本文關(guān)鍵詞：上市公司轉(zhuǎn)板交易評(píng)價(jià)體系研究　出處：《天津財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 多層資本市場(chǎng) 分離均衡模型 轉(zhuǎn)板條件 轉(zhuǎn)板交易評(píng)價(jià)指標(biāo) 模糊綜合評(píng)價(jià)

【摘要】：經(jīng)過20多年的建設(shè)與發(fā)展,我國(guó)資本市場(chǎng)在不斷的探索中逐漸完善,上市企業(yè)已達(dá)2000多家,主板、中小板、創(chuàng)業(yè)板和OTC(場(chǎng)外交易市場(chǎng))市場(chǎng)為基礎(chǔ)層級(jí)結(jié)構(gòu)的多層資本市場(chǎng)框架已初步搭建。多層資本市場(chǎng)體系的建立,一方面為處于不同發(fā)展階段的企業(yè)提供了一個(gè)選擇與自身特點(diǎn)相一致的融資平臺(tái),從而達(dá)到優(yōu)化資源配置的目的,另一方面為不同類型的投資者提供了一個(gè)選擇與自身風(fēng)險(xiǎn)偏好相一致的交易平臺(tái)或工具,從而實(shí)現(xiàn)優(yōu)化風(fēng)險(xiǎn)配置的目的。然而,從動(dòng)態(tài)的角度看,上市企業(yè)的基本特征會(huì)隨著企業(yè)的發(fā)展與經(jīng)營(yíng)狀況的變化以及技術(shù)水平的進(jìn)步而發(fā)生改變,原先的成熟型企業(yè)如今可能沒落,成長(zhǎng)型企業(yè)可能變得成熟等。這種變化造成了上市企業(yè)的基本特征與交易市場(chǎng)特征的不一致,從而引發(fā)了退市、分拆、轉(zhuǎn)板等相關(guān)問題。本文僅選擇其中的轉(zhuǎn)板問題進(jìn)行研究,以期構(gòu)建我國(guó)多層資本市場(chǎng)轉(zhuǎn)板的評(píng)價(jià)指標(biāo)體系,為我國(guó)多層市場(chǎng)體系轉(zhuǎn)板機(jī)制的形成提供理論基礎(chǔ)與實(shí)踐指導(dǎo)。 本文首先根據(jù)多層資本市場(chǎng)體系層次結(jié)構(gòu)的特點(diǎn),從多層資本市場(chǎng)體系的基本職能出發(fā),以多層資本市場(chǎng)運(yùn)行效率為目標(biāo),通過構(gòu)建多層資本市場(chǎng)分離均衡模型,揭示了轉(zhuǎn)板機(jī)制的市場(chǎng)動(dòng)態(tài)均衡。其次以我國(guó)各層次資本市場(chǎng)的實(shí)際運(yùn)行特征為前提,依據(jù)上市公司與市場(chǎng)定位的一定性原則,從上市公司的企業(yè)規(guī)模、成長(zhǎng)能力、經(jīng)營(yíng)業(yè)績(jī)、風(fēng)險(xiǎn)控制四個(gè)方面,16項(xiàng)指標(biāo)來剖析我國(guó)多層資本市場(chǎng)之間的轉(zhuǎn)板條件,形成我國(guó)多層資本市場(chǎng)轉(zhuǎn)板的評(píng)價(jià)指標(biāo)體系。然后,利用主成分分析法確定各指標(biāo)的權(quán)重,使用模糊綜合評(píng)價(jià)法來建立我國(guó)上市公司轉(zhuǎn)板交易綜合評(píng)價(jià)模型,并依據(jù)隸屬度將上市公司轉(zhuǎn)板交易評(píng)價(jià)結(jié)果劃分為建議升板、無需轉(zhuǎn)板、建議降板、強(qiáng)制降板四類。最后,隨機(jī)選取我國(guó)主板市場(chǎng)、中小板市場(chǎng)和創(chuàng)業(yè)板市場(chǎng)部分上市公司為樣本,對(duì)樣本公司是否需要轉(zhuǎn)板進(jìn)行了實(shí)際評(píng)價(jià)。
[Abstract]:After 20 years of construction and development, China's capital market is gradually perfect in the unceasing exploration, listed companies reached more than 2000, the motherboard, the SME board, the gem and OTC (OTC market) market for multilayer capital market framework based hierarchical structure has been initially set up. The establishment of multi layer capital market system, a provides a consistent selection and characteristics of financing platform for enterprises at different developing stage, so as to achieve the purpose of optimizing the allocation of resources, on the other hand, provides a choice with its own risk preference trading platform or tool is consistent for different types of investors, in order to achieve the optimal risk allocation. However, from the dynamic point of view, the basic characteristics of the listed companies will change with the development and operation of enterprises and the level of technological progress and change, mature enterprise original now May decline, growth oriented enterprises may become mature. This change resulted in inconsistencies in the basic characteristics and market characteristics of the listed companies, which led to the delisting, split, related issues. On board the transfer problem this paper only choose one, in order to build multi-level capital market in China in turn evaluation the index system, provide a theoretical basis and practical guidance for our country to form the transfer mechanism of multi-layer market system.
In this paper, according to the structural characteristics of multi level capital market system, starting from the basic functions of multi-layer capital market system, the multi-layer capital market efficiency as the goal, by constructing a multilayer capital market separation equilibrium model, reveals the market dynamic mechanism transfer equilibrium. Secondly with the actual operation characteristics of all levels of the capital market in our country as the premise according to certain principles, listed company and market positioning, listed companies from the enterprise scale, growth ability, operating performance, risk control four aspects, 16 indicators to analyze the transfer conditions between China's capital city, multi field, forming a multilayer capital market of our country transfer evaluation index system. Then, analysis method to determine the weight of each index using principal components, to establish the comprehensive evaluation model of transfer transaction of Listed Companies in China using fuzzy comprehensive evaluation method, and based on the membership degree of the listed company The evaluation results of the transfer board transaction are divided into four categories: the suggestion board, no need to transfer the board, the suggestion to reduce the board and the forced down board. Finally, we select the main board market, the small and medium board market and the GEM market as the sample, select whether the Sample Firms need to transfer the board.

【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F224

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