创业板上市公司的投资价值研究

发布时间：2018-01-03 07:07

本文关键词：创业板上市公司的投资价值研究　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国于2009年10月底建立创业板,至今该板块已有300多家上市公司。许多投资者的对创业板的投资充满热情,主要是因为创业板上市公司具有高度成长性,投资者对其未来经营情况高度期许,这也是造成创业板上市公司平均市盈率大大高出沪深两市的重要原因。创业板上市公司平均发行市盈率60倍左右,2011年新股“破发潮”使得众多投资者血本无归。这也使得很多投资者对创业板的投资望而却步,不敢轻易投资。但是在创业板市场中确实不乏经营良好、治理完善的具有高度投资价值的公司。因此如何正确引导投资,优化市场中资本资源配置效率,实现投资者与上市公司的共赢,使创业板达成其成立之初的目的—扶持优秀的中小企业成长,是关系到证券市场与社会经济稳定与发展的一个非常重要的问题。本文第一章对本文研究的背景进行了概要分析,说明为什么要做上市公司的投资价值研究,为什么要基于企业投资价值进行研究,并且为何选择创业板的上市公司作为研究对象的问题。随着我国证券市场迅速发展壮大,相关法律法规不断完善,价值投资理念逐渐被投资者所推崇。本文第二章通过对企业投资价值和企业投资价值评估的相关理论进行了梳理,对各种投资价值评估方法的使用条件、使用方法和优缺点进行了论述,并指出一些评估方法在对我国创业板上市公司投资价值研究中的不适应性。另外还概括介绍了我国目前对创业板上市公司投资价值的相关研究现状,并在此基础上提出本文拟采用的研究方法。通过参考已有研究和结合我国创业板市场特征,本文第三章以创业板上市公司为研究对象,选取了175家创业板上市公司2011年的数据为样本进行研究。在第二章所综述的企业投资价值以及评估方法的基础上,共选择了营业毛利率、资产报酬率、净资产收益率、成本费用利润率、净利润增长率、营业利润增长率、应收账款周转率、流动资产周转率、总资产周转率、资产负债率、流动比率、速动比率、高管持股比例、第一大股东持股比例等14个财务指标建立一个财务指标综合评价体系对我国创业板上市公司进行企业投资价值进行评估,选择的时候参考他人已有的选择方法和研究结果,同时结合深圳创业板市场的实际情况侧重选取。本文第四章对这14个指标进行因子分析,共提取出4个公共因子：盈利及成长能力、抗风险能力、运营能力、公司治理情况,并对这4个方面进行了详细阐述。另外通过与创业板上市公司的上市条件要求进行对比分析,认为这4个方面正是创业板上市公司的几个重要特征,因此认为本文所选择的指标变量在判断企业投资价值上是非常有效的。因子分析的结果得出了14个原始指标变量在这4个公共因子上的得分,进而计算出本文所选取的全部样本公司的公共因子得分,将其加总后每个样本公司得到一个总分,这便是对该样本公司企业投资价值的评分,评分高则投资价值高,反之则相反。本文第五章选取了在前述排名中靠前的东软载波进行案例研究,通过对其进行行业层面和公司层面的深入分析对其进行了投资价值的评估。其中,行业层面分析遵循了东软载波的产品特征,按其主要产品所处的细分行业分别进行了分析,主要从宏观经济、国家政策、细分行业竞争者情况等方面指出了它的产品所处行业的特征和发展机会。公司层面的分析主要分两部分,一部分是对东软载波的竞争优势进行全面分析,分别得出其具有技术优势、盈利模式优势、管理优势、客户优势、区位优势五方面的优势,并对每一方面分别进行了详细的论述；另一部分是对东软载波进行了简要的财务分析,通过选取公司近五年的重要财务指标对公司进行了纵深角度的分析。财务分析结果也印证了前文分析得出的衡量企业投资价值原始变量的4个公共因子所代表的4个方面的能力。本文对东软载波行业分析和公司层面分析的结果认为：1)该公司是其所处细分行业龙头企业,技术壁垒高,符合产业升级趋势特点；2)该公司的主营业务属于国家的重点产业政策支持领域,且在未来几年存在可预见的大量政府项目来源；3)该公司的竞争优势突出,尤其是其具有可持续的自主研发能力；4)该公司的商业模式为其带来较强的话语权和定价权,且这种积累性优势在短期内难以被模仿和超越。最后得出本文结论,这就是第六章。基于前文的研究,本文主要结论有：1)因子分析方法能够对上市公司投资价值进行较好的分析,它不能直接给出具备绝对好的投资价值的对象,但能定量的综合评价结果在一定程度上推出可能具有较高投资价值的对象组别。投资者能够按其排名判断越靠前的公司越可能具备较高的投资价值,为进一步深入研究某家公司的投资价值提供了基础。2)本文对创业板上市公司所构造的综合财务指标评价体系可以较为客观的反映上市公司的经营状况,比较科学地评价其企业的投资价值。对该板块上市公司投资价值的研究可主要考虑几个方面：盈利和成长能力,营运能力、抗风险能力以及公司治理。3)通过本文综合分析,300183东软载波,300146汤臣倍健,300182捷成股份,300174元力股份,300171东富龙,它们都具有较高的因子综合得分,相对来说具有较高投资价值,投资者可适当参考之。因此本文是先从金融学和财务学的角度对所有样本公司进行了投资价值分析,根据分析结果,再从管理学的角度对一家具体的企业进行投资价值的研究。管理学角度对投资价值的研究是对从金融学和财务学角度建立的财务综合分析指标体系研究结果的一个印证,验证所建立的财务综合分析指标体系和因子分析方法是否能够对我国创业板上市公司投资价值进行有效的评估。经过本文的研究探寻,认为本文所建立的财务综合分析指标体系和所采用的研究方法在一定程度上能较好的判断我国创业板上市公司的投资价值,且按照这一方法所得出的具有投资价值的股票—东软载波确实具有投资价值,另外按照本文对样本公司的投资价值排名,排名靠前的公司也是具有相对较好的投资价值的公司,投资者可以作为参考。这也是本文的主要结论。因此本文的主要贡献也在于对于我国创业板上市公司投资价值的评估方法的探寻,并得出了一个可供参考的和因子分析方法相结合的财务指标评价体系。
