全国股转挂牌公司财务分析与成长性评价

发布时间：2018-11-19 10:07

【摘要】：随着我国改革开放进程逐步深化,社会主义市场经济的不断向前发展,中小企业对于我国经济发展的贡献越来越突出。然而,我国的中小企业的自身特性决定了其在复杂经济环境中,面临着受经济波动影响大、自身管理水平差、融资困难等问题,成为其进一步发展的瓶颈。要走出发展的困境,中小企业必须实现从传统制造加工向自主科技创新的转型,在这条转型之路上,资本市场是促进中小企业自身发展的有力杠杆。对于创新创业型的中小企业,直接融资相对于银行信贷等间接融资方式更加实用与合适,随着全国中小企业股份转让系统的推出,我国多层次资本市场建设的逐渐完善,这些有一定规模的中小企业迎来了发展的良好机遇。通过对已经在全国中小企业股份转让系统挂牌的公司进行财务分析,将帮助市场各主体,尤其是增加投资者对于全国股转挂牌公司的了解,对这些公司的财务状况、经营成果、现金流量、科技创新投入、发展潜力等形成一个初步的判断。在此基础上对全国股转挂牌公司的价值评价,将会判断这个市场是否有发展的前景,让市场主体能够有充足的准备来面对这些公司已经暴露和即将面临的问题。本文以全国股转挂牌公司为研究对象,在对挂牌公司概况、特征进行介绍的基础上,针对其资本结构、盈利状况、研发投入、市场潜力等方面进行了财务分析。本文通过对挂牌公司的描述性统计发现,挂牌公司平均资产负债率较低,大部分企业没有银行借款,资产流动性较强,流动比率较高,但是存货和应收款项占比较大；其次,挂牌企业盈利能力差别很大,总体来看,毛利较高但是净利润较低,企业管理成本压力大。通过与创业板上市公司作对比,可以发现,全国股转挂牌公司自身的发展潜力与财务风险并存,虽然在公司规模和盈利能力上与创业板上市公司有差距,但是挂牌公司发展的包袱更小,资产质量更高。只要在自身的细分市场上占据主动,就能够实现企业的经营目标。本文从行业特征、营运水平、研发能力、融资成果等方面构建成适合全国股转挂牌公司发展特点的成长性评价体系,运用综合评价方法对于已经挂牌的部分公司进行了成长性的分类评价,提出了促进全国股转挂牌公司进一步发展的具体措施,以期望企业能够提高自己实力,增强市场竞争力,实现企业自身经营目标。在成长性上,针对全国股转这个市场的特点,已经定向发行成功的企业成为研究的重点,本文对于其进行了整体的分析,并对几家发行次数较多的企业进行了案例分析,从融资的效果为出发点评价企业的成长性是本文的创新点。对于企业的成长性评价应该是一个长期的过程,但是全国股转成立时间太短,其挂牌公司的历史数据不能够满足研究的需求,研究的结果仅体现在短期内的状态,未来的成长性还需要长期的观察。
[Abstract]:With the deepening of China's reform and opening up process and the continuous development of socialist market economy, the contribution of small and medium-sized enterprises to China's economic development is becoming more and more prominent. However, the characteristics of small and medium-sized enterprises in our country decide that in the complex economic environment, they are faced with the problems of great influence of economic fluctuation, poor management level, difficulty in financing and so on, which become the bottleneck of their further development. In order to get out of the predicament of development, small and medium-sized enterprises must realize the transition from traditional manufacturing and processing to independent scientific and technological innovation. On this transition road, capital market is a powerful lever to promote the development of small and medium-sized enterprises themselves. For innovative and entrepreneurial SMEs, direct financing is more practical and appropriate than indirect financing methods such as bank credit. With the introduction of the national small and medium-sized enterprises share transfer system, the construction of the multi-level capital market in China has been gradually improved. These small and medium-sized enterprises of a certain scale ushered in a good opportunity for development. Through the financial analysis of companies that have already been listed in the national small and medium-sized enterprises share transfer system, it will help the main bodies of the market, especially to increase the investors' understanding of the national stock transfer companies, the financial situation of these companies, and the results of their operations. Cash flow, scientific and technological innovation investment, development potential and so on to form a preliminary judgment. On this basis, the evaluation of the value of the national stock exchange companies will determine whether the market has a prospect of development, so that the market main body can be fully prepared to face the problems that these companies have already exposed and are about to face. Based on the introduction of the general situation and characteristics of the listed companies, this paper analyzes the capital structure, profitability, R & D investment, market potential and so on. Through the descriptive statistics of listed companies, it is found that the average asset-liability ratio of listed companies is relatively low, most enterprises do not have bank loans, asset liquidity is strong, the current ratio is high, but inventory and receivables account for a large proportion; Secondly, the profitability of listed enterprises is very different. Overall, gross profit is high but net profit is low, and the pressure of management cost is great. By comparing it with gem listed companies, we can find that the development potential and financial risk of the listed companies in the whole country coexist, although there is a gap between the listed companies and the listed companies in terms of company size and profitability. But listed companies have a smaller burden of development and higher asset quality. As long as they take the initiative in their own market segments, they can achieve their business objectives. In this paper, from the aspects of industry characteristics, operating level, R & D capability, financing results and so on, we construct a growth evaluation system suitable for the development characteristics of national stock conversion and listing companies. By using the method of comprehensive evaluation, the paper evaluates the growth of some listed companies, and puts forward some concrete measures to promote the further development of the listed companies in order to improve their strength and enhance their market competitiveness. To achieve the business objectives of the enterprise itself. In terms of growth, in view of the characteristics of the national stock market, the enterprises that have been issued successfully have become the focus of the research. This article has carried on the overall analysis to it, and has carried on the case analysis to several enterprises which have issued more times. The innovation of this paper is to evaluate the growth of enterprises from the point of view of the effect of financing. The evaluation of the growth of enterprises should be a long-term process, but the national stock conversion period is too short, the historical data of the listed companies can not meet the needs of the research, and the results of the research are only reflected in the state of the short term. Future growth will require long-term observation.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】