创业板上市公司绩效评价及其影响因素分析

发布时间：2018-01-07 21:17

本文关键词：创业板上市公司绩效评价及其影响因素分析　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：完善多层次资本市场、帮助新创企业发展、支持企业自主创新,是创业板的历史使命。我国创业板自成立至今已逾三年,可以说创业板是伴随着掌声成立、伴随着批评声成长。而创业板上市公司的“三高”现象——即高发行价、高市盈率和高超募量一直饱受争议,这些公司是否真的有如此之高的投资价值,创业板又究竟带给了这些公司怎样的改变?这都是亟待我们探寻的问题,但是到现在为止一直缺乏针对创业板上市公司绩效的系统、全面的研究。通过本文的研究,我们能够更好地了解创业板上市公司的发展现状,一方面帮助创业板上市公司完善公司治理结构和融资结构,提高自身绩效；另一方面也为政府制定相关政策、完善改善创业板制度提供指导。文章首先从企业绩效评价和企业绩效的影响因素两个方面梳理了国内外的研究文献,之后从发展历程和宏观环境两个角度介绍了我国创业板的发展背景,并进一步分析了创业板上市公司的发展情况,发现创业板存在着绩效与股价背离、超募与减持并存、抑价与破发同在的问题。基于这些问题,文章从第四章开始进行实证研究。第一步先从盈利能力、营运能力、偿债能力和发展能力四个方面选取了8个指标,选用因子分析法对36家样本公司2009-2011年的绩效进行评价,证实了创业板上市公司绩效两极分化的假设,同时发现这三年间样本公司绩效整体呈下降趋势。第二步是运用Pearson相关检验和显著性检验相结合的方法对公司治理结构、融资渠道与企业绩效之间的关系进行实证分析,结果表明：高管减持和一股独大的现象对企业绩效具有显著的负面影响；第二大股东难以对第一大股东形成制衡和约束；创业板上市公司财务杠杆使用不善；有私募参与的企业绩效显著地高于其他企业。最后在所得实证结论的基础上对创业板上市公司的决策者提出了三点建议：一是提高债务融资比例,调整债务期限结构；二是引入机构投资者,优化股权结构；三是完善股权激励机制,减少内部减持行为。同时也对政府以及深交所的决策者提出了两点建议：一是进一步加强上市公司信息披露,避免股价与绩效的背离；二是大力发展多层次资本市场,促进融资渠道多元化。
[Abstract]:It is the historical mission of the gem to perfect the multi-level capital market, help the development of the new enterprises and support the independent innovation of the enterprises. Since the establishment of the gem, it has been more than three years, so we can say that the gem was established with applause. Growth has been accompanied by criticism. But the "three high" phenomenon of gem listed companies-that is, high IPO price, high price-earnings ratio and high volume of fund-raising has been controversial-whether these companies really have such high investment value. What changes did the gem bring to these companies? This is an urgent problem for us to explore, but so far there has been a lack of performance of gem listed companies, a comprehensive study. Through the study of this paper. We can better understand the development of gem listed companies, on the one hand, to help gem listed companies to improve the corporate governance structure and financing structure, improve their own performance; On the other hand, it also provides guidance for the government to formulate relevant policies and improve the gem system. The article firstly combs the domestic and foreign research literature from the aspects of enterprise performance evaluation and the influencing factors of enterprise performance, and then introduces the development background of gem from the perspective of development history and macro environment. And further analyzed the development of gem listed companies, found that gem performance and stock price deviations, over-raising and reduction co-exist, underpricing and break with the problem. Based on these problems. The first step is to select 8 indicators from four aspects: profitability, operating capacity, solvency and development ability. Factor analysis was used to evaluate the performance of 36 sample companies in 2009-2011, which confirmed the assumption of polarization of performance of gem listed companies. At the same time, we found that the sample corporate performance showed a downward trend in the past three years. The second step is the use of Pearson correlation test and significance test to the corporate governance structure. The empirical analysis of the relationship between financing channels and corporate performance shows that: the phenomenon of executive reduction and a dominant share has a significant negative impact on corporate performance; It is difficult for the second largest shareholder to form checks and balances and restraints on the first largest shareholder; Poor use of financial leverage of listed companies in gem; The performance of firms with private equity participation is significantly higher than that of other enterprises. Finally, on the basis of empirical conclusions, three suggestions are put forward to the decision-makers of gem listed companies: first, to improve the debt financing ratio. Adjustment of debt maturity structure; Second, introducing institutional investors to optimize the ownership structure; At the same time, the author puts forward two suggestions to the government and the decision-makers of Shenzhen Stock Exchange: first, to further strengthen the information disclosure of listed companies to avoid the deviation between stock price and performance; Second, vigorously develop the multi-level capital market and promote the diversification of financing channels.
【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

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