广东中小上市企业可持续增长的实证研究

发布时间：2018-08-19 20:21

【摘要】：文章主要采用了实证研究的方法,以在深圳中小板上市的20家广东省中小上市公司作为研究的对象,选取了这些企业从2006年到2010年度的财务数据,文章以希金斯的可持续增长理论作为理论依据,从五个方面对广东省上市中小企业出现增长差距的原因进行财务评价研究。本文首先系统地介绍了国内外学者在可持续增长方面的研究,其中包括理论研究也包括实证研究,在借鉴已有研究的基础上,文章选取了销售净利率、净资产收益率、每股净利润、流动资产周转率、总资产周转率、流动比率、资产负债率、资产经营现金流量回报率、资产保值增值率、净利润增长率、期间费用率、成本费用利润率这十二项指标,分别从企业的盈利能力、运营能力、偿债能力、成长能力和财务成本控制能力这五个方面构建了广东省中小上市公司出现增长差距的财务评价体系。文章在实证研究1中,采用了威尔科克森带符号检验法对广东省20家样本公司从2006年到2010年5年的实际增长率比与可持续增长率进行检验,分别从总体上、行业上、年份上、各个企业上进行检验,检验结果发现,从总体上来看,广东省中小上市公司整体上均未实现可持续增长,大多数处于过快增长状况；从年份上来看,20家样本公司在5年里均未实现可持续增长,其中每年里增长过快的企业占大多数；从行业上来看,5年里仅医药生物制造业、信息技术行业实现了可持续增长外,其他行业均未实现可持续增长；从各个具体的上市公司看,20家样本上市公司中,仅有7家实现了可持续增长,其他均未实现可持续增长。接着文章又采用了回归分析法,对未实现可持续增长的因素进行分析,发现总资产周转率对其影响最大,排在第二的是销售净利率,第三是资产经营现金流量回报率。文章在最后,针对增长过快和增长不足的企业分别提出了相关的建议,希望这些建议对广东省中小上市企业乃至全国范围内的各行各业中小上市企业能起到一定的作用。
[Abstract]:This paper mainly adopts the method of empirical research, taking 20 small and medium-sized listed companies of Guangdong Province listed on Shenzhen small and medium-sized board as the object of study, and selects the financial data of these enterprises from 2006 to 2010. Based on Higgins' theory of sustainable growth, this paper makes a financial evaluation study on the reasons for the growth gap of listed SMEs in Guangdong Province from five aspects. Firstly, this paper systematically introduces the domestic and foreign scholars' research on sustainable growth, including theoretical research and empirical research. Based on the existing research, this paper selects the net interest rate of sales, the return on net assets. Net profit per share, turnover of current assets, total asset turnover, current ratio, asset-liability ratio, return on operating cash flow of assets, asset hedge and appreciation rate, net profit growth rate, period expense rate, The 12 indicators of cost-cost profit margin are listed in terms of the profitability, operational capacity, and solvency of the enterprise. The growth ability and financial cost control ability are the five aspects to construct the financial evaluation system of the growth gap among the small and medium-sized listed companies in Guangdong Province. In the empirical study 1, we use the Wilcoxon sign test method to test the real growth rate and the sustainable growth rate of 20 sample companies in Guangdong Province from 2006 to 2010. On the whole, the small and medium-sized listed companies in Guangdong Province have not realized sustainable growth, and most of them are in the situation of excessive growth. In terms of year, the 20 sample companies did not achieve sustainable growth in five years, with the majority of them growing too fast each year; in industry terms, only pharmaceutical and biological manufacturing, information technology, achieved sustainable growth in five years. Other industries have not achieved sustainable growth; from each specific listed companies, only 7 of the 20 sample listed companies have achieved sustainable growth, while the others have not achieved sustainable growth. Then the regression analysis method is used to analyze the factors of unrealized sustainable growth. It is found that the total assets turnover rate has the greatest influence on it, the second is the net interest rate of sales, and the third is the return on cash flow of assets management. At the end of the paper, the author puts forward some relevant suggestions for the enterprises with rapid growth and insufficient growth, hoping that these suggestions can play a certain role in the small and medium-sized listed enterprises in Guangdong Province and even in all kinds of industries in the whole country.
【学位授予单位】：广西师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】