我国创业板上市公司成长性评价及投资价值研究

发布时间：2018-01-09 06:21

本文关键词：我国创业板上市公司成长性评价及投资价值研究　出处：《西南财经大学》2013年博士论文　论文类型：学位论文

更多相关文章： 创业板 成长性 传导机制 投资价值

【摘要】：随着2009年我国创业板市场的正式挂牌成立,创业板上市公司成长性问题再次成为关注焦点。国外创业板市场发展实践表明,成长性是创业板市场以及创业板上市公司发展的核心问题。本文选择创业板上市公司成长性评价及投资价值作为选题,目的是在对创业板上市公司成长性评价的各种理论与模型进行梳理的基础上,确立影响创业板上市公司成长性的主要影响因素,建立更为精确实用的成长性评价模型。然后通过探究创业板上市公司的成长性、企业价值以及投资价值的关联性,分析创业板上市公司成长性与投资价值之间传导机制及作用机理,从而促使投资者对创业板上市公司的成长情况作出客观合理的评价,达到维护投资者利益以及促进创业板市场良性发展的双重目标。本文在研究设计上包含两条主线,(1)创业板上市公司成长性的评价问题。(2)成长性与投资价值的传导机制关联性问题。一方面：对于创业板上市公司的评价问题主要是在对各种文献理论进行梳理的基础上,详细剖析影响创业板上市公司成长性的因素。在研究过程中发现,影响创业板上市公司的因素会随着经济环境的不断变化而表现出不同的特征,而从宏观与微观上把握创业板上市公司的影响因素是比较合理的一种方式。目前关于创业板上市成长性评价的方法比较多,是源于人们对创业板上市公司未来的发展能否保持持久稳定的一种自我释疑,但是各种评价方法由于在样本选择、数据搜集以及评价模型构建上各有不同,导致最终对创业板上市公司成长性评价得出的结论存在互相矛盾的情况,这严重影响了创业板上市公司成长性评价的科学性,对于创业板市场的发展也将产生不利的影响。因此创业板上市公司的成长性评价方法的选择,模型的构建以及具体的评价过程将是一个可能对现实世界的发展产生重要影响的研究事件。另一方面：成长性与投资价值的传导机制是本文的研究重点。创业板上市公司成长性与投资价值传导机制研究是一个较新的课题,它涉及到诸多方面因素,在成长性与投资价值之间存在许多难以量化的变量,例如企业基本面表现、价值创造能力释放、宏观政策影响,乃至投资者心理因素、投资者知识水平、对整个资本市场的判断、个人偏好等,因此研究成长性与投资价值之间的传导机制将是一个具有一定挑战的课题。从创业板市场的发展实践来看,研究上市公司成长性与投资价值将对创业板市场的利益各方产生重要的影响,对于整个创业板市场的发展具有十分重要的现实意义。基于此本文在充分利用现有资料和理论的基础上,对创业板上市公司成长性与投资价值内在逻辑以及数量关系进行分析和研究。本文研究内容主要包含六个部分。第一部分是绪论部分。主要是对本文研究背景、目的、研究的意义、技术路线以及整体框架进行说明,对本文研究的不足以及创新点给予简单的介绍。第二部分是文献综述部分。本课题的研究需要充分的理论深度与宽度,因此必须在梳理好各种文献理论的基础上进行,为此本文搜集了大量的相关研究文献,并经过精心的阅读与理解,以发现目前关于创业板上市成长性评价及投资价值研究相关领域先进的理论研究方法,从而为本文的研究奠定良好的理论基础。经过对文献理论的分类处理,发现目前针对创业板上市公司成长性的研究,主要集中在成长性与创业板市场关系、成长性影响因素以及成长性评价方法三个方面,针对成长性与投资价值的统一研究还十分少见。第三部分是关于创业板上市公司成长性评价相关理论概述。主要对目前我国创业板市场的发展和创业板上市公司的成长性进行分析与评价,然后对创业板上市公司成长性以及投资价值的相关理论做了归纳、分析和总结,为本文后续的研究奠定基础。第四部分是关于企业成长性评价方法的理论与实证分析。本文在分析创业板上市公司成长性影响因素的基础上拟建立衡量成长性的综合指标体系,通过将这些对成长性的影响因素予以量化并进行综合处理转化为成长性的具体得分,从而对公司成长性进行综合评价并为后续内容分析奠定前提和基础。在如何处理各种具体指标以综合反映成长性的方式上,笔者提出通过对衡量成长性的各种具体指标采用结合应用因子分析法和熵值法的方式将各具体指标转化成综合得分来综合评价创业板上市公司成长性,之所以选择将因子分析法和熵值法结合应用的方式是因为两种方法各有特点,而将两种方法结合应用既能够去除指标之间的相关性和重复性,又考虑了各个指标的变动幅度对综合评价的影响。第五部分是关于创业板上市公司成长性与投资价值关系的规范与实证分析。在前面章节分析的基础上,首先从理论上探讨了创业板上市公司成长性与投资价值的关系,并力求通过分析成长性与企业价值以及投资价值之间的关联关系,来深入分析成长性与投资价值之间的内在逻辑关系。其次本文利用数量分析的方法,为了验证成长性与投资价值的关系,通过数量分析成长性与未来净利润增长率的相关性、成长性与企业价值的相关性、成长性与股价变动的相关性等一系列的实证研究分析创业板上市公司成长性与投资价值的内在联系。第六部分是本文的建议与策略部分,该部分主要是在明确创业板上市公司成长性与投资价值关系的基础上,对如何实现创业板上市公司良性成长、提升自身的价值创造能力、保护投资者利益以及规范创业板市场提出针对性的建议和策略。在建议与策略部分,本文重点分为三个方面来提出相关的建议,一是从优化企业成长角度、二是保护投资者利益角度、三是创业板市场规范角度。优化公司成长性、保护投资者利益以及规范创业板市场是有机统一的,构建三位一体的创业板市场监管体系,提升创业板市场的运行效率,鼓励创业板上市公司加大资金投入来积极的进行技术创新,将是提高创业板上市公司运行效率,实现稳定发展的重要推动力量。经过研究本文得到了一些非常有价值的结论,对于推动和优化创业板市场的发展,促进创业板上市公司稳定成长具有一定的启示和借鉴意义。当然本文的研究也存在一定的不足和缺陷,在创业板上市公司成长性评价及投资价值相关理论的分析和研究还缺乏进一步的深度与宽度,如因为变量因素难以量化原因,部分实证研究中考虑的变量因素不够全面,这将是未来需要重点改进的地方。
[Abstract]:With the 2009 formally established the GEM market in China, problems of the growth of GEM listed companies once again become the focus of attention. Show that the development of the practice of foreign gem market growth is the core problem of gem and GEM listed companies. This paper chooses the growth of companies listed on GEM investment value evaluation and objective as a topic. Is the basis to sort out in a variety of theories and models on the growth of companies listed on GEM evaluation, establish the main factors that influence the growth of GEM listed companies, establish a more accurate evaluation of the growth of the utility model. And then through the growth of GEM listed companies, enterprise value and investment value relevance analysis, transmission mechanism and effect between growth and investment value of companies listed on GEM mechanism, prompting investors to the GEM listed companies In order to maintain the interests of investors and promote the benign development of the GEM market, the growth situation is objectively and reasonably evaluated.
