我国创业板企业成长性与市场价值相关性研究

发布时间：2018-02-09 06:53

本文关键词： 创业板 EVA 市场价值相关性　出处：《西北大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国创业板市场于2009年10月在深圳证券交易所正式启动,创业板的定位是大力促进创新能力较强的企业的和成长型企业的快速发展,对于创业板而言,创新能力和成长性也是它选择上市企业重要参考标准。创业板的正式运营对于我国发展多层次资本市场以及加快我国的经济发展发挥着举足轻重的作用,因此创业板备受社会各界关注。鉴于我国创业板市场的发展历程比较短暂,而且创业板上市企业具有规模较小、企业内部治理结构不够完善以及市场不确定性较大的特点,其经营失败的可能性非常高,所以创业板市场具有比较大的风险。作为一个新兴的市场,目前学术界关于创业板市场的研究多数都是理论层面的,研究内容也比较单一。所以对创业板企业的成长性与市场价值相关性的研究就有着重大的意义。本文尝试采用EVA评价方法对创业板上市企业的成长性进行评价,首先对传统的企业成长性评价方法和EVA评价法进行了比较,结果发现EVA评价方法对企业的成长性衡量更具科学性,然后利用面板数据模型的实证方法对成长性与上市企业的市场价值之间的相关性进行验证,结果发现二者之间存在较低的负相关性,即创业板上市企业的实际价值并没有被真实反映,创业板的投资者具有一定的盲目性,最终导致创业板上市企业的市场价值被高估,偏离企业的内在价值,由此进一步说明了创业板市场的风险较大,市场的有效性比较弱,这些都不利于我国创业板上市企业的健康发展。为了进一步促使创业板市场的良性发展,文章从上市公司、投资者以及证券监管部门三个角度提出了政策建议。希望能够客观的反映创业板上市企业的真实价值,改善公司的内部管理,提高企业募集资金的安全性和资金使用的效率,保护投资者的利益,为创业板市场的良好运作产生积极影响。
[Abstract]:In October 2009, the gem market of our country was officially launched in Shenzhen Stock Exchange. The orientation of gem is to promote the rapid development of enterprises with strong innovation ability and growth enterprises. The innovation ability and growth are also the important reference standards for its choice of listed enterprises. The formal operation of the gem plays an important role in developing the multi-level capital market and speeding up the economic development of our country. Therefore, the gem has attracted much attention from all walks of life. In view of the short development history of the gem market in China, the gem listed enterprises have the characteristics of small scale, imperfect internal governance structure and greater market uncertainty. The possibility of failure is very high, so the gem market has a relatively large risk. As a new market, most of the current academic research on the gem market is theoretical. Therefore, the research on the relationship between growth and market value of gem enterprises is of great significance. This paper attempts to use the EVA evaluation method to evaluate the growth of the gem listed enterprises. Firstly, it compares the traditional methods of enterprise growth evaluation with the method of EVA evaluation. The results show that the EVA evaluation method is more scientific to measure the growth of enterprises, and then the empirical method of panel data model is used to verify the correlation between growth and the market value of listed enterprises. The results show that there is a low negative correlation between the two, that is, the actual value of gem listed enterprises has not been truly reflected, and the investors of gem have certain blindness, resulting in the market value of gem listed enterprises being overestimated. Deviating from the intrinsic value of the enterprise further shows that the gem market is more risky, and the effectiveness of the market is relatively weak. All these are not conducive to the healthy development of listed enterprises on the gem. In order to further promote the healthy development of the gem market, the article starts from the listed companies. Investors and securities regulatory departments put forward policy recommendations from three angles. They hope to objectively reflect the true value of gem listed enterprises, improve the internal management of companies, improve the security of the funds raised by enterprises and increase the efficiency of the use of funds. Protect the interests of investors, for the gem market good operation has a positive impact.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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