东土科技转板后的财务绩效分析

发布时间：2018-05-07 04:19

本文选题：东土科技 + 转板　；参考：《湘潭大学》2017年硕士论文

【摘要】：随着我国资本市场的发展和完善,我国已经基本形成了一个多层次的资本市场结构,其中第一层为主板、中小板市场,第二层为创业板市场,第三层为新三板市场,第四层为区域性股权交易市场。为了建立起各个层次资本市场之间的连接,让我国多层次资本市场变为一个整体,国务院在2013年12月发布了《关于全国中小企业股份转让系统有关问题的决定》,这也为转板通道和转板制度的顺利发展提供了法律支持。截至2016年底有12家企业成功从新三板市场转板至A股,并且2016年初有50家企业在企业公告中宣布将要转板创业板。但是公司在转板之后能否长期给股东带来收益,还需要持续的进行验证。本文以2012年完成从新三板转向创业板的北京东土科技股份有限公司(下简称“东土科技”)为研究案例,依据公司2010年至2015年披露的年度报告,从公司转板后的财务绩效表现来分析,通过案例研究的方式探究公司转板前后的财务指标以及EVA价值创造能力方面的表现发现:公司在转板后经营业务能力有所提高,但是资本获利能力下降。对公司转板前后EVA价值创造能力的进一步分析发现,公司EVA值在转板前保持稳定上升,然而在转板当年及之后2年都持续下降。直到第三年才停止继续下降。本文从公司转板后营业外收入占比过高、大量权益资金使用效率低下、其资产负债率偏低、投资项目未达到预期收益及投资项目单一等角度来阐释公司转板后价值创造方面所存在的问题并且提出相应的对策。本文对于东土科技转板前后财务绩效的研究,目的是希望给其他后续新三板转板企业在保持经营业绩和价值创造能力方面以启示。
[Abstract]:With the development and improvement of China's capital market, China has basically formed a multi-level capital market structure, in which the first layer is the main board, the small and medium-sized market, the second layer is the gem market, and the third layer is the new third board market. The fourth level is the regional stock market. In order to establish a link between the various levels of capital markets and to make the multi-level capital market of our country a whole, In December 2013, the State Council issued the decision on the problems related to the National small and Medium-sized Enterprises share transfer system, which also provided legal support for the smooth development of the system. By the end of 2016, 12 companies had successfully switched from the new third market to A shares, and in early 2016 50 companies announced in their business announcements that they would switch to the gem. However, whether the company can bring long-term profits to shareholders after the turnaround still needs to be continuously verified. This paper takes Beijing Dongtu Science and Technology Co., Ltd (hereinafter referred to as "Dongtu Science and Technology"), which completed the transition from the new third board to the gem in 2012, as a case study, according to the annual report disclosed by the company from 2010 to 2015. This paper analyzes the financial performance of the company after turning to the board, explores the financial indexes before and after the conversion and the performance of the EVA value creation ability through the way of case study. The results show that the business ability of the company has been improved after the conversion. But capital profitability has declined. The further analysis of the value creation ability of EVA before and after the conversion of the company found that the EVA value of the company kept steady rise before the conversion, but it continued to decline in the year and two years after the conversion. It was not until the third year that the decline stopped. In this paper, the proportion of non-operating income is too high, the use of a large number of equity funds is inefficient, and the ratio of assets and liabilities is low. The investment project does not reach the expected income and the investment project is single to explain the problems existing in the value creation of the company after the conversion and put forward the corresponding countermeasures. The purpose of this paper is to study the financial performance before and after the transfer of Dongtu science and technology, in the hope of enlightening other enterprises in maintaining their business performance and value creation ability.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F406.7

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