创业板上市公司创新绩效财务评价的实证研究

发布时间：2018-04-04 19:57

本文选题：创业板上市公司　切入点：创新绩效　出处：《浙江工业大学》2012年硕士论文

【摘要】：理论上,创业板有利于进一步完善创新型中小企业的融资链条,加快科技成果的产业化,对于产业结构转型升级具有重要的推动和引导作用。因此,相比主板,创业板对企业降低了准入门槛,重点强调其“创新性”与“成长性”。然而,创业板开市三年来,其上市公司的创新性和成长性屡遭质疑,因此,研究关系创业板上市公司可持续成长能力的创新绩效,将有利于更好地推动其在产业转型升级中发挥应有作用。鉴于创业板上市公司财务报告附注披露RD投入明细材料的数据,本研究尝试了将前人用于评价宏观层面的研发投入对经济发展影响的分布滞后模型修正并应用于创业板上市公司的创新绩效评价。并从企业财务评价的角度切入,将绩效评价范围锁定在企业最综合的财务范畴内,界定创新绩效的概念,构建评价指标体系,建立多角度的实证模型。通过描述性统计分析和实证研究,揭示其自主创新、经济业绩与成长性现状及创新投入对企业经济业绩的贡献,观察了创业板上市公司的成长特性与可持续成长能力。研究结果显示,表征创业板上市公司自主创新能力的RD投入强度在5%-6%左右,约是我国高新技术企业的2倍多,但与美国还存在较大差距；其整体经济业绩良好,但从数据分布看,企业个体之间RD投入水平、经济业绩的差距在不断拉大；虽然2009年后利润增长率有明显下滑,而表征创业板上市公司成长潜力的RD投入增长率、技术资产增长率与主营业务收入增长率表现较好。创业板上市公司RD投入对其核心竞争能力、经营能力及盈利能力均存在一定的贡献度,但时滞效应显著且依次加强。可见,创业板上市公司的可持续成长性值得期待,创业板对我国产业转型升级的作用值得肯定。
[Abstract]:In theory, the gem is conducive to further improve the innovative SMEs financing chain, accelerate the industrialization of scientific and technological achievements, has an important role in promoting and guiding for the transformation and upgrading of industrial structure. Therefore, compared to the motherboard, the gem to reduce the barriers to entry of enterprises, especially emphasizing the "innovation" and "growth" however, the gem opening for three years, the listed company's innovation and growth has been questioned, therefore, study on the relationship between the GEM listed companies sustainable growth ability innovation performance, will be conducive to better play its due role in promoting the transformation and upgrading of the industry.
In view of the GEM listed companies financial statements disclosure details RD input material data, this study will try to previous innovation performance evaluation of distribution effect on the economic development of R & D investment evaluation at the macro level the hysteresis model is modified and applied to the GEM listed companies. And from the perspective of enterprise financial evaluation perspective, the locking range of performance evaluation in the enterprise financial category of the most comprehensive, defining the concept of innovation performance, evaluation index system, establish an empirical model of multi angle. Through descriptive statistical analysis and empirical study, reveals its independent innovation into the enterprise economic performance contribution status and innovation of economic performance and growth, to observe the growth of GEM listed companies the characteristics and sustainable growth ability.
The results showed that the ability of independent innovation of characterization of companies listed on GEM RD investment intensity of about 5%-6%, is about 2 times more of China's high-tech enterprises, but also there is a big gap with the United States; the overall economic performance is good, but from the data distribution, individual enterprises between RD input level, the gap in economic performance the widening; although after 2009 profit growth rate has declined significantly, while the growth potential characterization of GEM listed companies RD investment growth rate, growth rate of better technology assets and main business income growth. GEM listed companies RD investment in its core competitive ability, operation ability and profitability have certain contribution but, in order to strengthen and delay effect. Therefore, the GEM listed companies sustainable growth expectations, the gem of China's industrial transformation and upgrading of the effect is worthwhile.

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

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