创业板上市公司成长性及其评价研究

发布时间：2018-03-13 11:08

本文选题：创业板上市公司　切入点：企业成长性　出处：《湘潭大学》2012年硕士论文　论文类型：学位论文

【摘要】：深圳创业板市场已经初具规模，其在我国资本市场中的作用与地位已经不容忽视，尤其是它的成长性备受社会各界广泛关注。创业板上市公司成长性指的是创业板上市公司挖掘自身内外潜在资源的能力，其表现形式包括规模的扩张以及结构的优化。客观、全面地评价创业板上市公司的成长性，不仅是创业板上市公司自我发展的需要，也是政府规范市场次序、控制与防范风险的需要，还是公司相关利益者了解公司发展状况与潜力的需要，从而最终促进创业板及其上市公司持续稳定成长。本文在研究过程中运用了规范分析与实证分析相结合的研究方法。首先，对本文的研究背景、意义进行了阐述，并对国内外相关的研究现状进行了综述以及对本文的研究思路和创新点进行了概括；其次，本文进一步对创业板市场的性质和特征进行了总结以及创业板上市公司的特征进行了实证分析；再者，本文对创业板上市公司成长性的概念进行了界定，并且对企业成长性的影响因素相关理论进行了回顾以及对创业板上市公司成长性的主要影响因素进行了规范分析；最后，本文构建了上市公司成长性评价的财务指标体系，运用因子分析法对深圳创业板在2011年之前上市的所有信息技术类公司成长性进行评价，共计31家，并选取了上海主板A股在2011年之前上市且在剔除S、ST股之后代码最靠后的31家信息技术类的公司进行对比。建立在以上的研究工作之上，本文得出如下主要结论：（1）深圳创业板和上海、深圳A股主板市场上市公司的行业分布差别显著，创业板上市公司主要分布在信息技术业这一新兴产业，而且深圳创业板上市公司主体以中小型规模为主，其成长潜力巨大。（2）深圳创业板上市公司成长性总体上高于上海主板上市公司，主要归功于其发展与偿债能力总体上强于上海主板上市公司；另一方面，深圳创业板上市公司的资产运营能力总体上弱于上海主板上市公司，这是深圳创业板上市公司进一步提高其成长性的一大突破口，，其可挖掘潜力巨大。
[Abstract]:The growth enterprise market of Shenzhen has begun to take shape, and its role and position in the capital market of our country can not be ignored. In particular, its growth has attracted wide attention from all walks of life. The growth of listed companies on the gem refers to the ability of the gem companies to tap their potential resources inside and outside themselves. The forms of growth include the expansion of scale and the optimization of structure. The comprehensive evaluation of the growth of gem listed companies is not only the need for the self-development of gem listed companies, but also the need for the government to regulate market order, control and prevent risks. It is also the need of the stakeholders to understand the development and potential of the company so as to promote the growth of gem and its listed companies. In the course of the research, this paper uses the research method of the combination of normative analysis and empirical analysis. First of all, the research background and significance of this paper are expounded. At the same time, it summarizes the current research situation at home and abroad, and summarizes the research ideas and innovations of this paper. Secondly, This paper further summarizes the nature and characteristics of the gem market and analyzes the characteristics of gem listed companies. Furthermore, this paper defines the concept of growth of gem listed companies. And the related theory of the factors influencing the growth of enterprises is reviewed, and the main factors affecting the growth of listed companies on the gem are analyzed. Finally, the financial index system of the growth evaluation of listed companies is constructed in this paper. The growth of all IT companies listed on the Shenzhen gem before 2011 was evaluated by factor analysis, with a total of 31 companies. The 31 IT companies listed in Shanghai mainboard A shares before 2011 and which have the lowest code after excluding SST-share are compared. Based on the above research work, this paper draws the following main conclusions: 1) there are significant differences in the industry distribution of listed companies in Shenzhen gem and Shanghai and Shenzhen A-share main boards. The gem listed companies are mainly distributed in the information technology industry, which is a new industry, and the main body of Shenzhen gem listed companies is mainly small and medium-sized scale. The growth of Shenzhen gem listed companies is generally higher than that of Shanghai main Board listed companies, mainly due to the fact that their development and solvency are generally stronger than those of Shanghai main Board listed companies; on the other hand, The assets operation ability of Shenzhen gem listed companies is generally weaker than that of Shanghai main Board listed companies, which is a great breakthrough for Shenzhen gem listed companies to further improve their growth.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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