中小板上市公司财务质量评价研究

发布时间：2018-08-05 17:54

【摘要】：财务质量是指企业拥有的各种资源经过合理和有效的配置，使其所产生的财务效果能够满足现实或潜在利益相关者需求的程度。如何对上市公司的财务质量进行分析和评价，防范或避免因决策失误可能导致的财务问题，无论对上市公司自身，还是对利益相关者而言都显得至关重要。相对于主板市场而言，中小板上市公司具有极高的成长性和盈利性，但中小板上市公司本身的规模较小，发展时间较短，容易受到内部因素和外部环境的干扰，，因而对其财务质量进行评价的难度也较高。因此，如何合理有效的对中小板上市公司财务质量进行评价，是一个亟待解决且意义重大的难题。本文从投资者的角度来对中小板上市公司的财务质量进行研究，文中的投资者是狭义投资者的概念，即潜在投资者和中小投资者。在现阶段从投资者的视角研究中小板上市公司，一方面能够有效的保护中小投资者的利益，使其保持投资热情，以保证资本市场资金充足；另一方面，能使上市公司树立正确的经营理念，强化其为股东创造价值的观念，以促进中国资本市场的健康发展。本文通过中小板与主板盈利质量和增长质量的对比，发现主板上市公司非经常项目波动较大，且占利润的比重高，而中小板上市公司的利润主要来源于主营业务收入，且非经常损益项目占比小，三费变动幅度小。因此，在构建中小板上市公司评价指标体系时，选取了直接反映营业利润的指标，如“营业利润增长率”、“营业毛利率”等。另外，由于中小板的增长主要依赖其主营业务，而现金流质量依然是制约中小板企业发展的关键所在，因此经营现金流指标也显得格外重要。在构建指标体系时，本文增加了“每股经营现金流量增长率”来更好地反映整个公司的财务质量。基于上述考虑，本文构建了基于投资者视角的中小板上市公司评价指标体系。结合上述指标体系，在案例分析中，为了减少主观赋权因素的影响，本文采用的是客观赋权的因子分析法，通过该方法对中小板上市公司2008-2010年公开披露的样本公司财务数据进行计算整理，并在因子得分的基础上对中小板上市企业财务质量做进一步综合评价。最后从企业经营管理者、投资者、市场监管者这三个层面分别提出了针对性的对策与建议，并就如何从整体上提高中小板的财务质量提出了若干建设性的建议。
[Abstract]:Financial quality refers to the extent to which all kinds of resources owned by an enterprise can meet the needs of realistic or potential stakeholders through reasonable and effective allocation. How to analyze and evaluate the financial quality of the listed companies and prevent or avoid the financial problems caused by the mistakes of decision making is very important to the listed companies as well as to the stakeholders. Compared with the main board market, the small and medium-sized board listed companies have extremely high growth and profitability, but the small and medium-sized board listed companies have smaller scale and shorter development time, and are vulnerable to the interference of internal factors and external environment. Therefore, it is difficult to evaluate its financial quality. Therefore, how to evaluate the financial quality of small and medium-sized listed companies is an urgent and significant problem. This paper studies the financial quality of small and medium-sized board listed companies from the angle of investors. The investors in this paper are narrow sense investors, that is, potential investors and small and medium-sized investors. On the one hand, it can effectively protect the interests of small and medium-sized investors and keep their investment enthusiasm in order to ensure that the capital market funds are sufficient; on the other hand, it can effectively protect the interests of small and medium-sized investors and keep their investment enthusiasm. It can make the listed company set up the correct management idea and strengthen the idea of creating value for the shareholders in order to promote the healthy development of China's capital market. By comparing the profit quality and growth quality between the small and medium board and the main board, it is found that the non-current items of the main board listed companies fluctuate greatly and account for a high proportion of the profits, while the profit of the small and medium-sized board listed companies mainly comes from the main business income. And non-recurrent profit and loss account for small, small change in the three fees. Therefore, when constructing the evaluation index system of the small and medium-sized board listed companies, the indexes which directly reflect the operating profit are selected, such as "operating profit growth rate", "operating gross profit rate" and so on. In addition, the growth of small and medium-sized board mainly depends on its main business, and the quality of cash flow is still the key to restrict the development of small and medium-sized board enterprises, so the operating cash flow index is especially important. In order to better reflect the financial quality of the whole company, this paper adds the "growth rate of operating cash flow per share" in the construction of index system. Based on the above considerations, this paper constructs the evaluation index system of small and medium-sized board listed companies from the perspective of investors. Combined with the above index system, in the case analysis, in order to reduce the influence of subjective weighting factors, this paper adopts the factor analysis method of objective weighting. Through this method, the financial data of the sample companies publicly disclosed from 2008 to 2010 are calculated and collated, and the financial quality of the small and medium-sized board listed companies is further evaluated on the basis of factor scores. Finally, this paper puts forward some countermeasures and suggestions from the three levels of enterprise managers, investors and market regulators, and puts forward some constructive suggestions on how to improve the financial quality of small and medium-sized boards as a whole.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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