth of GEM companies from different aspects.

【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272;F832.51

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