创业板公司知识资产与公司价值的相关性研究

发布时间：2018-04-10 03:23

本文选题：创业板　切入点：知识资产　出处：《太原理工大学》2014年硕士论文

【摘要】：科技在进步,时代在发展,市场竞争也越来越激烈,知识资产正在受到越来越多上市公司与投资者的认可与关注。2009年10月30日,十年磨一剑的创业板市场在我国深圳证券交易所正式设立。作为我国资本市场中最活跃、最具潜力的群体,创业板市场定位于促进自主创新企业及其它成长型企业的发展,为具有发展潜力的创新型中小高新技术企业提供直接融资渠道。很大程度上,无形资产尤其知识资产才是创业板上市公司赢得竞争优势的关键资源和实现公司价值创造的核心驱动力量。创业板市场在我国正式设立已经四余年,财务数据也初具规模,如今针对创业板上市公司知识资产与公司价值的相关性展开研究,是迫切与合理的。本文全面归纳与总结了截至2013年12月31日上市的355家创业板公司知识资产的主要内容及其特点。以公司价值创造理论为研究视角,阐述创业板公司知识资产现状分析的客观必要性,并以创业板公司年度财务报告中披露的知识资产信息为基础,综合分析我国创业板上市公司2009年至2012年四个年度知识资产的整体现状与内容构成情况。通过比较分析以往学者对于影响公司价值创造一般因素的不同观点,探讨知识资产在公司价值创造中的作用途径,并结合我国创业板公司的自身特色,重点分析了知识资产对创业板公司价值创造与提升的特定作用。在此基础上,分析得出知识资产对公司价值创造的驱动特点与抑制特点。然后,基于知识资产对于公司价值创造的作用机理,提出两大研究假设,选取与定义研究变量,并参照、调整以往学者的研究成果,构建了本文的公司股价模型与业绩模型。紧接着,本文选取了123家创业板公司作为研究样本,对样本公司知识资产的整体状况、具体构成情况及其两个模型中的有关变量进行了描述性统计分析。在此基础上,分别对2010年至2012年三年的分年度样本和混合样本的股价模型与业绩模型进行相关性分析与回归分析,较完整检验了知识资产与创业板公司价值的相关性。最后,在理论分析与实证检验的基础上得出了本文的研究结论,并提出了相关对策建议。
[Abstract]:Science and technology are progressing, times are developing, market competition is becoming more and more intense, knowledge assets are being recognized and concerned by more and more listed companies and investors. October 30, 2009,The growth Enterprise Market (gem), which has been milled for ten years, was formally established on the Shenzhen Stock Exchange of China.As the most active and potential group in China's capital market, the gem market aims at promoting the development of independent innovation enterprises and other growth enterprises, and provides direct financing channels for innovative small and medium-sized high-tech enterprises with development potential.To a large extent, intangible assets, especially knowledge assets, are the key resources for gem listed companies to win competitive advantage and the core driving force to realize the creation of corporate value.The gem market has been established in our country for more than four years, and the financial data is beginning to take shape. Now, it is urgent and reasonable to study the correlation between the knowledge assets and corporate value of gem listed companies.This paper summarizes the main contents and characteristics of the knowledge assets of 355 gem companies listed on December 31, 2013.From the perspective of the theory of company value creation, this paper expounds the objective necessity of analyzing the current situation of knowledge assets of gem companies, and based on the information of knowledge assets disclosed in the annual financial reports of gem companies.This paper comprehensively analyzes the present situation and content composition of four annual knowledge assets of gem listed companies in China from 2009 to 2012.By comparing and analyzing the different views of scholars on the general factors affecting the creation of corporate value, this paper discusses the role of knowledge assets in the creation of corporate value, and combines the characteristics of gem companies in our country.This paper analyzes the specific role of knowledge assets in value creation and promotion of gem companies.On this basis, the driving and restraining characteristics of knowledge assets on the creation of corporate value are obtained.Then, based on the mechanism of knowledge assets on the creation of corporate value, two research hypotheses are put forward. The research variables are selected and defined, and the research results of previous scholars are adjusted to construct the stock price model and performance model of this paper.Then, this paper selects 123 gem companies as the research sample, and makes descriptive statistical analysis on the overall status, specific composition and related variables in the two models of the knowledge assets of the sample companies.On this basis, the correlation analysis and regression analysis between the stock price model and the performance model of the annual sample and mixed sample from 2010 to 2012 are carried out, and the correlation between the knowledge assets and the value of gem companies is tested completely.Finally, on the basis of theoretical analysis and empirical test, the conclusion of this paper is drawn, and the relevant countermeasures and suggestions are put forward.
【学位授予单位】：太原理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F272

【参考文献】