基于成长性和创新能力的中国创业板上市公司价值评估研究

发布时间：2018-01-20 01:06

本文关键词： 创业板自主创新成长性企业价值　出处：《吉林大学》2012年博士论文　论文类型：学位论文

【摘要】：自2009年创业板市场正式设立以来，我国的证券市场形成了以主板市场，中小板市场和创业板市场为主体的多层次市场结构和市场体系，然而对创业板市场的质疑不绝于耳，究其根本，不外乎创业板企业名不副实，创业还是创富等问题，总结来看，针对创业板企业的质疑引发了对创业板市场的担忧。因此，我们针对创业板上市公司，分别研究其自主创新能力、成长性和企业价值，首先系统的梳理企业价值理论和相应的价值评估模型，进一步比较国际创业板市场的发展过程和制度建设，针对创业板上市公司，构建实证模型，研究创业板上市公司的自主创新能力、成长性和企业价值，并将自主创新能力和企业绩效、股票价格波动进行关联分析，将企业成长性和企业绩效进行关联研究，将企业价值和企业绩效、股票价格波动进行关联研究。在文章中，我们选择因子分析模型、聚类方法、突变级数法、熵值法、DCF法、Ohlson剩余收益模型和面板数据模型等多种实证方法进行研究。文章共分为三大部分，第一部分是对企业价值和价值评估的相关理论和方法进行回顾和综述，第二部分是比较海外创业板市场的发展脉络和发展趋势，并分析海外创业板市场的制度建设，第三部分是对创业板上市公司的自主创新能力、企业成长性和企业价值进行实证研究，并分别分析其和企业绩效、股票价格波动等因素的关联性。全文共分5章。第1章是企业价值和价值评估，该章属于导入型的综述内容，首先给出企业和企业价值的定义和分析，进一步从金融学的角度分析企业价值的评估方法，然后分别给出企业价值判断的不同方法，包括成本法、市场法、收益法和期权股价法等，最后，从计量经济模型角度出发，论证企业价值评估的深入方法。第2章是海外创业板市场发展及上市企业比较，该章首先归纳总结了欧美地区、香港地区、日本、新加坡等多个国家和地区的创业板发展历史，，分析海外创业板市场存在的问题和原因，最后将中国创业板市场和美国纳斯达克市场进行比较，探讨中国创业板市场未来发展的方向和前景。第3章是我国创业板上市公司的创新能力评价，首先给出企业技术创新的理论，进而对创新能力的驱动因素和评价指标体系进行分析，然后对我国创业板上市公司的技术创新能力进行因子分析，归纳和总结技术创新因子，最后，文章研究了技术创新因子和企业绩效、技术创新因子和股票价格之间的关联，对创业板的规范程度进行评价和研究。本章将创业板上市公司的技术创新指标归纳为三个因子，分别是商标因子、研发因子和专利因子，研究结论包括：创业板上市公司的自主创新会提高企业绩效，尤其是企业的专利权和商标，然而，企业研发支出并没有显著地影响企业绩效；创业板上市公司的研发投入不足，因此，创业板上市公司在研发中，要加大研发投入力度，提高人均研发支出和研发费用占营业收入的比重，这样才能形成更多的专利技术，从而提高企业绩效；创业板上市公司的自主创新会影响到企业的股票价格波动，尤其是企业的专利权，对股票价格波动具有正向的影响作用；企业的商标和研发支出对股票价格波动并不具有显著地影响，这一点和投资者的知识以及投资理念密切相关。将研发支出规范化的进行信息披露，是筛选创业板上市公司的最优途径之一。第4章是创业板上市公司的成长性评价，首先从创业板上市公司的成长性入手，首先给出成长性以及成长性的影响因素分析，构建企业成长性的评价指标体系，利用突变级数法、聚类方法和熵值法来判断创业板上市公司的成长性，最后，构建企业成长性和企业绩效的关联模型，研究企业成长性是否显著地影响企业的绩效。本章的研究结论是，熵值法和突变级数法下的创业板上市公司成长指标估计是合理的，而利用企业成长性指标和企业绩效进行关联研究的结论表明：创业板上市公司面临融资约束；企业成长性会促进企业绩效的提高，然而不同成长性的上市公司的影响机制存在差别；创业企业的规模效应机制并不明确。因此，综合来看，创业板上市公司要关注企业的成长性，同时要注意适度规模，如果企业成长性较低，此时规模对企业绩效才会有更加显著的正向影响。第5章是创业板上市公司价值评估的实证研究，本章的内容主要是对我国的创业板上市公司进行价值评估，首先，设计企业价值评估的具体框架，然后构建创业板上市公司价值评估的指标体系，在筛选多种方法的基础上，利用DCF方法、Ohlson剩余收益模型分别估计我国创业板上市公司的价值，最后利用价值评估的结果来研究企业价值和绩效、企业价值和股票价格波动之间的关联。利用DCF法和Ohlson法对创业板上市公司的企业价值进行估计后，面板数据模型对企业价值和企业绩效、企业价值和股票价格波动的关联性检验的结果表明：企业价值估计结果是合理的，同时，企业价值和企业绩效正相关；创业板上市公司面临融资约束，由于创业板上市公司的融资渠道匮乏，融资成本较高，因此，创业板上市公司的资产负债率越高，却不能发挥节税效应，反而会降低企业的绩效；企业价值和股票价格波动正相关，创业板上市公司要通过提高绩效来提高企业价值，同时也要通过提高企业价值来实现绩效的进一步提高，这才是良性发展的循环，另外，创业板上市公司要摆脱融资约束和融资瓶颈，才能充分发挥负债的节税效应，从而促进资本结构优化和企业规范化。综上所述，我们认为，我国创业板上市公司存在自主创新能力不足，尤其是研发支出和研发效果较差的问题，上市公司成长性较差，风险较高，同时，尽管在创业板上市，然而创业板企业仍然面临融资约束。因此，应对创业板上市公司存在的大量问题，首先要严格上市标准，尤其是从创新能力、成长性和潜力入手，严格创业板上市公司的创新标准，才能够保证创业板市场的繁荣；其次，要要求创业板上市公司严格披露研发支出，最后，要增加创业板上市公司的数量，来能提高资源竞争力度，提高培育创业板上市公司的成功概率。
[Abstract]:Since the establishment of the GEM market in 2009 , our country ' s securities market has formed a multi - level market structure and market system based on the main board market , the medium and small board market and the GEM market . However , the question about the GEM market is not perfect . The question about the GEM market is not just the real name , the start - up or the wealth creation . Therefore , aiming at the GEM listed companies , we study their independent innovation ability , growth and enterprise value , firstly , combing the enterprise value theory and the corresponding value evaluation model , further comparing the development process and the system construction of the international GEM market , analyzing the independent innovation ability , the growth factor and the enterprise value of the GEM listed company , correlating the independent innovation ability with the enterprise performance and stock price volatility , and correlating the enterprise value and the enterprise performance and the stock price fluctuation . In this paper , we choose factor analysis model , clustering method , mutation series method , entropy value method , DCF method , Ohlson residual revenue model and panel data model . The article is divided into three parts , the first part is to review and summarize the relevant theories and methods of the enterprise value and value assessment , the second part is to compare the development pulse and the developing trend of the overseas GEM market , and analyze the system construction of the overseas GEM market , and the third part is to carry on the empirical research on the independent innovation ability , the enterprise ' s growth and the enterprise value of the GEM listed company , and analyze the relationship between them and the factors such as enterprise performance and stock price fluctuation , respectively . The full text is divided into five chapters . The first chapter is the appraisal of enterprise value and value , which belongs to the introduction type summary , first gives the definition and analysis of enterprise and enterprise value , further analyzes the evaluation method of enterprise value from the angle of finance , and then gives the different methods of enterprise value judgment , including cost method , market method , income method and option price method , etc . Finally , from the angle of measurement economic model , the deep method of enterprise value evaluation