本文關(guān)鍵詞：中小企業(yè)板上市公司成長(zhǎng)性評(píng)價(jià)研究　出處：《西南財(cái)經(jīng)大學(xué)》2009年碩士論文　論文類型：學(xué)位論文

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【摘要】： 中小企業(yè)板自2004年推出已有4年的時(shí)間,至2008年5月,在中小板掛牌上市的企業(yè)達(dá)到241家。中小企業(yè)板是在吸取了國(guó)外創(chuàng)業(yè)板成功的經(jīng)驗(yàn)和失敗的教訓(xùn)、結(jié)合我國(guó)現(xiàn)有實(shí)際情況推出的,是我國(guó)政府根據(jù)經(jīng)濟(jì)建設(shè)和社會(huì)發(fā)展的客觀需要做出的重大戰(zhàn)略決策。中小企業(yè)板的推出體現(xiàn)了證券市場(chǎng)改革的力度、發(fā)展的速度和市場(chǎng)承受程度的統(tǒng)一,是分步推出創(chuàng)業(yè)板市場(chǎng)建設(shè)的實(shí)際步驟。 中小企業(yè)板推出4年來的運(yùn)行實(shí)踐表明,上市公司的成長(zhǎng)性是中小企業(yè)板市場(chǎng)發(fā)展的核心,是衡量企業(yè)和市場(chǎng)發(fā)展的主要條件,是未來創(chuàng)業(yè)板市場(chǎng)發(fā)展的基礎(chǔ),也決定著創(chuàng)業(yè)板市場(chǎng)發(fā)展的成敗。因此,對(duì)我國(guó)中小企業(yè)板上市公司成長(zhǎng)性進(jìn)行研究,具有較強(qiáng)的理論意義和現(xiàn)實(shí)意義,主要表現(xiàn)在:第一,為公司成長(zhǎng)性研究提供借鑒。本文首先對(duì)中小企業(yè)板上市公司的總體狀況從自身狀況和外部環(huán)境狀況兩個(gè)方面分四個(gè)特征進(jìn)行了系統(tǒng)的分析,然后在此基礎(chǔ)上構(gòu)建了中小企業(yè)板成長(zhǎng)性評(píng)價(jià)指標(biāo)體系,并用主成分分析法對(duì)樣本上市公司的成長(zhǎng)性進(jìn)行評(píng)價(jià),得出成長(zhǎng)性綜合排名和分項(xiàng)能力排名,并對(duì)排名結(jié)果進(jìn)行分析評(píng)述。不僅在研究方法上有新的嘗試,而且也得出了一些有意義的結(jié)論,為后來的公司成長(zhǎng)性研究提供了良好的借鑒。第二,通過使用數(shù)量統(tǒng)計(jì)模型,可以對(duì)中小企業(yè)板上市公司成長(zhǎng)能力的高低進(jìn)行判定,從而為政府監(jiān)管部門制定相應(yīng)的政策提供參考,為增強(qiáng)中小企業(yè)板上市公司的成長(zhǎng)性提供指導(dǎo)性建議。第三,該研究可以為中小企業(yè)投資價(jià)值分析提供參考。由于證券市場(chǎng)的融資擴(kuò)容作用,已在中小企業(yè)板上市的中小企業(yè)將面臨很好的發(fā)展機(jī)遇,借助資本市場(chǎng)的力量,利用收購(gòu)兼并、股本擴(kuò)張等方式迅速做大、做強(qiáng)或者參與混業(yè)經(jīng)營(yíng),這樣會(huì)對(duì)公司未來的發(fā)展起到很大的促進(jìn)作用,而且新的金融體制改革也使上市中小企業(yè)成為中國(guó)中小企業(yè)未來發(fā)展的方向。因此,越來越多的學(xué)者和投資者開始關(guān)注中小企業(yè)板的投資價(jià)值,中小企業(yè)板上市公司的成長(zhǎng)性評(píng)價(jià)是對(duì)其投資價(jià)值分析最重要的一個(gè)參考。 除導(dǎo)論外,本文共分五個(gè)部分:第一部分對(duì)企業(yè)成長(zhǎng)理論和企業(yè)成長(zhǎng)性評(píng)價(jià)研究的國(guó)內(nèi)外相關(guān)文獻(xiàn)進(jìn)行綜述和評(píng)價(jià);第二部分對(duì)中小企業(yè)板上市公司的總體現(xiàn)狀從自身現(xiàn)狀和外部環(huán)境現(xiàn)狀兩個(gè)方面分四個(gè)特征進(jìn)行系統(tǒng)的分析,為成長(zhǎng)性評(píng)價(jià)指標(biāo)體系的構(gòu)建奠定現(xiàn)實(shí)基礎(chǔ);第三部分建立了中小企業(yè)板上市公司的成長(zhǎng)性評(píng)價(jià)體系,包括構(gòu)建評(píng)價(jià)指標(biāo)體系和選擇評(píng)價(jià)模型,并對(duì)本文擬采用的實(shí)證研究方法——主成分分析法進(jìn)行具體的說明。