[Abstract]:China at the end of October 2009 the establishment of the gem, the sector has more than 300 listed companies. Many investors of gem investment enthusiasm, mainly because of the GEM listed companies with high growth, investors in the future operation of high expectations, which is caused by the listed companies on the gem average price earnings ratio is much higher than the important the reason the two stock markets. Companies listed on GEM average price earnings ratio of 60 times, 2011 New "broken damp" makes many investors lose everything. It also makes a lot of investors in the gem investment prohibitive, not dare to invest. But in the GEM market there are good business, with high investment value of governance company. So how to correctly guide investment, optimize the capital allocation efficiency of resources in the market, the investors and the listed companies win-win, make Entrepreneurship The board of small and medium-sized enterprises at the beginning of the establishment of the objective - to support outstanding growth is related to the securities market and the social economic stability and development is a very important problem. In the first chapter, the background of this research are analyzed, explaining why to do research on the investment value of the listed companies, why to carry out research on Enterprise Based on the investment value, and why the GEM listed companies as the research object.
With the rapid development of China's securities market expands, relevant laws and regulations continue to improve, the idea of value investment by investors gradually respected. Relevant theories in the second chapter, through assessment of investment value and investment value are summarized, on a variety of investment value evaluation method using conditions, the use of methods and the advantages and disadvantages are discussed, and some evaluation methods on China's gem research value of investment in listed companies is not adaptive. Also introduces the current research on investment value of companies listed on gem of the present situation, and puts forward the research methods used in the paper.
By reference to existing research and combined with the characteristics of China's GEM market, the third chapter of the GEM listed companies as the research object, selected the 175 companies listed on GEM data in 2011 as the research sample. Based on the second chapter of the enterprise investment value and evaluation methods, choose the operating margin, rate of return on assets, return on net assets, cost profit, net profit growth rate, operating profit growth rate, accounts receivable turnover ratio, current asset turnover, total asset turnover, asset liability ratio, current ratio, quick ratio, the proportion of managerial ownership, the proportion of the first shareholder 14 financial the financial index to build a comprehensive evaluation index system of China's GEM listed company investment value evaluation, selection methods and results to choose when reference to previous, combined with deep The actual situation of the GEM market is focused on.
