我国创业板上市公司成长能力研究

发布时间：2018-03-29 15:46

本文选题：创业板　切入点：上市公司　出处：《北方工业大学》2014年硕士论文

【摘要】：中小企业是我国国民经济的重要组成部分,具有数量多、规模小、行业分布广等特点,但在其自身发展中长期面临着融资难等问题,在很大程度上制约了中小企业的发展。我国2009年开设了创业板市场,拓宽了中小企业的融资渠道,可以在一定程度上解决部分中小企业解决融资难的问题。参与创业板市场交易的大多是中小型高新技术企业以及新兴领域的企业,这些企业一般都具有高风险、高收益、高成长性等特点,其成长能力如何,对中小企业的可持续发展具有直接的影响,因而创业板上市公司成长能力分析与评价已成为理论界和广大投资者所关注的焦点。但目前对上市公司问题的研究大多是基于主板市场的研究,针对创业板上市公司成长能力问题的系统研究相对较少,评价指标不尽统一,尚未构成完整的分析与评价体系；一些学者所构建的评价体系与上市公司的战略目标相脱节,公司的战略目标不能转化为可理解、便于操作的具体指标,对创业板上市公司的创新能力和未来成长能力预测的关注度也不足,在相当程度上降低了会计信息的有用性和预测价值。因此,如何科学地评估创业板上市公司的成长能力已成为当前亟需研究解决的一个重要问题。基于此,本文以相关理论为指导,以我国创业板上市公司为样本,对创业板上市公司的成长能力问题进行专题研究,以期为进一步完善我国企业绩效评价理论与方法体系提供一些参考。本文在系统梳理国内外有关公司成长能力现有研究成果的基础上,以规模经济理论、成长经济理论为理论基础,从创业板上市公司的市场表现、行业分布与地域分布等方面,对我国创业板市场的现状进行了较全面的分析。在此基础上,通过对成长能力影响因素的分析,确立了16个相关指标,构建了中小企业成长能力评价指标体系,并以因子分析为评价模型,选取101家创业板上市公司2010-2012年的数据为样本进行实证分析,分别得出了影响成长能力各主要因素的单因子排名和依据模型综合得分的综合排名,据此有针对性地提出了相关的对策建议。
[Abstract]:Small and medium-sized enterprises (SMEs) are an important part of the national economy of our country. They are characterized by large quantity, small scale and wide distribution of industries, but they are faced with the problems of financing for a long period of time in their own development. To a large extent, the development of small and medium-sized enterprises has been restricted. In 2009, China opened the gem market and widened the financing channels for small and medium-sized enterprises. To some extent, some small and medium-sized enterprises can solve the problem of financing difficulties. Most of the participants in the gem market transactions are small and medium-sized high-tech enterprises and enterprises in emerging fields. These enterprises generally have high risks and high returns. The characteristics of high growth and its growth ability have a direct impact on the sustainable development of small and medium-sized enterprises. Therefore, the analysis and evaluation of the growth ability of listed companies on the gem has become the focus of attention of the theoretical circle and the majority of investors. But at present, most of the research on listed companies is based on the research of the main board market. The systematic research on the growth ability of gem listed companies is relatively few, the evaluation index is not uniform, and has not yet constituted a complete analysis and evaluation system. The evaluation system constructed by some scholars is out of step with the strategic objectives of the listed companies. The strategic objectives of the companies cannot be transformed into concrete indicators that are understandable and easy to operate. The focus on the prediction of innovation ability and future growth ability of gem listed companies is also insufficient, which reduces the usefulness and predictive value of accounting information to a considerable extent. How to scientifically evaluate the growth ability of gem listed companies has become an important problem that needs to be studied and solved. Based on this, this paper takes the gem listed companies as a sample under the guidance of relevant theories. This paper makes a special study on the growth ability of the listed companies in the gem in order to provide some references for the further improvement of the theory and method system of enterprise performance evaluation in China. On the basis of systematically combing the existing research results on the growth ability of companies at home and abroad, based on the theory of scale economy and growth economy, this paper analyzes the market performance, industry distribution and regional distribution of gem listed companies. This paper makes a comprehensive analysis of the current situation of the gem market in China. On this basis, through the analysis of the factors affecting the growth ability, 16 related indicators are established, and the evaluation index system of the growth ability of small and medium-sized enterprises is constructed. Taking factor analysis as the evaluation model, 101 gem listed companies are selected as the sample for empirical analysis, and the single factor ranking and the comprehensive ranking based on the comprehensive score of the model are obtained, respectively, which affect the main factors of growth ability. Accordingly, the relevant countermeasures and suggestions are put forward.
【学位授予单位】：北方工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272

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