第四部分是實(shí)證研究部分,為文章的核心部分,首先對(duì)樣本選取、數(shù)據(jù)來源進(jìn)行介紹,然后用主成分分析法得出樣本公司的成長(zhǎng)性綜合排名和分項(xiàng)能力排名,并對(duì)綜合排名結(jié)果和重要的分項(xiàng)能力排名結(jié)果進(jìn)行分析評(píng)述。第五部分是對(duì)中小企業(yè)板上市公司的成長(zhǎng)性評(píng)價(jià)做簡(jiǎn)單總結(jié),并為監(jiān)管部門提出建議,同時(shí),明確進(jìn)一步研究的方向。 本文試圖在以下幾方面形成特色、實(shí)現(xiàn)創(chuàng)新:第一,本文對(duì)中小企業(yè)板上市公司的總體現(xiàn)狀從自身現(xiàn)狀和外部環(huán)境現(xiàn)狀兩個(gè)方面分四個(gè)特征進(jìn)行了系統(tǒng)的分析,這四個(gè)特征分別是總量特征、結(jié)構(gòu)特征、業(yè)績(jī)特征、環(huán)境特征。對(duì)中小企業(yè)板上市公司總體現(xiàn)狀的系統(tǒng)分析,為成長(zhǎng)性評(píng)價(jià)指標(biāo)體系的構(gòu)建奠定了現(xiàn)實(shí)基礎(chǔ),也啟發(fā)了評(píng)價(jià)指標(biāo)體系構(gòu)建的思路。同時(shí),通過對(duì)中小企業(yè)板上市公司總體現(xiàn)狀分析也發(fā)現(xiàn),業(yè)績(jī)特征和環(huán)境特征對(duì)中小企業(yè)板上市公司成長(zhǎng)性影響較大,這也發(fā)現(xiàn)也有助于本文選取更客觀、更有效的評(píng)價(jià)中小企業(yè)板上市公司的成長(zhǎng)性指標(biāo)。第二,本文構(gòu)建了一套由內(nèi)生性評(píng)價(jià)指標(biāo)和外生性影響因素組成的中小企業(yè)板上市公司成長(zhǎng)性評(píng)價(jià)指標(biāo)體系,運(yùn)用主成分分析法對(duì)內(nèi)生性評(píng)價(jià)指標(biāo)進(jìn)行計(jì)算得出了中小企業(yè)板上市公司成長(zhǎng)性綜合排名和重要分項(xiàng)能力排名,再結(jié)合外生性影響因素對(duì)排名結(jié)果進(jìn)行分析評(píng)述,同時(shí),為了克服絕對(duì)指標(biāo)無法反映企業(yè)各方面的能力在一段時(shí)間內(nèi)的動(dòng)態(tài)變化情況以及發(fā)展趨勢(shì)的局限性,本文的指標(biāo)體系均為縱向指標(biāo),時(shí)間跨度為3年,以便更為客觀地評(píng)價(jià)中小企業(yè)板樣本上市公司在一段時(shí)間內(nèi)的成長(zhǎng)性。第三,本文基于構(gòu)建的中小企業(yè)板上市公司成長(zhǎng)性評(píng)價(jià)指標(biāo)體系,將主成分分析法應(yīng)用于中小企業(yè)板上市公司成長(zhǎng)性的綜合評(píng)價(jià),得出成長(zhǎng)性綜合排名。本文還對(duì)影響企業(yè)成長(zhǎng)性綜合得分的重要分項(xiàng)能力進(jìn)行識(shí)別,發(fā)現(xiàn)在影響中小企業(yè)板上市公司成長(zhǎng)性綜合得分的各分項(xiàng)能力中,盈利能力、成本獲利能力、資金運(yùn)作能力和研發(fā)能力是權(quán)重最大的影響指標(biāo),故本文也得出了這四個(gè)分項(xiàng)能力的排名結(jié)果,并分別分析了排名前位和排名后位的上市公司的成長(zhǎng)情況,探究導(dǎo)致排名結(jié)果高低的原因。 本文的不足之處表現(xiàn)在:第一,由于中小企業(yè)板于2004年5月才設(shè)立,而本文采用3年的縱向指標(biāo)來衡量樣本上市公司的成長(zhǎng)性,故研究樣本只能包括2005年12月31日前在中小企業(yè)板上市的公司,樣本數(shù)不夠多。