In the fourth chapter, the factor analysis of the 14 indexes, we extract 4 common factors: profitability and growth ability, anti risk ability, operation ability, corporate governance, and the 4 aspects in detail. In addition with the conditions listed on the GEM listed company requirements were analyzed, think this 4 aspects are the important characteristics of the GEM listed companies, so that the variables chosen in this paper is very effective in judging the investment value of enterprises. The results of factor analysis obtained a score of 14 original variables in the 4 common factors, and then calculate the factor scores of all the public Sample Firms the selected, the collection of each Sample Firms to get a total score, which is the Sample Firms and enterprise investment value of the score, score high, high investment value, and vice versa.
The fifth chapter selects in the rankings on Neusoft carrier before the case study, through in-depth analysis to evaluate the industry level and company level of its investment value on it. Among them, the industry level analysis follow the product feature of Neusoft carrier, according to its main products are industry segments respectively. The analysis, mainly from the macro economy, national policy, industry segments competitors etc. It pointed out that the products of the industry characteristics and development opportunities. Firm level analysis is mainly divided into two parts, one part is a comprehensive analysis of the competitive advantage of Neusoft carrier, then it has the advantage of technology, profit model, management customer advantage, advantage, advantage five advantages, and on each aspect are discussed in detail; the other part is the carrier of Neusoft in the financial Analysis of key financial indicators through the selection of the company nearly five years of perspective on the company. 4 common factors result in financial analysis also confirms the above analysis to measure the investment value of the original variables represent the ability of the 4 areas. Based on Neusoft load analysis and analysis of firm level results in a wave of industry that: 1) the company is the breakdown of the industry leading enterprises, technical barriers, in line with industrial upgrading trend; 2) the field of policy support key industries of the company's main business belong to the state, and in the next few years in a large number of government project is foreseeable; 3) the company's competitive advantage prominent, especially the sustainable ability of independent research and development; 4) the business model of the company have a strong voice and pricing for it, and the accumulation of advantage in the short term is difficult to be imitated and super The more.
Finally the conclusion of this paper, this is the sixth chapter. Based on the above research, the main conclusions of this paper are: 1) factor analysis method can better analysis of the investment value of listed companies, it can not directly give objects with absolute good investment value, but the quantitative comprehensive evaluation results launch may have a higher investment value the target groups to a certain extent. Investors can judge according to their ranking by the company is more likely to have a higher investment value, provides the basis for the further study of the.2 of a company's investment value) comprehensive financial index of the structure of listed companies on the gem evaluation system can reflect objectively the operation of Listed Companies in comparison, the scientific evaluation of the enterprise investment value. Research on the plate of the investment value of listed companies can be considered the main aspects: profitability and growth Ability, operation ability, anti risk ability and corporate governance.3) through comprehensive analysis in this paper, 300183 Neusoft carrier, 300146 health, 300182 Jebsen shares 300174 yuan, 300171 shares, tofflon, factor scores are high, relatively high investment value, investors may be appropriate to reference.
This paper is from the perspective of Finance and finance for all Sample Firms has carried on the analysis of investment value, according to the results of the analysis, research from the perspective of management of a specific enterprise investment value. The investment value of the research on the theory of management is a proof of the finance and financial perspective establishment the comprehensive financial analysis index system research results, verify the comprehensive financial analysis index system and factor analysis method to China's GEM listed company investment value for effective evaluation. Through this research, that comprehensive analysis of financial index system established in this paper and the research methods can be better the judgment of China's gem investment value of the listed company to a certain extent, and according to this method obtained has the investment value of the stock of Neusoft carrier. Has investment value, in accordance with the investment value of the Sample Firms's ranking, ranking the company also has a relatively good investment value of the company, investors can serve as a reference. This is also the main conclusion of this paper. Therefore, the main contribution of this paper is to explore and evaluation methods for companies listed on GEM investment value. And the financial evaluation index system combining a reference and factor analysis method.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】