This paper contains two main lines in research design, (1) the evaluation of the growth of the GEM listed companies. (2) the problem associated with the conduction mechanism of growth and investment value. On the one hand, the main problem for the evaluation of GEM listed companies is based on reviews of the literature on the theory, detailed analysis the factors that influence the growth of GEM listed companies. During the course of the study, influence factors of GEM listed companies with the changing economic environment and shows different characteristics, and grasp the influence factors of GEM listed companies from the macro and micro is a reasonable way. There are many methods currently on the evaluation of the growth of the gem listing, is derived from the people to the GEM listed company's future development will remain a persistent self doubts, but because of the various evaluation methods in sample selection, Collect data and evaluation model construction are different, leading to the final evaluation of the growth of the GEM listed companies the results are contradictory, which seriously affected the scientific evaluation of the growth of GEM listed companies, for the development of the GEM market will also have a negative impact. Therefore business growth evaluation method the listed companies in the selection of the construction of the model and the specific evaluation process will be a potentially important influence on the development of the real world of events. On the other hand, the conduction mechanism of growth and investment value is the focus of this article. Study on the conduction mechanism of growth and investment value of listed companies is the gem a relatively new subject, it involves many factors, there are many difficult to quantify variables between growth and investment value, such as corporate fundamentals, value The ability to create and release, the impact of macroeconomic policies, and the psychological factors of investors, the level of investor knowledge, to the capital market judgment, personal preferences, so the research on the transmission mechanism between growth and investment value will be a challenge topic. From the development practice of the GEM market, growth and investment value research listed companies will have an important impact on the GEM market of the interests of all parties, has very important practical significance to the development of the GEM market. Based on the full use of the existing data and theory based on the analysis and Research on the growth and investment value of companies listed on GEM and the number of internal logic relations.
The research contents of this paper include six parts. The first part is the introduction. It is mainly about the background, purpose, significance, technical line and the overall framework of this research. It also gives a brief introduction to the shortcomings and innovations of this research.
The second part is literature review. This research needs theoretical depth and width to the full, so it must be based on a variety of literature combed theory, this paper collects the related research literatures, and after carefully reading and understanding, to find the research on GEM value evaluation and investment the growth of related advanced theoretical research methods, so as to lay a good theoretical basis for this study. Through the classification of literature, found that the current research on the growth of GEM listed companies, mainly concentrated in the relationship between the growth and the GEM market, three aspects of growth factors and growth evaluation method unified study on growth and investment value is very rare.
The third part is about the evaluation of the growth of GEM listed companies an overview of the relevant theory. Mainly on the growth and development of China's gem and GEM listed company analysis and evaluation, and the theories related to the growth of companies listed on GEM and the value of the investment were summarized, analyzed and summarized, which lays the foundation for the research the follow-up.
