上市公司转板交易评价体系研究

发布时间：2018-01-07 12:39

本文关键词：上市公司转板交易评价体系研究　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：经过20多年的建设与发展,我国资本市场在不断的探索中逐渐完善,上市企业已达2000多家,主板、中小板、创业板和OTC(场外交易市场)市场为基础层级结构的多层资本市场框架已初步搭建。多层资本市场体系的建立,一方面为处于不同发展阶段的企业提供了一个选择与自身特点相一致的融资平台,从而达到优化资源配置的目的,另一方面为不同类型的投资者提供了一个选择与自身风险偏好相一致的交易平台或工具,从而实现优化风险配置的目的。然而,从动态的角度看,上市企业的基本特征会随着企业的发展与经营状况的变化以及技术水平的进步而发生改变,原先的成熟型企业如今可能没落,成长型企业可能变得成熟等。这种变化造成了上市企业的基本特征与交易市场特征的不一致,从而引发了退市、分拆、转板等相关问题。本文仅选择其中的转板问题进行研究,以期构建我国多层资本市场转板的评价指标体系,为我国多层市场体系转板机制的形成提供理论基础与实践指导。本文首先根据多层资本市场体系层次结构的特点,从多层资本市场体系的基本职能出发,以多层资本市场运行效率为目标,通过构建多层资本市场分离均衡模型,揭示了转板机制的市场动态均衡。其次以我国各层次资本市场的实际运行特征为前提,依据上市公司与市场定位的一定性原则,从上市公司的企业规模、成长能力、经营业绩、风险控制四个方面,16项指标来剖析我国多层资本市场之间的转板条件,形成我国多层资本市场转板的评价指标体系。然后,利用主成分分析法确定各指标的权重,使用模糊综合评价法来建立我国上市公司转板交易综合评价模型,并依据隶属度将上市公司转板交易评价结果划分为建议升板、无需转板、建议降板、强制降板四类。最后,随机选取我国主板市场、中小板市场和创业板市场部分上市公司为样本,对样本公司是否需要转板进行了实际评价。
[Abstract]:After 20 years of construction and development, China's capital market is gradually perfect in the unceasing exploration, listed companies reached more than 2000, the motherboard, the SME board, the gem and OTC (OTC market) market for multilayer capital market framework based hierarchical structure has been initially set up. The establishment of multi layer capital market system, a provides a consistent selection and characteristics of financing platform for enterprises at different developing stage, so as to achieve the purpose of optimizing the allocation of resources, on the other hand, provides a choice with its own risk preference trading platform or tool is consistent for different types of investors, in order to achieve the optimal risk allocation. However, from the dynamic point of view, the basic characteristics of the listed companies will change with the development and operation of enterprises and the level of technological progress and change, mature enterprise original now May decline, growth oriented enterprises may become mature. This change resulted in inconsistencies in the basic characteristics and market characteristics of the listed companies, which led to the delisting, split, related issues. On board the transfer problem this paper only choose one, in order to build multi-level capital market in China in turn evaluation the index system, provide a theoretical basis and practical guidance for our country to form the transfer mechanism of multi-layer market system.
In this paper, according to the structural characteristics of multi level capital market system, starting from the basic functions of multi-layer capital market system, the multi-layer capital market efficiency as the goal, by constructing a multilayer capital market separation equilibrium model, reveals the market dynamic mechanism transfer equilibrium. Secondly with the actual operation characteristics of all levels of the capital market in our country as the premise according to certain principles, listed company and market positioning, listed companies from the enterprise scale, growth ability, operating performance, risk control four aspects, 16 indicators to analyze the transfer conditions between China's capital city, multi field, forming a multilayer capital market of our country transfer evaluation index system. Then, analysis method to determine the weight of each index using principal components, to establish the comprehensive evaluation model of transfer transaction of Listed Companies in China using fuzzy comprehensive evaluation method, and based on the membership degree of the listed company The evaluation results of the transfer board transaction are divided into four categories: the suggestion board, no need to transfer the board, the suggestion to reduce the board and the forced down board. Finally, we select the main board market, the small and medium board market and the GEM market as the sample, select whether the Sample Firms need to transfer the board.

【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

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