中小板上市公司成长性影响因素实证研究

发布时间：2018-04-04 23:19

本文选题：中小板上市公司　切入点：成长性　出处：《安徽财经大学》2012年硕士论文

【摘要】：中小企业发展是我国“十一五”发展规划期间经济发展的重要组成部分,中小企业在国民经济中的地位和作用越来越重要。与“十一五”发展规划相比,“十二五”发展规划将进一步解决中小企业融资和减负问题,在融资方面包括扩大中小企业集合债试点,在减负方面的重点则是减税和减免行政事业性收费。在“十二五”期间,政府会引导中小企业围绕各领域龙头企业展开上下游的布局,尤其是特色专业市场,政府还将成立合作平台,以此来解决中小企业面临的发展困境。中小企业板于2004年在深圳证券交易所成立,到2011年已经走过了7个年头,从2004年的38家上市公司到2010年的532家上市公司,中小企业板的规模在不断扩大,中小企业板已成为中小企业解决融资困难的主要平台。公司的成长性一直是公司治理和市场投资的焦点话题,成长性是公司的灵魂,是股市的生命,是衡量上市公司经营状况和发展前景的一项非常重要的指标。中小企业板上市公司作为中小企业的优秀代表,其成长性关系到中小板上市公司发展的优劣。中小板上市公司由于其较小的资本规模,一直以来都是证券市场研究的对象,然而在金融危机的背景下,中小板上市公司成长性问题就变得更为突出,中小板上市公司的成长受到很多因素的影响,这些影响因素阻碍了中小企业的健康发展。因此,加强对中小板上市公司成长性及影响因素的研究,为中小板上市公司发展提出相应的建议具有重要的理论意义和现实意义。基于以上背景,本文遵循理论分析、实证检验和提出建议的基本思路,将本文的研究内容大体上分为五个部分,具体如下：第一部分是本文的绪论部分,主要包括选题背景及研究意义、国内外文献综述、研究内容、研究方法和本文的创新点。这是本文的第一章。第二部分介绍了公司成长的理论基础,也是本文写作的理论基础。主要介绍了企业成长理论和公司的生命周期理论。这是本文的第二章,采用的是规范分析方法。第三部分对中小板上市公司情况及其成长影响因素进行分析,首先对相关概念进行介绍,如公司成长性和中小板市场。其次分析中小板上市公司的情况,按照上市日期、行业分布和地区分布的不同进行分析。最后从公司竞争力、公司成长潜力和公司环境支持力三个方面对中小板上市公司成长影响因素进行分析。这是本文的第三章,采用的是规范分析方法。第四部分是实证研究部分,也是本文的重点部分。首先是提出本文的研究假设,接着进行研究设计,最后运用SPSS统计软件进行实证分析,包括对被解释变量和解释变量的描述性分析,对解释变量的因子分析,提取公共因子,以公共因子为自变量对因变量进行回归分析。这是本文的第四章,采用的是实证分析方法。第五部分是本文的结论部分,通过实证分析结果得出几点结论,并在此基础上提出中小板上市公司成长的政策建议及本文存在的不足之处。这是本文的第五章。
[Abstract]:The development of small and medium-sized enterprises in China is the "11th Five-Year" development plan an important part of the economic development, small and medium-sized enterprises and more important role in the national economy status. And compared with the "11th Five-Year" development plan, "12th Five-Year" development plan will further solve the financing of small and medium enterprises and the problems in the financing burden, including the expansion of debt collection pilot of small and medium-sized enterprises, focusing on the burden is the tax cuts and the reduction of administrative fees. In the "12th Five-Year" period, the government will guide the small and medium-sized enterprises around the leading enterprises in the field of expansion on the lower reaches of the layout, especially the characteristics of the professional market, the government will also set up a cooperation platform, in order to solve the development difficulties faced by small and medium enterprises. The establishment of the SME board in Shenzhen stock exchange from 2004 to 2011, has gone through 7 years, from the 38 listed companies in 2004 to 532 in 2010 The size of the SME board is expanding, and the SME board has become the main platform for small and medium enterprises to solve the financing difficulties.
The company's growth has been the focus of the topic of corporate governance and market investment, growth is the soul of a company, is the life of the stock market, is a very important index to measure the operating status of listed companies and development prospects. The SME board listed companies as small and medium-sized enterprises outstanding, its growth is related to the small and medium-sized board the development of listed companies. The advantages and disadvantages of the SME board listed companies due to its small scale of capital, has always been the research object in stock market, but in the context of the financial crisis, growth of the SME board listed companies becomes more prominent, affected by many factors of listed companies on SME growth, these factors hinder the healthy development of small and medium-sized enterprises. Therefore, strengthening of the SME board listed company growth and influence factors, puts forward relevant suggestions of development board for small and medium-sized listed companies The theoretical and practical significance.
Based on the above background, this paper follows the basic train of thought of theoretical analysis, empirical test and suggestion, and divides the research contents of the paper into five parts.
The first part is the introduction of this paper, including the background and significance of the topic, literature review, research contents, research methods and innovation.
The second part introduces the theoretical foundation of company growth and the theoretical foundation of this paper. It mainly introduces the theory of enterprise growth and the life cycle theory of company. This is the second chapter of this paper, which adopts normative analysis method.
The third part is the analysis of the SME board listed companies and the factors affecting the growth of, first of all the related concepts are introduced, such as the growth of the company and the small and medium-sized market. Secondly, the small board of listed companies, in accordance with the listing date, industry distribution and regional distribution of different analysis. Finally, from the company's competitiveness and support the company's growth the potential and the company environment analysis of the SME board listed companies growth factors three aspects. This is the third chapter of this paper, using the method of normative analysis.
The fourth part is the part of empirical research, is the key part of this article. First, this article put forward the research hypothesis and research design, and finally the use of SPSS statistical software for empirical analysis, including analysis of explanatory variables and explanatory variables descriptive, factor analysis of the explanatory variables, extracted common factor, with public factors as independent variables on the the dependent variable for regression analysis. This is the fourth chapter of this paper, using the method of empirical analysis.
The fifth part is the conclusion of this paper. Based on the empirical analysis, several conclusions are drawn, and on this basis, the policy recommendations and shortcomings of this paper are put forward. This is the fifth chapter of this paper.

【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F276.6;F832.51

【参考文献】