河南新三板创新层公司成长能力评价研究

发布时间：2018-07-12 19:40

本文选题：新三板 + 创新层　；参考：《河南财经政法大学》2017年硕士论文

【摘要】：作为我国多层次资本市场的重要组成部分,新三板市场自2013年底扩容到全国以来,挂牌公司的数量呈现出了井喷式的增长态势。截至2016年6月30日,新三板市场挂牌公司数量达到了7685家,总市值达到了31081.9亿元,市场规模扩张速度空前。新三板是沪深主板和创业板市场之后又一全国性交易场所,挂牌公司多为TMT、生物医药等新兴产业,高科技创新型公司居多。2016年6月27日,为了加快完善新三板市场功能,提高市场风险把握能力,压缩投资人收集信息的成本,审慎推进市场创新,新三板市场对挂牌企业实施了分层管理。此次分层标准有三个,每个标准强调的侧重点不同,总体上体现出防操纵、上下自如和强化监管的特点。标准一是针对相对成熟、盈利性较强的企业;标准二是针对初创期、成长性好的企业;标准三是针对创新能力强、商业模式新颖的企业。新三板创新层集中了新三板市场中最优质的公司,具有财务规模大、盈利能力强、流动性好、融资能力突出等四大特点。因此这些公司的成长能力和发展潜力备受市场关注。因此,本文选择以河南省首批入围新三板创新层的33家挂牌公司为样本,对其成长能力进行评价研究。首先,文章对选题背景和研究意义进行了充分阐述;随后系统梳理了国内外相关研究文献,对文献进行了总结;接着介绍了新三板市场的历史沿革和发展现状,对河南新三板创新层公司的总体情况进行了说明;接下来回顾了有关评价公司成长能力的理论;最后在前面所做工作的基础上,根据新三板创新层公司的特点从创新、风险、成长速度、成长效率以及成长质量等五个维度选取研发收入占营业收入比例、研发人员数量占比、本科及以上学历人员占比、销售毛利率、股东权益比率、流动比率、速动比率、销售现金比率、总资产增长率、净资产增长率、净利润增长率、营业收入增长率、成本费用利润率、应收账款周转率、流动资产周转率、总资产报酬率增长率、股东权益报酬率增长率、总资产净利率增长率等18个指标构建创新层公司成长能力评价体系,结合因子分析法和熵值法对河南新三板创新层公司的成长能力进行了评价分析,给出了样本公司的得分排名。排名前十位的依次是众智软件、威科姆、捷安高科、景安网络、天迈科技、蓝天燃气、蓝德环保、郑设股份、许继智能、亚太能源。对实证分析结果进行进一步深入分析后得到如下结论:1、采取做市转让的挂牌公司成长能力相对较好,表明做市商制度在新三板市场发挥出了优越性。2、软件和信息技术服务业挂牌公司成长能力相对较好。根据实证分析结果,综合得分排名前五位的挂牌公司众智软件、威科姆、捷安高科、景安网络、天迈科技都隶属于软件和信息技术服务业。3、对所有样本公司单个主成份得分纵向比较得出,风险控制做的最好的是众智软件;成长质量最优质的是力合节能;最具创新能力的是郑设股份;成长速度最快的是勃达微波;成长效率最高的是蓝天燃气;销售现金比率最高的是万杰智能。文章最后基于实证分析得出的结论,从公司内部自身和外部氛围营造两个角度建议了提高河南省新三板创新层企业成长能力的措施,希望能够为市场各方参与者提供参考。
[Abstract]:As an important part of the multi-level capital market in China, the number of listed company has shown a blowout growth trend since the end of 2013. As of June 30, 2016, the number of listed company in the new three board market reached 7685, the total market value reached 3 trillion and 108 billion 190 million yuan, and the expansion rate of the market scale was unprecedented. The new third board is another national trading place after the Shanghai and Shenzhen main board and the GEM market. Listed company is a new industry of TMT, biomedicine and other new industries. The high-tech innovation companies are mostly in June 27th. In order to improve the new three board market functions, improve the market risk grasp ability, compress the cost of collecting information and prudently advance the market. Field innovation, the new three board market has carried out stratified management of listed companies. There are three stratified standards. Each standard emphasizes different emphasis. In general, it embodies the characteristics of control, up and down and strengthening supervision. The standard one aims at relatively mature and profitable enterprises; standard two is a good growth enterprise for initial stage; Standard three is an enterprise with strong innovation ability and new business model. The new three board innovation layer concentrates the best quality companies in the new three board market, which has four characteristics, such as large financial scale, strong profitability, good liquidity, and outstanding financing ability. Therefore, the growth ability and development potential of these companies are concerned by the market. Taking the first batch of the first 33 listed company in the new three board innovation layer of Henan Province as the sample to evaluate their growth ability. First, the article expounds the background and significance of the topic, and then systematically combs the relevant literature at home and abroad, summarizes the literature, and then introduces the history and development of the new three board market. The general situation of the new three board innovation company in Henan is illustrated, and then the theory of evaluating the growth ability of the company is reviewed. On the basis of the previous work, the five dimensions of innovation, risk, growth speed, growth efficiency and growth quality are selected according to the characteristics of the new three board innovation company. Income accounts for the proportion of operating income, the proportion of the number of R & D personnel, the proportion of undergraduate and above, the gross interest rate, the ratio of shareholders, the rate of movement, the rate of sales cash, the rate of total asset growth, the growth rate of net assets, the growth rate of net profit, the growth rate of business income, the profit rate of cost and cost, the turnover of accounts receivable and liquidity. The production turnover rate, the total asset return rate growth rate, the increase rate of the equity interest rate and the total net interest rate growth rate of the total assets are 18 indexes to construct the evaluation system of the growth ability of the company, and the growth ability of the new three board innovation company in Henan is evaluated and analyzed by the factor analysis method and entropy method, and the score ranking of the Sample Firms is given. The top ten are all the top ten, namely, Zhongzhi software, Wickham, Jie an high science, Jingan network, Tian Mai technology, blue sky gas, lad environmental protection, Zheng set stock, Xu Zi's intelligence, Asia Pacific Energy. After further analysis of the results of the empirical analysis, the following conclusions are obtained: 1, the growth ability of listed company with market making is relatively good, indicating market maker The system has played an advantage.2 in the new three board market, and the software and information technology services listed company have a relatively good growth ability. According to the results of the empirical analysis, the top five listed company intelligent software, Wickham, Jie an high science, Jing An network, and Tian Mai technology are all subordinate to.3 in the software and information technology services industry. A longitudinal comparison of the single main component score of the Sample Firms is that the best of the risk control is the intelligent software; the best quality of growth is energy saving; the most innovative ability is Zheng set stock; the fastest growing speed is the Boda microwave; the highest growth efficiency is blue sky gas; the highest sales cash ratio is the Wan Jie intelligence. Article most Then, based on the conclusions from the empirical analysis, the measures are proposed to improve the growth ability of the new three board innovation enterprises in Henan province from the internal and external environment of the company, hoping to provide reference for the participants in the market.
【学位授予单位】：河南财经政法大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F279.27

【参考文献】