第二,成長(zhǎng)性評(píng)價(jià)指標(biāo)體系雖然包括了內(nèi)生性評(píng)價(jià)指標(biāo)和外生性影響因素兩個(gè)層面,但考慮到擬采用的主成分分析方法,本文數(shù)量統(tǒng)計(jì)模型只考慮了內(nèi)生性指標(biāo),而外生性影響因素只在分析評(píng)述中結(jié)合使用,沒有納入到模型中。其次,本文還忽略了外生性影響因素中的不可量化的因素。 鑒于上述不足,本文提出兩點(diǎn)研究設(shè)想:第一,構(gòu)建中小企業(yè)板上市公司成長(zhǎng)性評(píng)價(jià)綜合指數(shù)。本文從可操作性的角度出發(fā),基于中小企業(yè)板上市公司的總體現(xiàn)狀,以公開的財(cái)務(wù)報(bào)表為依據(jù)選取了一些常用的財(cái)務(wù)指標(biāo)為內(nèi)生性評(píng)價(jià)指標(biāo),也就是說本文評(píng)價(jià)模型仍是以傳統(tǒng)的財(cái)務(wù)指標(biāo)為基礎(chǔ),忽略了其它內(nèi)部非財(cái)務(wù)性因素和外部的環(huán)境因素,這在一定程度上制約著評(píng)價(jià)模型的有效性。因此,尋找到一套能更全面、更客觀的評(píng)價(jià)中小企業(yè)板上市公司成長(zhǎng)性的指標(biāo)體系并通過數(shù)量統(tǒng)計(jì)模型整合為包括財(cái)務(wù)指標(biāo)、治理結(jié)構(gòu)、市場(chǎng)表現(xiàn)等幾個(gè)維度的中小企業(yè)板上市公司成長(zhǎng)性評(píng)價(jià)綜合指數(shù),有待成為進(jìn)一步的研究方向;第二,成長(zhǎng)性評(píng)價(jià)其他計(jì)量方法仍有待深入研究。主成分分析法在成長(zhǎng)性評(píng)價(jià)有其自身的優(yōu)點(diǎn),但由于同一被評(píng)價(jià)對(duì)象在不同樣本集合體中的均值和離散程度是變化的,因而協(xié)方差矩陣也是變化的,由此計(jì)算的主成分與方差貢獻(xiàn)率是不同的,所以綜合評(píng)價(jià)的結(jié)果是變化的,因此主成分分析方法一般適用于一次性評(píng)價(jià),不便于橫向和縱向比較,不利于統(tǒng)計(jì)資料的累積。其次,進(jìn)行主成分綜合評(píng)價(jià)沒有考慮指標(biāo)本身的相對(duì)重要,用線性關(guān)系來處理指標(biāo)與主成分以及主成分與最后評(píng)價(jià)函數(shù)之間的關(guān)系,還是略顯粗糙。因此,在成長(zhǎng)性的相關(guān)研究中,成長(zhǎng)性評(píng)價(jià)的其他計(jì)量方法仍有待深入研究。
[Abstract]:Small and medium enterprise board launched since 2004 has been 4 years, to May 2008, in the small board listed companies reached 241. The SME board is in absorbing foreign successful experience and failure lessons with the launch of the gem, the current actual situation, is a major strategic decision of our government according to the actual needs of economy construction and social development. To make the introduction of the SME board reflects the stock market reform efforts, the speed of development and market acceptance is unified, step by step to promote practical steps of construction of the gem.