The fourth part is the theoretical and Empirical Analysis on the evaluation method of enterprise growth. The influence of the growth of listed companies based on the factors to establish the comprehensive index system to measure the growth of the gem, the influence on the growth of these factors to be quantified and integrated into specific score of growth, so as to the growth of the company for comprehensive evaluation and lay the premise and basis for the following contents. Analysis on how to deal with a variety of specific indicators to reflect the growth of the way, the author puts forward the concrete measure of the growth of the combined application of factor analysis method and entropy method to the index into the comprehensive score of comprehensive evaluation the growth of companies listed on GEM, chose factor analysis method and entropy method combined with the application of the approach is that the two methods have their own characteristics The combination of the two methods can not only remove the correlation and repeatability among indicators, but also consider the impact of the change of each indicator on the comprehensive evaluation.
The fifth part is the normative and Empirical Analysis on the relationship between growth and investment value of the GEM listed companies. Based on the analysis of the previous chapters, first discusses the relationship between growth and investment value of companies listed on GEM, and through the analysis of the growth of enterprise value and the relationship between the value of the investment. To analyze the internal logic of the relationship between growth and investment value. Secondly, using the quantitative analysis method, in order to verify the relationship between growth and investment value, through quantitative analysis of growth and correlation of future net profit growth rate, correlation between growth and value of the enterprise, an empirical study on the growth of internal relations and stock price changes the correlation analysis of a series of growth and investment value of companies listed on GEM.
The sixth part is the suggestions and Strategies of part of this article, this part is mainly to clarify the gem in the basic relationship between growth and investment value of the listed companies on GEM listed companies on how to achieve positive growth, enhance their ability to create value, put forward to protect the interests of investors and regulate the gem market for suggestions and Strategies of in. Some suggestions and strategies, this paper puts forward related suggestions to divided into three aspects, one is from the perspective of optimizing the growth of enterprises, the two is to protect the interests of investors, the three is the market norm. The growth of the gem company angle optimization, to protect the interests of investors and regulate the gem is the organic unity of the construction of the GEM market three-in-one supervision system, improve the efficiency of operation of the GEM market, investment to actively carry out technological innovation and encourage the GEM listed companies, will be improved The operating efficiency of the GEM listed companies is an important driving force for the stable development.
The paper gets some valuable conclusions, to promote the development and optimization of the GEM market, has the certain enlightenment and reference to promote the steady growth of GEM listed companies. Of course, this research also has some shortcomings and deficiencies in the gem analysis and Research on the growth of listed companies and related investment value evaluation the theory still lacks the depth and width of further, such as variable factors difficult to quantify, variable factors into the part of empirical research is not comprehensive enough, which will be the future need to focus on improvement.

【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F275;F832.51;F276.6

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