我国创业板高科技企业成长性研究

发布时间：2018-04-23 08:58

本文选题：创业板 + 高科技企业　；参考：《湖南师范大学》2012年硕士论文

【摘要】：2009年10月23日,我国创业板正式在深圳开板。中国创业板市场的推出,有利于完善中国多层次资本市场的建设,拓展中小企业的融资渠道,促进数量众多的中小企业健康稳步成长。创业板作为主板市场以外的证券市场,主要是为那些具有较高成长性的新兴企业提供筹资渠道,帮助其发展和壮大。对于创业板发行审核委员会来说,企业是否具有高科技性和成长性,成为企业能否在创业板上市的重要条件。因此,通过建立客观公正的评价体系,分析创业板高科技企业的成长性,对于促进创业板市场的健康发展、丰富创业板高科技企业成长性知识,有着重要意义。本文在结合国内外学者相关研究的基础上,根据我国高科技企业发展的实际情况,具体分析了我国创业板高科技企业的成长状况。与以往文献相比,本文直接采用我国创业板高科技企业的数据,从企业“成长性”的完整界定出发,从盈利能力、营运能力、偿债能力、科技创新能力、成长速度5个层面来考察企业的成长性,更具有针对性和实践意义。本文分析了我国高科技企业成长现状及影响因素。由于内因对事物的发展起决定作用以及外因的难以测量性,本文主要依据内部影响因素,较全面地选取了各类财务指标和非财务指标,构建了我国创业板高科技企业的成长性评价模型。并采用因子分析法,以选取的116家在创业板上市的高科技企业为样本,对样本企业2009年—2010年的数据进行分析,测量其成长性。通过因子分析法,本文测量出样本企业的成长性得分情况,并用托宾Q值对模型的可靠性进行了检验。然后在此基础上,具体分析了我国创业板高科技企业整体成长状况、成长性行业分布状况以及技术创新对创业板高科技企业的成长性的影响,结论显示：从整体成长状况来说,我国创业板高科技企业的整体成长情况不是很好,位于优秀区间和良好区间的企业所占比例仅为17.66%；从行业分布状况来说,石化塑胶、电子和信息技术行业成长性较好,而医药生物和机械设备行业的成长性为负值,仍有待提高；从技术创新角度来说,科技创新能力确实很够较好地推动企业成长,但企业的研发投入力度不够,研发人员也未能较好地发挥其创新能力来促进企业成长。最后,根据研究的结论,分别从营运能力、盈利能力、偿债能力、创新能力和成长速度等5个方面对如何提高我国创业板上市公司的成长性提出了一些参考意见。
[Abstract]:October 23, 2009, China's gem officially opened in Shenzhen. The launch of China's growth Enterprise Market is conducive to improving the construction of China's multi-level capital market, expanding the financing channels for small and medium-sized enterprises, and promoting the healthy and steady growth of a large number of small and medium-sized enterprises. As the securities market outside the main market, the gem mainly provides financing channels for those new enterprises with high growth, and helps them to develop and strengthen. For the gem issue Review Committee, whether the enterprises have high technology and growth has become an important condition for the listing of enterprises on the gem. Therefore, it is of great significance to establish an objective and fair evaluation system and analyze the growth of high-tech enterprises in the gem. It is of great significance to promote the healthy development of the gem market and to enrich the knowledge of the growth of high-tech enterprises on the gem. Based on the research of scholars at home and abroad and the development of high-tech enterprises in China, this paper analyzes the growth of high-tech enterprises in gem. Compared with the previous literatures, this paper directly adopts the data of high-tech enterprises in gem of our country, starting from the complete definition of "growth" of enterprises, from the aspects of profitability, operating capacity, solvency, technological innovation ability, etc. Five levels of growth speed to investigate the growth of enterprises, more targeted and practical significance. This paper analyzes the current situation and influencing factors of the growth of high-tech enterprises in China. As internal factors play a decisive role in the development of things and external causes are difficult to measure, this paper mainly selects various financial indicators and non-financial indicators according to internal influencing factors. The growth evaluation model of high-tech enterprises in gem is constructed. Using factor analysis method, 116 high-tech enterprises listed on the gem are selected as samples, and the data of sample enterprises from 2009 to 2010 are analyzed to measure their growth. By factor analysis, the growth score of the sample enterprises is measured, and the reliability of the model is tested with Tobin Q value. Then, on this basis, the paper analyzes the overall growth of high-tech enterprises in gem, the distribution of growth industries and the impact of technological innovation on the growth of high-tech enterprises on the gem. The conclusion shows that: from the overall growth situation, The overall growth of high-tech enterprises on the gem in China is not very good. The proportion of enterprises in excellent and good sectors is only 17.66. In terms of industry distribution, the growth of petrochemical plastics, electronics and information technology industries is relatively good. However, the growth of the pharmaceutical biology and mechanical equipment industry is negative, which still needs to be improved. From the point of view of technological innovation, the ability of scientific and technological innovation is indeed good enough to promote the growth of enterprises, but the R & D investment of enterprises is not enough. R & D personnel also failed to play its innovative ability to promote the growth of enterprises. Finally, according to the conclusion of the study, this paper puts forward some suggestions on how to improve the growth of listed companies in gem from five aspects: operation ability, profitability, solvency, innovation ability and growth rate.
【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.44;F832.51;F224

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