新三板企业挂牌前后财务绩效研究

发布时间：2018-02-19 22:46

本文关键词： 新三板财务绩效 IPO效应因子分析　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：新三板自2013年扩容以来实现了飞跃式的发展,挂牌企业数量于2016年达到6000家,且已明确了转板机制,实现了市场内企业的分层改革。虽然近年来新三板发展取得了令人瞩目的成绩,但是国内对于新三板的研究还相对较少,本文希望对新三板企业的挂牌绩效进行研究以丰富各界对于新三板的认识。首先,本文对“财务绩效评价理论”和“IPO效应”进行综述并结合新三板现状进行研究分析。根据过往的研究,世界各地的证券市场中已被证实普遍存在“IPO效应”,而本文意在研究新三板市场中IPO效应的存在性和导致IPO效应的因素,并给出政策建议。过往对于IPO效应的研究多针对主板市场,且聚焦于企业挂牌前后的盈利情况变化。但由于新三板企业的特殊性,许多企业处于高速成长期,并不能稳定的实现盈利,并且其经营的稳定性、营运效率和未来的成长性指标都非常重要,不应只以盈利作为判断企业绩效的唯一指标。因此本文将结合企业财务绩效评价理论,对包括盈利能力、偿债能力、营运能力和成长能力的企业整体绩效进行研究。本文实证部分选取新三板企业中于2013年挂牌的93家企业作为样本,选取样本企业的营业总收入、总资产、净利率、每股收益、净资产收益率、流动比率、速动比率、资产负债率、存货周转率、应收账款周转率等10个财务数据,通过因子分析法对数据进行降维,简化成盈利能力、偿债能力、营运能力三项指标并计算综合成绩。通过对比企业挂牌前后5年中的绩效变化论证新三板企业挂牌前后的绩效情况。根据对实证结果进行分析,数据显示企业挂牌后各项经营指标均出现下滑,新三板存在明显的IPO效应。最后,本文基于实证结果并结合IPO效应理论分析,为监管机构提出政策建议。笔者认为政府应该1.尽量放缓新三板扩容速度,以控制挂牌企业数量,加强对于每个挂牌企业的监管。2.完善信息披露制度并加强审批,以减少违规行为的发生。3.尽量放宽市场准入门槛,提高市场流动性增加市场人气。
[Abstract]:Since the expansion of the new third board in 2013, it has achieved a leapfrog development, with the number of listed enterprises reaching 6000 in 2016, and the mechanism of turning the board has been clearly defined. Although the development of the new three boards has made remarkable achievements in recent years, there are relatively few researches on the new three boards in China. This article hopes to carry on the research to the new third board enterprise listing performance in order to enrich the understanding of the new third board. In this paper, the theory of financial performance evaluation and IPO effect are summarized, and the current situation of the new three boards is analyzed. The "IPO effect" has been proved to be widespread in the stock markets all over the world. The purpose of this paper is to study the existence of the IPO effect and the factors leading to the IPO effect in the new third-board market. In the past, the research on IPO effect focused on the main board market, and focused on the change of profit situation before and after the listing. But because of the particularity of the new third board enterprises, many enterprises are in the period of high-speed growth. It is not stable to achieve profitability, and its stability, operational efficiency and future growth indicators are all very important. Therefore, this paper will combine the theory of enterprise financial performance evaluation, including profitability, solvency, In the empirical part of this paper, 93 companies listed in 2013 were selected as samples, and the total operating income, total assets, net interest rate and earnings per share were selected. Ten financial data, such as return on net assets, current ratio, liquidity ratio, asset-liability ratio, inventory turnover ratio, turnover ratio of accounts receivable and so on, are reduced to profitability and solvency by factor analysis. By comparing the performance changes in five years before and after the listing of enterprises, the performance of the new three boards before and after listing is demonstrated. According to the empirical results, the paper analyzes the performance of the new three board companies before and after listing. The data show that all the business indexes have declined after listing, and the new third board has obvious IPO effect. Finally, based on the empirical results and combined with the IPO effect theory analysis, In order to control the number of listed enterprises, strengthen the supervision of each listed enterprise, improve the information disclosure system and strengthen the examination and approval, the author thinks that the government should slow down the expansion rate of the new three boards as far as possible, so as to control the number of listed enterprises and strengthen the supervision of each listed enterprise. In order to reduce the occurrence of violations. 3. Try to relax the threshold of market access, improve market liquidity and increase market sentiment.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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