本文選題：創(chuàng)業(yè)板 + 高科技企業(yè)��； 參考：《湖南師范大學(xué)》2012年碩士論文

【摘要】：2009年10月23日,我國創(chuàng)業(yè)板正式在深圳開板。中國創(chuàng)業(yè)板市場的推出,有利于完善中國多層次資本市場的建設(shè),拓展中小企業(yè)的融資渠道,促進(jìn)數(shù)量眾多的中小企業(yè)健康穩(wěn)步成長。創(chuàng)業(yè)板作為主板市場以外的證券市場,主要是為那些具有較高成長性的新興企業(yè)提供籌資渠道,幫助其發(fā)展和壯大。對于創(chuàng)業(yè)板發(fā)行審核委員會來說,企業(yè)是否具有高科技性和成長性,成為企業(yè)能否在創(chuàng)業(yè)板上市的重要條件。因此,通過建立客觀公正的評價體系,分析創(chuàng)業(yè)板高科技企業(yè)的成長性,對于促進(jìn)創(chuàng)業(yè)板市場的健康發(fā)展、豐富創(chuàng)業(yè)板高科技企業(yè)成長性知識,有著重要意義。 本文在結(jié)合國內(nèi)外學(xué)者相關(guān)研究的基礎(chǔ)上,根據(jù)我國高科技企業(yè)發(fā)展的實際情況,具體分析了我國創(chuàng)業(yè)板高科技企業(yè)的成長狀況。與以往文獻(xiàn)相比,本文直接采用我國創(chuàng)業(yè)板高科技企業(yè)的數(shù)據(jù),從企業(yè)“成長性”的完整界定出發(fā),從盈利能力、營運能力、償債能力、科技創(chuàng)新能力、成長速度5個層面來考察企業(yè)的成長性,更具有針對性和實踐意義。 本文分析了我國高科技企業(yè)成長現(xiàn)狀及影響因素。由于內(nèi)因?qū)κ挛锏陌l(fā)展起決定作用以及外因的難以測量性,本文主要依據(jù)內(nèi)部影響因素,較全面地選取了各類財務(wù)指標(biāo)和非財務(wù)指標(biāo),構(gòu)建了我國創(chuàng)業(yè)板高科技企業(yè)的成長性評價模型。并采用因子分析法,以選取的116家在創(chuàng)業(yè)板上市的高科技企業(yè)為樣本,對樣本企業(yè)2009年—2010年的數(shù)據(jù)進(jìn)行分析,測量其成長性。 通過因子分析法,本文測量出樣本企業(yè)的成長性得分情況,并用托賓Q值對模型的可靠性進(jìn)行了檢驗。然后在此基礎(chǔ)上,具體分析了我國創(chuàng)業(yè)板高科技企業(yè)整體成長狀況、成長性行業(yè)分布狀況以及技術(shù)創(chuàng)新對創(chuàng)業(yè)板高科技企業(yè)的成長性的影響,結(jié)論顯示：從整體成長狀況來說,我國創(chuàng)業(yè)板高科技企業(yè)的整體成長情況不是很好,位于優(yōu)秀區(qū)間和良好區(qū)間的企業(yè)所占比例僅為17.66%；從行業(yè)分布狀況來說,石化塑膠、電子和信息技術(shù)行業(yè)成長性較好,而醫(yī)藥生物和機(jī)械設(shè)備行業(yè)的成長性為負(fù)值,仍有待提高；從技術(shù)創(chuàng)新角度來說,科技創(chuàng)新能力確實很夠較好地推動企業(yè)成長,但企業(yè)的研發(fā)投入力度不夠,研發(fā)人員也未能較好地發(fā)揮其創(chuàng)新能力來促進(jìn)企業(yè)成長。最后,根據(jù)研究的結(jié)論,分別從營運能力、盈利能力、償債能力、創(chuàng)新能力和成長速度等5個方面對如何提高我國創(chuàng)業(yè)板上市公司的成長性提出了一些參考意見。
[Abstract]:October 23, 2009, China's gem officially opened in Shenzhen. The launch of China's growth Enterprise Market is conducive to improving the construction of China's multi-level capital market, expanding the financing channels for small and medium-sized enterprises, and promoting the healthy and steady growth of a large number of small and medium-sized enterprises. As the securities market outside the main market, the gem mainly provides financing channels for those new enterprises with high growth, and helps them to develop and strengthen. For the gem issue Review Committee, whether the enterprises have high technology and growth has become an important condition for the listing of enterprises on the gem. Therefore, it is of great significance to establish an objective and fair evaluation system and analyze the growth of high-tech enterprises in the gem. It is of great significance to promote the healthy development of the gem market and to enrich the knowledge of the growth of high-tech enterprises on the gem. Based on the research of scholars at home and abroad and the development of high-tech enterprises in China, this paper analyzes the growth of high-tech enterprises in gem. Compared with the previous literatures, this paper directly adopts the data of high-tech enterprises in gem of our country, starting from the complete definition of "growth" of enterprises, from the aspects of profitability, operating capacity, solvency, technological innovation ability, etc. Five levels of growth speed to investigate the growth of enterprises, more targeted and practical significance. This paper analyzes the current situation and influencing factors of the growth of high-tech enterprises in China. As internal factors play a decisive role in the development of things and external causes are difficult to measure, this paper mainly selects various financial indicators and non-financial indicators according to internal influencing factors. The growth evaluation model of high-tech enterprises in gem is constructed. Using factor analysis method, 116 high-tech enterprises listed on the gem are selected as samples, and the data of sample enterprises from 2009 to 2010 are analyzed to measure their growth. By factor analysis, the growth score of the sample enterprises is measured, and the reliability of the model is tested with Tobin Q value. Then, on this basis, the paper analyzes the overall growth of high-tech enterprises in gem, the distribution of growth industries and the impact of technological innovation on the growth of high-tech enterprises on the gem. The conclusion shows that: from the overall growth situation, The overall growth of high-tech enterprises on the gem in China is not very good. The proportion of enterprises in excellent and good sectors is only 17.66. In terms of industry distribution, the growth of petrochemical plastics, electronics and information technology industries is relatively good. However, the growth of the pharmaceutical biology and mechanical equipment industry is negative, which still needs to be improved. From the point of view of technological innovation, the ability of scientific and technological innovation is indeed good enough to promote the growth of enterprises, but the R & D investment of enterprises is not enough. R & D personnel also failed to play its innovative ability to promote the growth of enterprises. Finally, according to the conclusion of the study, this paper puts forward some suggestions on how to improve the growth of listed companies in gem from five aspects: operation ability, profitability, solvency, innovation ability and growth rate.
【學(xué)位授予單位】：湖南師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F276.44;F832.51;F224

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