创业板上市公司市盈率影响因素研究

发布时间：2018-03-05 01:01

本文选题：创业板　切入点：公司估值　出处：《浙江大学》2012年硕士论文　论文类型：学位论文

【摘要】：市盈率(每股市价/每股收益,P/E)是衡量公司价值时,使用最多的相对估值指标之一。不同国家、地区的各个企业市盈率之间往往存在着较大的差异。中国创业板市场自2009年设立以来,上市公司市盈率水平及波动幅度均明显高于主板及中小板市场。本文使用2009-2011年的数据,对我国创业板上市公司市盈率的决定因素进行了理论剖析和实证分析,试图分析创业板上市公司高市盈率是否合理,以及除了经典模型所揭示的因素外,哪些创业板上市公司特有的因素或市场结构对于中国股市的高市盈率起到了支撑作用。文章首先探索了经典理论模型以及其他公认的市盈率影响因素对于中国创业板市场的市盈率的解释力度,并为公司成长性、风险大小、盈利能力、杠杆率水平等选定了相应的度量指标。然后,本文重点关注了行业平均市盈率水平、公司规模和公司治理结构等因素对于市盈率的影响,以期建立解释度较高的创业板上市公司市盈率决定因素模型。本文对可能影响市盈率的因素分别进行了相关分析和回归分析,区分了(1)仅包括经典理论所揭示的变量的模型,与(2)加入了创业板上市公司特征的变量模型,并对不同的回归结果进行了比较分析。文章发现,经典理论所揭示的因素对于创业板上市公司市盈率的影响是显著的。将市场环境下的成长性作为经典理论中的考虑因素之一,可能更好的解释创业板上市公司市盈率的水平及其变化。
[Abstract]:The price earnings ratio (per share price / earnings per share, P/E) is a measure of the value of the company, one of the most used indicators of relative valuation. In different countries, between the area of each enterprise earnings have great difference. Since the Chinese GEM listed companies since 2009 to set up, the level of earnings and volatility were significantly higher than the motherboard and the small and medium-sized market. This paper used 2009-2011 years of data on the earnings of listed companies on GEM determinants are the theoretical analysis and empirical analysis, tries to analyze the listed companies on the gem high price earnings ratio is reasonable, and the factors in addition to classical model reveals, what unique GEM listed companies or market factors the structure for high earnings Chinese stock market rate has played a supporting role.
This article first explores the classical theory model and other recognized earnings factors for the explanation of China gem market price earnings ratio, and growth for the company, the size of the risk, profitability, leverage level selected the appropriate measurement indicators. Then, this paper focuses on the industry average price earnings ratio, the company the scale and structure of corporate governance and other factors affect the price earnings ratio, in order to establish a high degree of interpretation of the GEM listed company earnings determinants model.
In this paper, the influencing factors of earnings were correlation analysis and regression analysis, the distinction between the (1) includes only revealed by the classical theory of variables in the model, and (2) joined the variable model of companies listed on GEM characteristics, and the different regression results are compared and analyzed.
The paper finds that the factors revealed by classic theories have significant impact on earnings per share of GEM listed companies. Taking market growth as a consideration in classical theory, it may better explain the level and change of price earnings ratio of GEM listed companies.

【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】