本文關鍵詞：創(chuàng)業(yè)板上市公司的投資價值研究　出處：《西南財經(jīng)大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： 創(chuàng)業(yè)板 投資價值 財務綜合分析 因子分析

【摘要】：我國于2009年10月底建立創(chuàng)業(yè)板,至今該板塊已有300多家上市公司。許多投資者的對創(chuàng)業(yè)板的投資充滿熱情,主要是因為創(chuàng)業(yè)板上市公司具有高度成長性,投資者對其未來經(jīng)營情況高度期許,這也是造成創(chuàng)業(yè)板上市公司平均市盈率大大高出滬深兩市的重要原因。創(chuàng)業(yè)板上市公司平均發(fā)行市盈率60倍左右,2011年新股“破發(fā)潮”使得眾多投資者血本無歸。這也使得很多投資者對創(chuàng)業(yè)板的投資望而卻步,不敢輕易投資。但是在創(chuàng)業(yè)板市場中確實不乏經(jīng)營良好、治理完善的具有高度投資價值的公司。因此如何正確引導投資,優(yōu)化市場中資本資源配置效率,實現(xiàn)投資者與上市公司的共贏,使創(chuàng)業(yè)板達成其成立之初的目的—扶持優(yōu)秀的中小企業(yè)成長,是關系到證券市場與社會經(jīng)濟穩(wěn)定與發(fā)展的一個非常重要的問題。本文第一章對本文研究的背景進行了概要分析,說明為什么要做上市公司的投資價值研究,為什么要基于企業(yè)投資價值進行研究,并且為何選擇創(chuàng)業(yè)板的上市公司作為研究對象的問題。 隨著我國證券市場迅速發(fā)展壯大,相關法律法規(guī)不斷完善,價值投資理念逐漸被投資者所推崇。本文第二章通過對企業(yè)投資價值和企業(yè)投資價值評估的相關理論進行了梳理,對各種投資價值評估方法的使用條件、使用方法和優(yōu)缺點進行了論述,并指出一些評估方法在對我國創(chuàng)業(yè)板上市公司投資價值研究中的不適應性。另外還概括介紹了我國目前對創(chuàng)業(yè)板上市公司投資價值的相關研究現(xiàn)狀,并在此基礎上提出本文擬采用的研究方法。 通過參考已有研究和結合我國創(chuàng)業(yè)板市場特征,本文第三章以創(chuàng)業(yè)板上市公司為研究對象,選取了175家創(chuàng)業(yè)板上市公司2011年的數(shù)據(jù)為樣本進行研究。在第二章所綜述的企業(yè)投資價值以及評估方法的基礎上,共選擇了營業(yè)毛利率、資產(chǎn)報酬率、凈資產(chǎn)收益率、成本費用利潤率、凈利潤增長率、營業(yè)利潤增長率、應收賬款周轉率、流動資產(chǎn)周轉率、總資產(chǎn)周轉率、資產(chǎn)負債率、流動比率、速動比率、高管持股比例、第一大股東持股比例等14個財務指標建立一個財務指標綜合評價體系對我國創(chuàng)業(yè)板上市公司進行企業(yè)投資價值進行評估,選擇的時候參考他人已有的選擇方法和研究結果,同時結合深圳創(chuàng)業(yè)板市場的實際情況側重選取。 本文第四章對這14個指標進行因子分析,共提取出4個公共因子：盈利及成長能力、抗風險能力、運營能力、公司治理情況,并對這4個方面進行了詳細闡述。另外通過與創(chuàng)業(yè)板上市公司的上市條件要求進行對比分析,認為這4個方面正是創(chuàng)業(yè)板上市公司的幾個重要特征,因此認為本文所選擇的指標變量在判斷企業(yè)投資價值上是非常有效的。因子分析的結果得出了14個原始指標變量在這4個公共因子上的得分,進而計算出本文所選取的全部樣本公司的公共因子得分,將其加總后每個樣本公司得到一個總分,這便是對該樣本公司企業(yè)投資價值的評分,評分高則投資價值高,反之則相反。 本文第五章選取了在前述排名中靠前的東軟載波進行案例研究,通過對其進行行業(yè)層面和公司層面的深入分析對其進行了投資價值的評估。其中,行業(yè)層面分析遵循了東軟載波的產(chǎn)品特征,按其主要產(chǎn)品所處的細分行業(yè)分別進行了分析,主要從宏觀經(jīng)濟、國家政策、細分行業(yè)競爭者情況等方面指出了它的產(chǎn)品所處行業(yè)的特征和發(fā)展機會。公司層面的分析主要分兩部分,一部分是對東軟載波的競爭優(yōu)勢進行全面分析,分別得出其具有技術優(yōu)勢、盈利模式優(yōu)勢、管理優(yōu)勢、客戶優(yōu)勢、區(qū)位優(yōu)勢五方面的優(yōu)勢,并對每一方面分別進行了詳細的論述；另一部分是對東軟載波進行了簡要的財務分析,通過選取公司近五年的重要財務指標對公司進行了縱深角度的分析。財務分析結果也印證了前文分析得出的衡量企業(yè)投資價值原始變量的4個公共因子所代表的4個方面的能力。本文對東軟載波行業(yè)分析和公司層面分析的結果認為：1)該公司是其所處細分行業(yè)龍頭企業(yè),技術壁壘高,符合產(chǎn)業(yè)升級趨勢特點；2)該公司的主營業(yè)務屬于國家的重點產(chǎn)業(yè)政策支持領域,且在未來幾年存在可預見的大量政府項目來源；3)該公司的競爭優(yōu)勢突出,尤其是其具有可持續(xù)的自主研發(fā)能力；4)該公司的商業(yè)模式為其帶來較強的話語權和定價權,且這種積累性優(yōu)勢在短期內難以被模仿和超越。 最后得出本文結論,這就是第六章�；谇拔牡难芯�,本文主要結論有：1)因子分析方法能夠對上市公司投資價值進行較好的分析,它不能直接給出具備絕對好的投資價值的對象,但能定量的綜合評價結果在一定程度上推出可能具有較高投資價值的對象組別。投資者能夠按其排名判斷越靠前的公司越可能具備較高的投資價值,為進一步深入研究某家公司的投資價值提供了基礎。2)本文對創(chuàng)業(yè)板上市公司所構造的綜合財務指標評價體系可以較為客觀的反映上市公司的經(jīng)營狀況,比較科學地評價其企業(yè)的投資價值。對該板塊上市公司投資價值的研究可主要考慮幾個方面：盈利和成長能力,營運能力、抗風險能力以及公司治理。