is demonstrated . Chapter 2 is the development of overseas GEM and the comparison between listed companies . The chapter summarizes the history of development of GEM in Europe , Hong Kong , Japan , Singapore and other countries , analyzes the problems and causes of overseas GEM market , and compares the market of Chinese GEM and Nasdaq , and discusses the direction and prospect of the future development of China ' s GEM market . Chapter 3 is the evaluation of innovation ability of listed companies in China . First , the theory of technological innovation of enterprises is given , and the driving factors and evaluation index system of innovation ability are analyzed . Then , the technical innovation ability of listed companies in China is analyzed , summarized and summarized . Finally , the paper studies the correlation between technological innovation factor and enterprise performance , technological innovation factor and stock price , and evaluates and studies the standard degree of GEM . This chapter summarizes the technical innovation index of GEM listed companies into three factors , namely trademark factor , R & D factor and patent factor . The research conclusion is that the independent innovation of GEM listed company can improve the performance of the enterprise , especially the patent and trademark of the enterprise , so that the R & D expenditure of the GEM listed company does not significantly affect the performance of the enterprise . Therefore , the independent innovation of the listed company of the GEM will affect the stock price fluctuation of the enterprise , especially the patent right of the enterprise , which has a positive impact on the fluctuation of the stock price . The brand and R & D expenditure of the enterprise have no significant influence on the fluctuation of the stock price , which is closely related to the investor ' s knowledge and the investment philosophy . The information disclosure of R & D expenditure standardization is one of the best ways to screen listed companies . Chapter 4 is the long - term evaluation of the GEM listed companies . First , the thesis starts with the growth of listed companies in the GEM , firstly gives the analysis of the factors affecting the growth of the listed companies , and constructs the evaluation index system of enterprise growth . Finally , the association model of enterprise growth and enterprise performance is constructed , and whether the enterprise ' s growth is significantly affected by the enterprise ' s performance is studied . The conclusion of this chapter is that it is reasonable to estimate the growth index of the GEM listed company under the entropy value method and the mutation series method , and the conclusion of the association research on the enterprise ' s growth index and the enterprise performance shows that the enterprise ' s growth can promote the enterprise ' s performance , but the mechanism of the enterprise ' s scale effect is not clear . Chapter 5 is an empirical study of the value evaluation of GEM listed companies . The content of this chapter is mainly to evaluate the value of listed companies in our country . First , to design the concrete frame of the value assessment of listed companies in China , and then construct the index system of value evaluation of listed companies in China . On the basis of screening various methods , Ohlson ' s residual income model is used to estimate the value of listed companies in China , and finally , the relationship between enterprise value and performance , enterprise value and stock price fluctuation is studied by using the results of value evaluation . By using DCF method and Ohlson method to estimate the enterprise value of the GEM listed company , the results show that the result of the panel data model is reasonable , and the value of the enterprise is related to the performance of the enterprise . To sum up , we believe that there is not enough independent innovation ability of listed companies in China ' s GEM , especially in R & D expenditure and R & D effect . The listed company has poor growth and high risk . At the same time , in spite of the listing of GEM , GEM enterprises still face financing constraints . Therefore , to deal with the large number of problems existing in the GEM listed companies , firstly , we should strictly comply with the criteria of listing , especially the innovation standards of the listed companies of the GEM to ensure the prosperity of the GEM market . Secondly , we should demand the listed companies of the GEM to strictly disclose R & D expenditures . Finally , we should increase the number of listed companies in the GEM , so as to improve the competitive strength of resources and improve the success probability of the listed companies .

【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.51;F224

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