创业板上市公司企业价值非财务驱动因素实证分析
发布时间：2018-08-11 17:44
【摘要】：2009年10月，创业板首批28家公司集中在深圳交易所上市，这不仅标志着我国资本市场的成熟，也为从事高科技产业和新型服务的中小企业开辟了新的融资渠道。随着创业板市场的不断壮大，其企业经营管理模式和方法的缺陷和不足也愈加凸显。由于创业板市场的准入条件、服务对象与传统的主板市场具有非常大的差别，推动创业板上市公司提升企业价值的驱动因素也与主板上市公司有很大不同。因此，从以企业价值创造为基础的价值管理角度，研究创业板上市公司企业价值的非财务驱动因素，为创业板上市公司提升内部管理质量，合理评估创业板上市公司企业价值，完善我国资本市场的制度管理提供可靠依据。 本文基于价值管理理论和权变理论，分析了创业板上市公司本身的特点和其企业价值的来源、价值创造的方式。选取在创业板上市的120家企业为研究样本，选取2010年7月1日到2011年9月30日之间的5个季度数据导入结构方程模型，并从最终确定的3个较为合理的替代模型中选择了拟合度最好的作为最终模型，并进一步讨论观察变量对创业板上市公司企业价值驱动因素的解释能力。研究结果表明：发展机会价值、证券市场风险、企业规模、人力资本利用效率、行业竞争程度、科技创新能力对企业价值均有正向的显著影响，路径系数为正；其中，发展机会价值和行业竞争程度对企业价值的影响最大；企业规模作为企业内部环境因素不仅仅对企业价值有比较大的贡献度，同时还正向显著影响企业的科技创新能力，，负向显著影响治理机制效率和人力资本利用效率。文章最后根据研究成果，对我国创业板上市公司的管理人员深入了解企业价值创造的机理，采取措施提升企业价值提出了政策建议，为投资者合理评价创业板上市公司企业价值提供依据，并对促进我国多层次资本市场体系的完善有积极的意义。
[Abstract]:In October 2009, the first 28 companies listed on Shenzhen Stock Exchange, which not only marked the maturity of our capital market, but also opened up a new financing channel for SMEs engaged in high-tech industries and new services. With the growth of the gem market, the defects and shortcomings of its business management model and methods are becoming more and more prominent. Because of the access conditions of the gem market, the service object is very different from the traditional main board market, and the driving factor of promoting the enterprise value of the gem listed company is also very different from the main board listed company. Therefore, from the point of view of value management based on the creation of enterprise value, this paper studies the non-financial driving factors of the enterprise value of the gem listed companies, in order to improve the internal management quality of the gem listed companies, and evaluate the enterprise value of the gem listed companies reasonably. Perfect the system management of our country capital market to provide the reliable basis. Based on the theory of value management and contingency theory, this paper analyzes the characteristics of gem listed companies, the origin of their enterprise value and the way of value creation. In this paper, 120 enterprises listed on the gem are selected as the research samples, and five quarterly data from July 1, 2010 to September 30, 2011 are selected to be imported into the structural equation model. The best fit is chosen as the final model from the three reasonable substitution models, and the explanatory ability of observation variables to the driving factors of enterprise value of gem listed companies is further discussed. The results show that: development opportunity value, stock market risk, enterprise scale, human capital utilization efficiency, industry competition degree, scientific and technological innovation ability all have positive and significant influence on enterprise value, and path coefficient is positive. The development opportunity value and the industry competition degree have the biggest influence to the enterprise value, the enterprise scale as the enterprise internal environment factor not only has the relatively big contribution degree to the enterprise value, but also has the significant influence to the enterprise science and technology innovation ability. Negative effect on governance mechanism efficiency and human capital utilization efficiency. Finally, according to the research results, the paper makes some policy recommendations to the managers of China's gem companies to deeply understand the mechanism of enterprise value creation, and to take measures to enhance the enterprise value. It provides a basis for investors to evaluate the enterprise value of gem listed companies, and has positive significance to improve the multi-level capital market system of our country.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51
[Abstract]:In October 2009, the first 28 companies listed on Shenzhen Stock Exchange, which not only marked the maturity of our capital market, but also opened up a new financing channel for SMEs engaged in high-tech industries and new services. With the growth of the gem market, the defects and shortcomings of its business management model and methods are becoming more and more prominent. Because of the access conditions of the gem market, the service object is very different from the traditional main board market, and the driving factor of promoting the enterprise value of the gem listed company is also very different from the main board listed company. Therefore, from the point of view of value management based on the creation of enterprise value, this paper studies the non-financial driving factors of the enterprise value of the gem listed companies, in order to improve the internal management quality of the gem listed companies, and evaluate the enterprise value of the gem listed companies reasonably. Perfect the system management of our country capital market to provide the reliable basis. Based on the theory of value management and contingency theory, this paper analyzes the characteristics of gem listed companies, the origin of their enterprise value and the way of value creation. In this paper, 120 enterprises listed on the gem are selected as the research samples, and five quarterly data from July 1, 2010 to September 30, 2011 are selected to be imported into the structural equation model. The best fit is chosen as the final model from the three reasonable substitution models, and the explanatory ability of observation variables to the driving factors of enterprise value of gem listed companies is further discussed. The results show that: development opportunity value, stock market risk, enterprise scale, human capital utilization efficiency, industry competition degree, scientific and technological innovation ability all have positive and significant influence on enterprise value, and path coefficient is positive. The development opportunity value and the industry competition degree have the biggest influence to the enterprise value, the enterprise scale as the enterprise internal environment factor not only has the relatively big contribution degree to the enterprise value, but also has the significant influence to the enterprise science and technology innovation ability. Negative effect on governance mechanism efficiency and human capital utilization efficiency. Finally, according to the research results, the paper makes some policy recommendations to the managers of China's gem companies to deeply understand the mechanism of enterprise value creation, and to take measures to enhance the enterprise value. It provides a basis for investors to evaluate the enterprise value of gem listed companies, and has positive significance to improve the multi-level capital market system of our country.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51
【参考文献】
相关期刊论文 前10条
1 李春瑜;许进;;基于价值管理的财务分析体系[J];财会通讯;2006年06期
2 王欣冉;郭志勇;;中小企业板上市公司研发投入的价值相关性研究[J];财会通讯;2011年29期
3 徐岩;王s
本文编号：2177753
本文链接：https://www.wllwen.com/guanlilunwen/zhqtouz/2177753.html
最近更新
教材专著