3)通過本文綜合分析,300183東軟載波,300146湯臣倍健,300182捷成股份,300174元力股份,300171東富龍,它們都具有較高的因子綜合得分,相對來說具有較高投資價值,投資者可適當參考之。 因此本文是先從金融學和財務學的角度對所有樣本公司進行了投資價值分析,根據(jù)分析結果,再從管理學的角度對一家具體的企業(yè)進行投資價值的研究。管理學角度對投資價值的研究是對從金融學和財務學角度建立的財務綜合分析指標體系研究結果的一個印證,驗證所建立的財務綜合分析指標體系和因子分析方法是否能夠對我國創(chuàng)業(yè)板上市公司投資價值進行有效的評估。經(jīng)過本文的研究探尋,認為本文所建立的財務綜合分析指標體系和所采用的研究方法在一定程度上能較好的判斷我國創(chuàng)業(yè)板上市公司的投資價值,且按照這一方法所得出的具有投資價值的股票—東軟載波確實具有投資價值,另外按照本文對樣本公司的投資價值排名,排名靠前的公司也是具有相對較好的投資價值的公司,投資者可以作為參考。這也是本文的主要結論。因此本文的主要貢獻也在于對于我國創(chuàng)業(yè)板上市公司投資價值的評估方法的探尋,并得出了一個可供參考的和因子分析方法相結合的財務指標評價體系。
[Abstract]:China at the end of October 2009 the establishment of the gem, the sector has more than 300 listed companies. Many investors of gem investment enthusiasm, mainly because of the GEM listed companies with high growth, investors in the future operation of high expectations, which is caused by the listed companies on the gem average price earnings ratio is much higher than the important the reason the two stock markets. Companies listed on GEM average price earnings ratio of 60 times, 2011 New "broken damp" makes many investors lose everything. It also makes a lot of investors in the gem investment prohibitive, not dare to invest. But in the GEM market there are good business, with high investment value of governance company. So how to correctly guide investment, optimize the capital allocation efficiency of resources in the market, the investors and the listed companies win-win, make Entrepreneurship The board of small and medium-sized enterprises at the beginning of the establishment of the objective - to support outstanding growth is related to the securities market and the social economic stability and development is a very important problem. In the first chapter, the background of this research are analyzed, explaining why to do research on the investment value of the listed companies, why to carry out research on Enterprise Based on the investment value, and why the GEM listed companies as the research object.
With the rapid development of China's securities market expands, relevant laws and regulations continue to improve, the idea of value investment by investors gradually respected. Relevant theories in the second chapter, through assessment of investment value and investment value are summarized, on a variety of investment value evaluation method using conditions, the use of methods and the advantages and disadvantages are discussed, and some evaluation methods on China's gem research value of investment in listed companies is not adaptive. Also introduces the current research on investment value of companies listed on gem of the present situation, and puts forward the research methods used in the paper.
