创业板上市公司经营绩效对股票流动性的影响研究

发布时间：2018-03-26 13:39

本文选题：公司经营绩效　切入点：股票流动性　出处：《深圳大学》2017年硕士论文

【摘要】：创业板市场最初是为我国具有发展潜力大,市场前景好的中小企业公司设立的融资平台。近年来创业板市场的股票流动性表现也非常的活跃,在2015年中国资本市场大牛市时候创业板指数创出4037.96的新高点。然而在市场如此活跃的背后,创业板上市公司的股票流动性是否有良好的经营绩效支持?经营绩效对股票流动性的影响会是怎样?本文将围绕这两个疑问做深入的研究,期望能够通过科学合理的研究方法得到解答。本文以创业板上市公司经营绩效对公司股票流动性的影响为研究对象,在做了详细的理论分析后,文章做出了三个实证检验假设,即假设1:创业板上市公司经营绩效对股票流动性有影响;研究假设2:创业板上市公司经营绩效好对股票流动性影响效应明显;研究假设3:创业上市公司经营绩效差对股票流动性影响效应较弱。最后根据实证结果得出相应的结论及对实证结果产生的可能原因进行分析。文章包括五大部分是:第一部分介绍文章的研究背景及研究意义;第二部分借鉴前人的研究方法综述国内外关于相关问题的研究成果;第三部是理论知识介绍,为本文的研究方法和逻辑做铺垫;第四部分实证研究,内容包括研究变量的设计和选择,实证数据的处理和筛选,模型的构建和模型的检验。通过实证检验结果发现创业板上市公司的经营绩效对股票流动性的影响确实是正相关的影响,但是相对于经营绩效好的公司而言经营绩效的影响程度反而没有经营绩效相对差点的公司的影响更加显著。即本文选择的样本公司中绩效差的公司,其经营绩效对股票流动性的解释程度更加充分。所以本文认为,不同的公司经营绩效对股票流动性影响结果与本文假设存在反差的原因在于投资者不理性的投资行为,投资者的投资行为受多种因素的影响,虽然经营绩效作为主要的参考因素,但仍会受到其他因素或多或少的干扰而出现偏离。最后总结本文结论及结论产生的原因给出文章启示。
[Abstract]:The gem market was originally set up as a financing platform for small and medium-sized enterprises with great development potential and good market prospects in China. In recent years, the gem stock liquidity performance has also been very active. The gem index reached a new high of 4037.96 in 2015 when the Chinese capital market was in the bull market. However, behind such an active market, is there any good performance support for gem listed companies' stock liquidity? What is the impact of operating performance on stock liquidity? This paper will do in-depth research around these two questions, hoping to be answered through scientific and reasonable research methods. This paper focuses on the impact of the performance of gem listed companies on corporate stock liquidity. After a detailed theoretical analysis, this paper makes three empirical test assumptions, namely hypothesis 1: the performance of listed companies on the gem has an impact on the stock liquidity; Research hypothesis 2: gem listed companies' good operating performance on the stock liquidity effect is obvious; Research hypothesis 3: the effect of poor operating performance of venture listed companies on stock liquidity is weak. Finally, according to the empirical results, the corresponding conclusions and the possible causes of the empirical results are analyzed. It is: the first part introduces the research background and significance of the article; The second part is to draw lessons from the previous research methods to review the domestic and foreign research results on related issues; the third part is the introduction of theoretical knowledge for the research method and logic of this paper; the fourth part of empirical research, The contents include the design and selection of research variables, the processing and screening of empirical data, The empirical results show that the impact of the performance of gem listed companies on stock liquidity is a positive correlation. However, compared with the firms with good operating performance, the impact of operating performance is not as significant as that of the firms with relatively poor operating performance, that is, the companies with poor performance in the sample companies selected in this paper have a more significant impact. Therefore, this paper argues that the difference between the results of different company performance and the hypothesis of this paper is due to the irrational investment behavior of investors. Investors' investment behavior is affected by a variety of factors, although business performance is the main reference factor, However, it will still be more or less disturbed by other factors. Finally, the conclusion and the reasons for the conclusion are summarized.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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