中小板上市企业成长性和价值创造能力提升研究

发布时间：2018-02-27 01:20

本文关键词： 企业价值价值创造能力提升成长性中小板　出处：《新疆财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着经济的快速发展，企业要在竞争日趋激烈的市场中生存，必须整合一切有利于其价值创造能力提升的因素，其中企业成长的状态对企业价值的增加有着重要的影响。本文主要论证企业发展的战略决策对企业价值创造能力提升的影响，研究结果表明企业成长性与企业价值创造能力提升是显著相关的。本文通过建立基于成长性的企业价值模型，分析企业的发展对其价值增长的贡献，能够促使企业有效分配资本、合理规划资源配置，制定出适合本企业可持续发展的战略规划，进而提升企业价值创造能力，增加企业在行业中的竞争力。为了上市，我国中小企业的管理层往往陷入盲目追求企业快速发展的误区，本文针对这一现状，，从企业价值增长的角度进行分析，企业过于快速的增长会使其资源变得相当紧张，影响资本的有效利用，给企业带来很多的财务风险，甚至会导致企业破产。因此，企业应当把目标定位在其价值的可持续增长，即企业价值创造能力的提升这一方面。在研究的过程中本文采用Tobin’Q作为价值创造能力的衡量指标，同时从成长速度和成长质量这两个方面衡量企业的成长性。本文将这样的思路对我国中小板上市企业进行大胆的运用，并采用实证的研究方法进行论证。通过实证研究的数据发现，企业可持续成长能够提升企业价值的创造能力，企业合理的发展确实是提升企业价值创造能力的重要动因，这就意味着重视并采用正确的成长策略，能够增加企业价值。由于篇幅所限，本文也只是进行了一些尝试性的探索研究，并基于对中小板上市企业的研究结果提出了一定的政策建议，期望对中小板上市企业的管理层进行战略决策时提供一定的参考。
[Abstract]:With the rapid development of the economy, if enterprises want to survive in an increasingly competitive market, they must integrate all the factors conducive to the enhancement of their ability to create value. The state of enterprise growth has an important impact on the increase of enterprise value. The results show that the growth of enterprises is significantly related to the enhancement of their value creation ability. This paper analyzes the contribution of the development of enterprises to the growth of enterprises through the establishment of a growth based enterprise value model. It can promote the enterprise to allocate capital effectively, plan resource allocation rationally, formulate strategic plan suitable for the sustainable development of the enterprise, and then enhance the ability of creating enterprise value, increase the competitiveness of enterprise in the industry. The management of small and medium-sized enterprises in our country often fall into the misunderstanding of blindly pursuing the rapid development of enterprises. This paper analyzes this situation from the point of view of the growth of enterprise value. The rapid growth of enterprises will make their resources become quite tight. Affecting the effective use of capital brings a lot of financial risks to the enterprise and even leads to the bankruptcy of the enterprise. Therefore, the enterprise should aim at the sustainable growth of its value. In the process of research, this paper adopts Tobin'Q as the measure of value creation ability. At the same time, the growth of enterprises is measured from two aspects: growth rate and growth quality. Through the data of empirical research, it is found that sustainable growth of enterprises can enhance the creative ability of enterprise value, and the rational development of enterprises is indeed an important motivation to enhance the ability of value creation. This means that paying attention to and adopting the correct growth strategy can increase the value of the enterprise. Due to space constraints, this paper has only carried out some tentative exploration and research. Based on the research results of the small and medium-sized board listed enterprises, some policy suggestions are put forward, which is expected to provide a certain reference for the management of the small and medium-sized board listed enterprises to make strategic decisions.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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