本文關(guān)鍵詞：創(chuàng)業(yè)板上市公司績效評價及其影響因素分析　出處：《天津財經(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： 創(chuàng)業(yè)板 企業(yè)績效 公司治理結(jié)構(gòu) 融資渠道

【摘要】：完善多層次資本市場、幫助新創(chuàng)企業(yè)發(fā)展、支持企業(yè)自主創(chuàng)新,是創(chuàng)業(yè)板的歷史使命。我國創(chuàng)業(yè)板自成立至今已逾三年,可以說創(chuàng)業(yè)板是伴隨著掌聲成立、伴隨著批評聲成長。而創(chuàng)業(yè)板上市公司的“三高”現(xiàn)象——即高發(fā)行價、高市盈率和高超募量一直飽受爭議,這些公司是否真的有如此之高的投資價值,創(chuàng)業(yè)板又究竟帶給了這些公司怎樣的改變?這都是亟待我們探尋的問題,但是到現(xiàn)在為止一直缺乏針對創(chuàng)業(yè)板上市公司績效的系統(tǒng)、全面的研究。通過本文的研究,我們能夠更好地了解創(chuàng)業(yè)板上市公司的發(fā)展現(xiàn)狀,一方面幫助創(chuàng)業(yè)板上市公司完善公司治理結(jié)構(gòu)和融資結(jié)構(gòu),提高自身績效；另一方面也為政府制定相關(guān)政策、完善改善創(chuàng)業(yè)板制度提供指導(dǎo)。 文章首先從企業(yè)績效評價和企業(yè)績效的影響因素兩個方面梳理了國內(nèi)外的研究文獻,之后從發(fā)展歷程和宏觀環(huán)境兩個角度介紹了我國創(chuàng)業(yè)板的發(fā)展背景,并進一步分析了創(chuàng)業(yè)板上市公司的發(fā)展情況,發(fā)現(xiàn)創(chuàng)業(yè)板存在著績效與股價背離、超募與減持并存、抑價與破發(fā)同在的問題�；谶@些問題,文章從第四章開始進行實證研究。第一步先從盈利能力、營運能力、償債能力和發(fā)展能力四個方面選取了8個指標,選用因子分析法對36家樣本公司2009-2011年的績效進行評價,證實了創(chuàng)業(yè)板上市公司績效兩極分化的假設(shè),同時發(fā)現(xiàn)這三年間樣本公司績效整體呈下降趨勢。第二步是運用Pearson相關(guān)檢驗和顯著性檢驗相結(jié)合的方法對公司治理結(jié)構(gòu)、融資渠道與企業(yè)績效之間的關(guān)系進行實證分析,結(jié)果表明：高管減持和一股獨大的現(xiàn)象對企業(yè)績效具有顯著的負面影響；第二大股東難以對第一大股東形成制衡和約束；創(chuàng)業(yè)板上市公司財務(wù)杠桿使用不善；有私募參與的企業(yè)績效顯著地高于其他企業(yè)。最后在所得實證結(jié)論的基礎(chǔ)上對創(chuàng)業(yè)板上市公司的決策者提出了三點建議：一是提高債務(wù)融資比例,調(diào)整債務(wù)期限結(jié)構(gòu)；二是引入機構(gòu)投資者,優(yōu)化股權(quán)結(jié)構(gòu)；三是完善股權(quán)激勵機制,減少內(nèi)部減持行為。同時也對政府以及深交所的決策者提出了兩點建議：一是進一步加強上市公司信息披露,避免股價與績效的背離；二是大力發(fā)展多層次資本市場,促進融資渠道多元化。
[Abstract]:It is the historical mission of the gem to perfect the multi-level capital market, help the development of the new enterprises and support the independent innovation of the enterprises. Since the establishment of the gem, it has been more than three years, so we can say that the gem was established with applause. Growth has been accompanied by criticism. But the "three high" phenomenon of gem listed companies-that is, high IPO price, high price-earnings ratio and high volume of fund-raising has been controversial-whether these companies really have such high investment value. What changes did the gem bring to these companies? This is an urgent problem for us to explore, but so far there has been a lack of performance of gem listed companies, a comprehensive study. Through the study of this paper. We can better understand the development of gem listed companies, on the one hand, to help gem listed companies to improve the corporate governance structure and financing structure, improve their own performance; On the other hand, it also provides guidance for the government to formulate relevant policies and improve the gem system. The article firstly combs the domestic and foreign research literature from the aspects of enterprise performance evaluation and the influencing factors of enterprise performance, and then introduces the development background of gem from the perspective of development history and macro environment. And further analyzed the development of gem listed companies, found that gem performance and stock price deviations, over-raising and reduction co-exist, underpricing and break with the problem. Based on these problems. The first step is to select 8 indicators from four aspects: profitability, operating capacity, solvency and development ability. Factor analysis was used to evaluate the performance of 36 sample companies in 2009-2011, which confirmed the assumption of polarization of performance of gem listed companies. At the same time, we found that the sample corporate performance showed a downward trend in the past three years. The second step is the use of Pearson correlation test and significance test to the corporate governance structure. The empirical analysis of the relationship between financing channels and corporate performance shows that: the phenomenon of executive reduction and a dominant share has a significant negative impact on corporate performance; It is difficult for the second largest shareholder to form checks and balances and restraints on the first largest shareholder; Poor use of financial leverage of listed companies in gem; The performance of firms with private equity participation is significantly higher than that of other enterprises. Finally, on the basis of empirical conclusions, three suggestions are put forward to the decision-makers of gem listed companies: first, to improve the debt financing ratio. Adjustment of debt maturity structure; Second, introducing institutional investors to optimize the ownership structure; At the same time, the author puts forward two suggestions to the government and the decision-makers of Shenzhen Stock Exchange: first, to further strengthen the information disclosure of listed companies to avoid the deviation between stock price and performance; Second, vigorously develop the multi-level capital market and promote the diversification of financing channels.
【學(xué)位授予單位】：天津財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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