2012年我国创业板上市公司成长性评价实证分析

发布时间：2018-08-23 19:10

【摘要】：我国创业板市场运行四年多以来一直备受各界关注，经历2012年末停发创业板市场IPO后，2013年12月中国证券监督管理委员会发布了《关于进一步推进新股发行体制改革的意见》，并且重新启动创业板IPO，创业板上市公司的成长性研究再次成为热点。作为服务于我国高新技术、高成长性中小企业的融资平台，创业板为我国中小型高科技企业提供了通畅的融资渠道，同时也为促进中小企业走向成熟做出贡献。创业板上市公司的成长性作为投资者倍加关注的重点，一直被研究者乐道。本文拟选用2012年创业板上市公司的财务数据，运用因子分析法对其成长性作出评价，并分析其影响因素，为我国上市公司和投资者提供参考。本文首先综述了国内外学者对创业板上市公司的研究，从影响创业板上市公司成长性的因素分析、创业板上市公司成长性评价方法及创业板上市公司成长性评价体系等方面阐述研究现状；其次，在简要分析我国创业市场的现状基础上，构建我国创业板上市公司成长性评价指标体系。通过研究前人已有的成果，结合我国创业板独有的特点，，选取上市公司成长能力、盈利能力、风险控制能力、营运能力、现金获取能力、风险水平、管理能力、创新能力等8个层面14个具体指标组成6个公共因子搭建了评价指标体系。再次，选择我国创业板截止至2012年12月31日的343家上市公司为样本，利用因子分析法获取样本公司在各个公共因子上的得分及其成长性综合得分，并按影响依次减弱的顺序对其进行排列。最后，根据成长性综合得分判别创业板上市公司的总体成长性，认为大多数上市公司总体成长性良好，极少数公司很好或很差，差异较为显著。
[Abstract]:For more than four years, the gem market in China has been the focus of attention from all walks of life. After suspending the gem market IPO at the end of 2012, in December 2013, the China Securities Regulatory Commission issued the opinions on further promoting the Reform of the New Stock issuance system, and restarted the gem IPO, gem listed companies. The research of growth has become a hot spot again. As a financing platform for high and new technology and high growth SMEs, gem provides a smooth financing channel for small and medium-sized high-tech enterprises in China, and also contributes to the maturation of small and medium-sized enterprises. The growth of gem listed companies as the focus of attention by investors, has been a researcher Ledao. This paper chooses the financial data of the listed companies in the gem in 2012, evaluates its growth by factor analysis, and analyzes its influencing factors, which can provide reference for listed companies and investors in China. This paper first summarizes the domestic and foreign scholars' research on gem listed companies, and analyzes the factors that affect the growth of gem listed companies. The growth evaluation methods of gem listed companies and the growth evaluation system of gem listed companies are expounded. Secondly, on the basis of brief analysis of the current situation of China's entrepreneurial market, Build the growth evaluation index system of gem listed companies in China. By studying the previous achievements and combining the unique characteristics of gem in our country, we select listed companies' growth ability, profitability, risk control ability, operation ability, cash acquisition ability, risk level, management ability, etc. The evaluation index system is constructed by 6 public factors, including 8 levels and 14 specific indexes. Thirdly, 343 listed companies in China's gem as of December 31, 2012 are selected as samples, and the sample companies' scores on each public factor and their comprehensive growth score are obtained by factor analysis. It is arranged in the order in which the influence weakens in turn. Finally, according to the growth comprehensive score to judge the overall growth of gem listed companies, it is considered that most of the listed companies have good overall growth, very few companies are very good or very poor, the difference is significant.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272

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