The introduction of the SME board operation practice of 4 years showed that the growth of listed companies is the core of the development of small and medium-sized enterprises in the market, is the main measure of the conditions of the enterprise and market development, is the foundation of the future development of the GEM market, but also determines the success or failure of the development of the GEM market. Therefore, to study the growth plate small and medium sized enterprises in China listed companies, has strong theoretical and practical significance, mainly in: first, the growth of the study provide a reference for the company's overall situation. Firstly, the SME board listed companies from two aspects of external environment condition and its four characteristics are systematically analyzed, and then the based on the construction of small and medium-sized enterprises in the growth evaluation index system, and analyzed by principal component analysis method on the growth of listed companies, the growth ranking and sub capacity ranking, Review and analysis of the ranking results. A new attempt not only in research methods, but also draw some meaningful conclusions, provides a good reference for the later growth of the company. Second, by using the statistical model, the SME board listed company growth ability to judge, to to provide reference for the government to formulate relevant policies and provide guidance and advice to enhance the growth of SME board listed companies. Third, the research for SME investment value analysis provides a reference. Due to the financing of securities market expansion effect, has been listed on the board of small and medium-sized enterprises of small and medium-sized enterprises will face great opportunities for development and with the power of capital markets, through mergers and acquisitions, equity expansion rapidly bigger, stronger or in mixed operation, this will be the future development of the company to A great role in promoting the reform of the financial system, and also make the listing of small and medium enterprises to become the future development of small and medium-sized enterprises Chinese direction. Therefore, more and more scholars and investors started to pay attention to the board of small and medium-sized enterprises investment value, the SME board listed company growth evaluation is one of the most important reference for the analysis of the value of the investment.
In addition to the introduction, this paper is divided into five parts: the first part reviews and evaluates the research on growth evaluation theory and enterprise growth on the related literature at home and abroad; the second part of the overall situation of the SME board listed companies from the current situation of our current situation and the external environment two aspects four characteristics are systematically analyzed, which lays a foundation for the construction of the evaluation index system of the growth; the third part of the establishment of the evaluation of the growth of listed companies on SME board system, including the construction of evaluation index system of evaluation and selection model, and the empirical research methods used in the paper are explained: the principal component analysis method. The fourth part is the part of empirical research, for the core part of the article, firstly, sample selection, data sources are introduced, and then use the growth ranking method of principal component analysis and to draw the Sample Firms Power rankings, ranking analysis and review results of ranking results and important sub ability. The fifth part is the evaluation of the growth of the SME board listed companies to do a brief summary and put forward suggestions for the supervision department at the same time, a clear direction for further research.
