创业板上市公司成长性影响因素实证分析

发布时间：2018-01-15 00:08

本文关键词：创业板上市公司成长性影响因素实证分析　出处：《云南财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：目前研究表明,中小企业是我国经济增长、就业岗位创造及技术创新最主要的推动力量。特别是中小企业中的新创企业代表未来技术经济发展的主要方向,表现出良好的高成长性与高技术性特征。为满足中小企业成长性融资需求,世界各国纷纷创设了创业板,我国经过十年筹备于2009年创设创业板市场。创业板市场投资与主板市场投资相比,投资者首先关注的是企业的成长性,其次是既往经营业绩。虽然创业板上市公司市盈率偏高,但是由于成长性较好,能够为投资者带来较高的投资收益,因此发展态势迅猛。由于目前我国创业板上市企业信息披露不完全,企业所处环境及经营成果不确定性较强,投资者无法从披露的有关数据中较准确评价企业成长水平。因此分析创业板上市公司成长性,为进一步准确评估创业板公司价值具有一定的现实价值及理论指导意义。本文主要对创业板上市公司成长性影响因素进行实证分析。通过检索相关文献,梳理企业成长相关理论,在已有文献的基础上,对创业板上市公司成长性影响因素进行分类整理,并将研究方法进行总结,构建创业板上市公司成长性评价模型。收集创业板146家上市公司2013年到2015年的相关数据,利用三年均值作为分析数据,运用因子分析法对样本数据进行分析,得到各公共因子得分与公司成长性综合得分。根据分析结果将原假设模型的9个一级指标修正为7个一级指标,并分别命名为盈利能力因子、偿债能力因子、企业规模因子、核心技术影响因子、营运能力因子、高管团队经营因子以及企业发展能力因子,并按照影响力度依次减弱的顺序进行综合排序。评估结果表明,我国创业板上市公司成长性得分普遍偏低,其中企业总体盈利水平与偿债能力较强,但是核心技术研发以及高管团队建设的评估结果较低。最后,对高管团队中的资本收益率、高学历人员占比、高管持股比例以及高管年度薪酬的平均值进行回归分析,得到这四个指标均与成长性显著正相关,验证了模型的合理性。本次研究发现:一是当前创业板上市企业虽然大量涌现,但成长性普遍不高,表明技术研发能力与团队建设是短板所在。这对政府相关部门与创业企业具有一定的参考价值;二是该模型结果与投资者观点具有较好的拟合性。这对创业板市场上投资者的投资决策具有一定的指导意义。
[Abstract]:The current research shows that small and medium-sized enterprises are the most important driving force of economic growth, job creation and technological innovation in China, especially the new enterprises in small and medium-sized enterprises represent the main direction of the future technological and economic development. In order to meet the financing needs of small and medium-sized enterprises, many countries have created the growth Enterprise Market (gem). After ten years of preparation for the establishment of the gem market in 2009, compared with the investment in the main market, investors first pay attention to the growth of enterprises. Second is the past performance. Although gem listed companies P / E ratio is on the high side, but due to good growth, it can bring investors a higher return on investment. Therefore, the development situation is rapid. Because of the incomplete disclosure of information of listed enterprises in gem, the environment and operating results of enterprises are uncertain. Investors can not accurately evaluate the growth level of enterprises from the disclosed data. Therefore, the growth of listed companies on the gem is analyzed. In order to evaluate the value of gem companies more accurately, it has some practical value and theoretical significance. This paper mainly analyzes the factors that affect the growth of gem listed companies. Through the retrieval of relevant literature. Combing the relevant theory of enterprise growth, on the basis of existing literature, the growth factors of gem listed companies are classified and sorted out, and the research methods are summarized. Build the growth evaluation model of gem listed companies. Collect the relevant data from 2013 to 2015 of gem 146 listed companies, using the three-year average as the analysis data. The factor analysis method is used to analyze the sample data, and the comprehensive scores of common factors and company growth are obtained. According to the analysis results, the 9 primary indexes of the original hypothetical model are revised to 7 first class indexes. They are named profitability factor, solvency factor, enterprise scale factor, core technology impact factor, operational ability factor, executive team management factor and enterprise development ability factor. The evaluation results show that the growth score of gem listed companies in China is generally low, among which the overall profitability and solvency of enterprises are relatively strong. But the core technology research and development as well as the senior management team construction appraisal result is low. Finally, to the executive team capital return, the high education personnel proportion. The results of regression analysis show that these four indexes are significantly positively correlated with growth. Verify the rationality of the model. This study found that: first, although the current gem listed enterprises appear in large numbers, but the growth rate is generally not high. It shows that the technology R & D ability and team building are short board, which has certain reference value to the relevant government departments and entrepreneurial enterprises. The other is that the result of the model fits well with the viewpoint of investors, which has certain guiding significance for investors' investment decision in the gem market.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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