新三板挂牌企业成长性影响因素研究

发布时间：2018-04-21 10:57

本文选题：新三板 + 成长性影响因素　；参考：《电子科技大学》2017年硕士论文

【摘要】：自2014年新三板推出做市商制度以来,新三板市场正式步入发展初期,挂牌企业数量激增,截止2016年12月累计挂牌数已破万家,同时国家大力支持新三板市场的开发,目前新三板覆盖行业颇为丰富,发展潜力不容小觑。但由于新三板市场进入门槛较低,挂牌企业鱼龙混杂,再加上信息披露的不完善,整个市场面对的风险不确定性较大,挂牌企业未来成长性难以评估,为市场参与者的投融资决策带来了巨大挑战。因此,研究新三板挂牌企业成长性的影响因素就显得极为关键,这将有利于为做市商或新进投资者提供影响挂牌企业成长性的可靠因素,并对挂牌企业未来的成长提供指导性指标。本文针对2015年已做市的208家新三板挂牌企业,结合相关理论,以制定做市制度后的新三板市场为背景,梳理了新三板企业的特点,全面地选取了影响新三板企业成长性的16个微观因素和对应的指标。然后采用因子分析法,对所有因素进行相关性分析,得到了影响新三板挂牌企业的5个主要因子:盈利能力因子、偿债能力因子、核心竞争力因子、规模因子和营运能力因子。根据所得的因子和相关的文献理论,对影响因子和新三板成长性之间的关系进行理论模型的假设,利用结构方程模型对各因子与新三板成长性、各因子之间的影响路径进行了分析,主要的研究结论有:(1)与新三板企业的成长性呈显著性直接相关的是盈利能力、偿债能力和核心竞争力,而营运能力和企业规模对新三板企业成长性的直接影响不显著;(2)这三个因素之间也有显著相关的关系,偿债能力不仅与新三板企业成长性直接相关性较强,还能通过盈利能力对成长性起着间接作用,同时核心竞争力通过盈利能力和偿债能力路径间接正向地作用于新三板企业成长性;(3)企业规模能对偿债能力有负向影响,从而对新三板企业成长性有间接负向的影响,而营运能力可以以盈利因素作为中介,间接性地正向影响新三板成长性;(4)各个影响因素对新三板企业成长性的影响力度均不相同,通过因子分析和结构方程模型可以得出影响力度最大的是盈利能力,其次是偿债能力,然后是核心竞争力。
[Abstract]:Since the introduction of the market maker system on the new third board in 2014, the new third board market has formally entered the initial stage of development, and the number of listed enterprises has increased dramatically. By December 2016, the cumulative number of listed companies has broken down, and the state has vigorously supported the development of the new third board market. At present, the new three-board covering industry is quite rich, development potential can not be underestimated. However, because the entry threshold of the new third board market is relatively low, the listed companies are mixed up, and the information disclosure is not perfect, the risk uncertainty facing the whole market is greater, and the future growth of the listed companies is difficult to assess. For the market participants in the investment and financing decisions have brought great challenges. Therefore, it is very important to study the influencing factors of the growth of new third board listed enterprises, which will be helpful to provide reliable factors for market makers or new investors to influence the growth of listed enterprises. And to the future growth of listed enterprises to provide guidance indicators. This paper aims at 208 new three board listed enterprises that have already made market in 2015, combined with relevant theory, taking the new third board market after the market making system as the background, combing the characteristics of the new three board enterprises. This paper selects 16 micro factors and corresponding indexes that affect the growth of new three-board enterprises. Then we use factor analysis to analyze the correlation of all factors and get five main factors: profitability factor debt repayment factor core competitiveness factor scale factor and operation ability factor. According to the factors obtained and the relevant literature theory, the relationship between the influence factors and the growth of the new three plates is assumed, and the structural equation model is used to analyze the relationship between the factors and the growth of the new three plates. The main research conclusions are as follows: (1) the growth of new three board enterprises is directly related to profitability, solvency and core competitiveness, the main conclusions of which are as follows: (1) the main conclusions are: 1) the growth of the new three board enterprises is directly related to the profitability, solvency and core competitiveness. However, the direct influence of operation capacity and enterprise size on the growth of new three board enterprises is not significant. (2) there is also a significant correlation between these three factors, and the solvency is not only directly related to the growth of new three board enterprises, but also has a strong direct correlation with the growth of new three board enterprises. At the same time, the core competence can play an indirect role in the growth of the new three board enterprises through the path of profitability and solvency.) the scale of the enterprise can have a negative impact on the solvency. As a result, there is an indirect negative impact on the growth of the new three board enterprises, while the operating capacity can take the profit factor as an intermediary, indirectly positively affect the growth of the new three boards.) the impact of each factor on the growth of the new three board enterprises is not the same. Through factor analysis and structural equation model, it can be concluded that the most influential force is profitability, followed by solvency, and then core competitiveness.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

【参考文献】