本文關(guān)鍵詞： 新三板 財務(wù)績效 IPO效應(yīng) 因子分析　出處：《深圳大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：新三板自2013年擴(kuò)容以來實現(xiàn)了飛躍式的發(fā)展,掛牌企業(yè)數(shù)量于2016年達(dá)到6000家,且已明確了轉(zhuǎn)板機(jī)制,實現(xiàn)了市場內(nèi)企業(yè)的分層改革。雖然近年來新三板發(fā)展取得了令人矚目的成績,但是國內(nèi)對于新三板的研究還相對較少,本文希望對新三板企業(yè)的掛牌績效進(jìn)行研究以豐富各界對于新三板的認(rèn)識。首先,本文對“財務(wù)績效評價理論”和“IPO效應(yīng)”進(jìn)行綜述并結(jié)合新三板現(xiàn)狀進(jìn)行研究分析。根據(jù)過往的研究,世界各地的證券市場中已被證實普遍存在“IPO效應(yīng)”,而本文意在研究新三板市場中IPO效應(yīng)的存在性和導(dǎo)致IPO效應(yīng)的因素,并給出政策建議。過往對于IPO效應(yīng)的研究多針對主板市場,且聚焦于企業(yè)掛牌前后的盈利情況變化。但由于新三板企業(yè)的特殊性,許多企業(yè)處于高速成長期,并不能穩(wěn)定的實現(xiàn)盈利,并且其經(jīng)營的穩(wěn)定性、營運效率和未來的成長性指標(biāo)都非常重要,不應(yīng)只以盈利作為判斷企業(yè)績效的唯一指標(biāo)。因此本文將結(jié)合企業(yè)財務(wù)績效評價理論,對包括盈利能力、償債能力、營運能力和成長能力的企業(yè)整體績效進(jìn)行研究。本文實證部分選取新三板企業(yè)中于2013年掛牌的93家企業(yè)作為樣本,選取樣本企業(yè)的營業(yè)總收入、總資產(chǎn)、凈利率、每股收益、凈資產(chǎn)收益率、流動比率、速動比率、資產(chǎn)負(fù)債率、存貨周轉(zhuǎn)率、應(yīng)收賬款周轉(zhuǎn)率等10個財務(wù)數(shù)據(jù),通過因子分析法對數(shù)據(jù)進(jìn)行降維,簡化成盈利能力、償債能力、營運能力三項指標(biāo)并計算綜合成績。通過對比企業(yè)掛牌前后5年中的績效變化論證新三板企業(yè)掛牌前后的績效情況。根據(jù)對實證結(jié)果進(jìn)行分析,數(shù)據(jù)顯示企業(yè)掛牌后各項經(jīng)營指標(biāo)均出現(xiàn)下滑,新三板存在明顯的IPO效應(yīng)。最后,本文基于實證結(jié)果并結(jié)合IPO效應(yīng)理論分析,為監(jiān)管機(jī)構(gòu)提出政策建議。筆者認(rèn)為政府應(yīng)該1.盡量放緩新三板擴(kuò)容速度,以控制掛牌企業(yè)數(shù)量,加強(qiáng)對于每個掛牌企業(yè)的監(jiān)管。2.完善信息披露制度并加強(qiáng)審批,以減少違規(guī)行為的發(fā)生。3.盡量放寬市場準(zhǔn)入門檻,提高市場流動性增加市場人氣。
[Abstract]:Since the expansion of the new third board in 2013, it has achieved a leapfrog development, with the number of listed enterprises reaching 6000 in 2016, and the mechanism of turning the board has been clearly defined. Although the development of the new three boards has made remarkable achievements in recent years, there are relatively few researches on the new three boards in China. This article hopes to carry on the research to the new third board enterprise listing performance in order to enrich the understanding of the new third board. In this paper, the theory of financial performance evaluation and IPO effect are summarized, and the current situation of the new three boards is analyzed. The "IPO effect" has been proved to be widespread in the stock markets all over the world. The purpose of this paper is to study the existence of the IPO effect and the factors leading to the IPO effect in the new third-board market. In the past, the research on IPO effect focused on the main board market, and focused on the change of profit situation before and after the listing. But because of the particularity of the new third board enterprises, many enterprises are in the period of high-speed growth. It is not stable to achieve profitability, and its stability, operational efficiency and future growth indicators are all very important. Therefore, this paper will combine the theory of enterprise financial performance evaluation, including profitability, solvency, In the empirical part of this paper, 93 companies listed in 2013 were selected as samples, and the total operating income, total assets, net interest rate and earnings per share were selected. Ten financial data, such as return on net assets, current ratio, liquidity ratio, asset-liability ratio, inventory turnover ratio, turnover ratio of accounts receivable and so on, are reduced to profitability and solvency by factor analysis. By comparing the performance changes in five years before and after the listing of enterprises, the performance of the new three boards before and after listing is demonstrated. According to the empirical results, the paper analyzes the performance of the new three board companies before and after listing. The data show that all the business indexes have declined after listing, and the new third board has obvious IPO effect. Finally, based on the empirical results and combined with the IPO effect theory analysis, In order to control the number of listed enterprises, strengthen the supervision of each listed enterprise, improve the information disclosure system and strengthen the examination and approval, the author thinks that the government should slow down the expansion rate of the new three boards as far as possible, so as to control the number of listed enterprises and strengthen the supervision of each listed enterprise. In order to reduce the occurrence of violations. 3. Try to relax the threshold of market access, improve market liquidity and increase market sentiment.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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