By reference to existing research and combined with the characteristics of China's GEM market, the third chapter of the GEM listed companies as the research object, selected the 175 companies listed on GEM data in 2011 as the research sample. Based on the second chapter of the enterprise investment value and evaluation methods, choose the operating margin, rate of return on assets, return on net assets, cost profit, net profit growth rate, operating profit growth rate, accounts receivable turnover ratio, current asset turnover, total asset turnover, asset liability ratio, current ratio, quick ratio, the proportion of managerial ownership, the proportion of the first shareholder 14 financial the financial index to build a comprehensive evaluation index system of China's GEM listed company investment value evaluation, selection methods and results to choose when reference to previous, combined with deep The actual situation of the GEM market is focused on.
In the fourth chapter, the factor analysis of the 14 indexes, we extract 4 common factors: profitability and growth ability, anti risk ability, operation ability, corporate governance, and the 4 aspects in detail. In addition with the conditions listed on the GEM listed company requirements were analyzed, think this 4 aspects are the important characteristics of the GEM listed companies, so that the variables chosen in this paper is very effective in judging the investment value of enterprises. The results of factor analysis obtained a score of 14 original variables in the 4 common factors, and then calculate the factor scores of all the public Sample Firms the selected, the collection of each Sample Firms to get a total score, which is the Sample Firms and enterprise investment value of the score, score high, high investment value, and vice versa.
The fifth chapter selects in the rankings on Neusoft carrier before the case study, through in-depth analysis to evaluate the industry level and company level of its investment value on it. Among them, the industry level analysis follow the product feature of Neusoft carrier, according to its main products are industry segments respectively. The analysis, mainly from the macro economy, national policy, industry segments competitors etc. It pointed out that the products of the industry characteristics and development opportunities. Firm level analysis is mainly divided into two parts, one part is a comprehensive analysis of the competitive advantage of Neusoft carrier, then it has the advantage of technology, profit model, management customer advantage, advantage, advantage five advantages, and on each aspect are discussed in detail; the other part is the carrier of Neusoft in the financial Analysis of key financial indicators through the selection of the company nearly five years of perspective on the company. 4 common factors result in financial analysis also confirms the above analysis to measure the investment value of the original variables represent the ability of the 4 areas. Based on Neusoft load analysis and analysis of firm level results in a wave of industry that: 1) the company is the breakdown of the industry leading enterprises, technical barriers, in line with industrial upgrading trend; 2) the field of policy support key industries of the company's main business belong to the state, and in the next few years in a large number of government project is foreseeable; 3) the company's competitive advantage prominent, especially the sustainable ability of independent research and development; 4) the business model of the company have a strong voice and pricing for it, and the accumulation of advantage in the short term is difficult to be imitated and super The more.
Finally the conclusion of this paper, this is the sixth chapter. Based on the above research, the main conclusions of this paper are: 1) factor analysis method can better analysis of the investment value of listed companies, it can not directly give objects with absolute good investment value, but the quantitative comprehensive evaluation results launch may have a higher investment value the target groups to a certain extent. Investors can judge according to their ranking by the company is more likely to have a higher investment value, provides the basis for the further study of the.2 of a company's investment value) comprehensive financial index of the structure of listed companies on the gem evaluation system can reflect objectively the operation of Listed Companies in comparison, the scientific evaluation of the enterprise investment value. Research on the plate of the investment value of listed companies can be considered the main aspects: profitability and growth Ability, operation ability, anti risk ability and corporate governance.3) through comprehensive analysis in this paper, 300183 Neusoft carrier, 300146 health, 300182 Jebsen shares 300174 yuan, 300171 shares, tofflon, factor scores are high, relatively high investment value, investors may be appropriate to reference.
This paper is from the perspective of Finance and finance for all Sample Firms has carried on the analysis of investment value, according to the results of the analysis, research from the perspective of management of a specific enterprise investment value. The investment value of the research on the theory of management is a proof of the finance and financial perspective establishment the comprehensive financial analysis index system research results, verify the comprehensive financial analysis index system and factor analysis method to China's GEM listed company investment value for effective evaluation. Through this research, that comprehensive analysis of financial index system established in this paper and the research methods can be better the judgment of China's gem investment value of the listed company to a certain extent, and according to this method obtained has the investment value of the stock of Neusoft carrier. Has investment value, in accordance with the investment value of the Sample Firms's ranking, ranking the company also has a relatively good investment value of the company, investors can serve as a reference. This is also the main conclusion of this paper. Therefore, the main contribution of this paper is to explore and evaluation methods for companies listed on GEM investment value. And the financial evaluation index system combining a reference and factor analysis method.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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