创业板市场上市公司成长性的研究

发布时间：2018-02-20 17:56

本文关键词： 创业板企业成长上市公司因子分析　出处：《首都经济贸易大学》2013年硕士论文　论文类型：学位论文

【摘要】：2009年10月30日,我国创业板市场正式在深圳证券交易所拉开了帷幕。创业板设立的目的是为高成长性的中小企业、高科技企业的发展提供便利的融资渠道。创业板市场上市公司的首要特征是其成长性,它不仅是投资者投资的依据,还是政府管理部门监管上市公司的重要指标。因此如何判定和比较创业板市场上市公司的成长性始终困扰着投资者以及关心创业板市场的人。现有的文献大多基于上市公司2009年的数据,无法反映近期上市公司成长性状况,以及有的文献选用非定量的指标来衡量上市公司的成长性,缺乏可比性。本文借鉴前人的研究成果的基础上,选取盈利能力、股东获利能力、营运能力、偿债能力、扩张能力、现金流量能力、研发能力、股份激励因素和人力资源九个方面共22个指标构建企业成长性综合评价模型的指标体系。运用SPSS软件,采用因子分析法对创业板市场53家上市公司最新数据的成长性进行实证分析。研究结果表明：营运能力因子、盈利因子、现金效率因子、偿债能力因子、研发及存货因子、应收账款周转因子、人力资本、股份激励因子和营业收入因子是权重最大的影响指标。采用因子分析法计算出2011年53家上市公司综合评分排名,与2010年综合评分排名进行对比分析。最后对我国创业板市场上市公司成长性的政策建议,以完善我国的资本市场。
[Abstract]:In October 30th 2009, China's gem market officially opened in the Shenzhen Stock Exchange. The gem was set up for high growth SMEs. The development of high-tech enterprises provides convenient financing channels. The most important feature of listed companies in the gem market is their growth, which is not only the basis for investors to invest. Therefore, how to judge and compare the growth of listed companies in the gem market has always troubled investors and people concerned about the gem market. Most of the existing literature is based on the data of listed companies in 2009, which can not reflect the recent growth of listed companies, and some of the literature choose non-quantitative indicators to measure the growth of listed companies. Based on the previous research results, this paper selects profitability, shareholder profitability, operating capacity, solvency, expansibility, cash flow capacity, R & D capability, etc. There are 22 indexes in nine aspects of stock incentive factor and human resource to construct the index system of enterprise growth comprehensive evaluation model. SPSS software is used. This paper analyzes the growth of the latest data of 53 listed companies in the gem market by factor analysis. The results show that: operating ability factor, profit factor, cash efficiency factor, solvency factor, R & D factor and inventory factor. The turnover factor of accounts receivable, human capital, share incentive factor and operating income factor are the most influential factors. Finally, the policy suggestions on the growth of listed companies in China's gem market are given in order to perfect the capital market of our country.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.6;F832.51;F224

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