This paper attempts to form a feature of innovation in the following aspects: first, the overall situation of the SME board listed companies from the two aspects of their own situation and the external environment is divided into four characteristics of the system analysis, these four features are the total characteristics, structure characteristics, performance characteristics, environmental characteristics analysis system. For small and medium-sized enterprises in the general status of the listed company, and lay the foundation for constructing the evaluation index system of the growth, also inspired the construction of the evaluation index system of ideas. At the same time, the SME board listed companies present situation analysis also found that environmental features and performance has great influence on the growth of Listed Companies in SME board it is also found that also contributes to the selection of more objective and more effective evaluation indicators of the growth of listed companies on SME board. Second, this paper presents an endogenous evaluation The evaluation index system of the growth of small and medium-sized board index and exogenous factors of the listed companies, the use of principal component analysis of endogenous evaluation index is calculated in the SME board Ranking Ranking the growth of listed companies and the important component, combined with external factors to analyze the impact on the ranking results, at the same time, in order to the limitations and development trend of the dynamic changes of absolute index can not reflect the ability to overcome the various aspects of the enterprise in a certain period of time, the index system for longitudinal index, a time span of 3 years, in order to objectively evaluate the growth of small and medium-sized enterprise board of Listed Companies in a certain period of time. Third. In this paper, the evaluation index system of the growth of small and medium-sized enterprises in the construction of listed companies based on the principal component analysis method is applied to the SME board listed company's growth The growth of the comprehensive evaluation, an important part of the power rankings. The overall score of growth of influence on enterprise's identification, found that profitability in the influence of small and medium enterprise board scores the growth of listed companies of each sub capability, cost, profitability, capital operation ability and development ability is the largest weight, so this paper it indicates that the four sub capacity ranking results, and analyzes the growth situation and the top ranked companies, explore the cause of high and low ranking results.
The deficiencies of this paper in the following aspects: first, because of the small and medium-sized enterprise board was set up in May 2004, and the longitudinal index of 3 years of growth to measure the sample of listed companies, so the research sample includes only listed on the SME board before December 31, 2005, the number of samples is not enough. Second, although the growth of evaluation index system including the factors of endogenous and exogenous impact evaluation index of two levels, but considering the principal component analysis method this paper proposed, statistical model only considers the endogenous factors outside nature index, affects only in conjunction with analysis and review, not incorporated into the model. Secondly, this paper also ignores the non quantifiable the effects of exogenous factors.
In view of the above problems, this paper proposes two research ideas: first, construct the comprehensive evaluation index of the growth of companies listed on the SME board. This paper from the operational point of view, the overall situation of the SME board based on the listed companies, based on the public financial statements based on a selection of some commonly used endogenous financial indicators as the evaluation index, also it is said that this evaluation model is still in the traditional financial indicators as the basis, ignoring the other environmental factors, internal and external non financial factor, which restricts the effectiveness of the evaluation model to a certain extent. Because of this, to find a more comprehensive, more objective evaluation index system for the growth of small and medium-sized enterprises listed the company and the number of statistical model integration including financial index, corporate governance structure, the SME board market performance of several dimensions of the growth of the listed company comprehensive evaluation index, have To be a further research direction; second, the evaluation of the growth of other measurement methods remains to be further studied. The principal component analysis method has its own advantages in the evaluation of the growth, but because of the same mean was evaluated in different samples in the aggregation and dispersion degree of change, so the covariance matrix is also variable, principal component and the calculated variance contribution rate is different, so the comprehensive evaluation result is changing, so the principal component analysis method is generally applicable to a one-time evaluation for horizontal and vertical comparison, is not conducive to the accumulation of statistical data. Secondly, the comprehensive evaluation index of the relative principal component is not an important consideration, using linear relation to the relationship between index and principal component and principal components and final evaluation function, is slightly rough. Therefore, the related research in growth in the evaluation of the growth of the other The measurement method still needs to be further researched.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2009
【分類號(hào)】：F224;F276.6;F832.51

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前4條

1 郭麗容;高新技術(shù)企業(yè)風(fēng)險(xiǎn)投資及投資價(jià)值評(píng)價(jià)研究[D];廣西工學(xué)院;2011年

2 丁倩;醫(yī)藥上市公司成長(zhǎng)性影響因素分析[D];西南財(cái)經(jīng)大學(xué);2011年

3 郭月萍;我國(guó)旅游上市公司成長(zhǎng)性評(píng)價(jià)研究[D];西北農(nóng)林科技大學(xué);2012年

4 王斌;基于財(cái)務(wù)視角的我國(guó)創(chuàng)業(yè)板上市公司成長(zhǎng)性實(shí)證研究[D];西安工程大學(xué);2011年

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本文編號(hào)：1391506