本文關(guān)鍵詞： 創(chuàng)業(yè)板 自主創(chuàng)新 成長性 企業(yè)價值　出處：《吉林大學(xué)》2012年博士論文　論文類型：學(xué)位論文

【摘要】：自2009年創(chuàng)業(yè)板市場正式設(shè)立以來，我國的證券市場形成了以主板市場，中小板市場和創(chuàng)業(yè)板市場為主體的多層次市場結(jié)構(gòu)和市場體系，然而對創(chuàng)業(yè)板市場的質(zhì)疑不絕于耳，究其根本，不外乎創(chuàng)業(yè)板企業(yè)名不副實，創(chuàng)業(yè)還是創(chuàng)富等問題，總結(jié)來看，針對創(chuàng)業(yè)板企業(yè)的質(zhì)疑引發(fā)了對創(chuàng)業(yè)板市場的擔(dān)憂。 因此，我們針對創(chuàng)業(yè)板上市公司，分別研究其自主創(chuàng)新能力、成長性和企業(yè)價值，首先系統(tǒng)的梳理企業(yè)價值理論和相應(yīng)的價值評估模型，進一步比較國際創(chuàng)業(yè)板市場的發(fā)展過程和制度建設(shè)，針對創(chuàng)業(yè)板上市公司，構(gòu)建實證模型，研究創(chuàng)業(yè)板上市公司的自主創(chuàng)新能力、成長性和企業(yè)價值，并將自主創(chuàng)新能力和企業(yè)績效、股票價格波動進行關(guān)聯(lián)分析，將企業(yè)成長性和企業(yè)績效進行關(guān)聯(lián)研究，將企業(yè)價值和企業(yè)績效、股票價格波動進行關(guān)聯(lián)研究。 在文章中，我們選擇因子分析模型、聚類方法、突變級數(shù)法、熵值法、DCF法、Ohlson剩余收益模型和面板數(shù)據(jù)模型等多種實證方法進行研究。 文章共分為三大部分，第一部分是對企業(yè)價值和價值評估的相關(guān)理論和方法進行回顧和綜述，第二部分是比較海外創(chuàng)業(yè)板市場的發(fā)展脈絡(luò)和發(fā)展趨勢，并分析海外創(chuàng)業(yè)板市場的制度建設(shè)，第三部分是對創(chuàng)業(yè)板上市公司的自主創(chuàng)新能力、企業(yè)成長性和企業(yè)價值進行實證研究，并分別分析其和企業(yè)績效、股票價格波動等因素的關(guān)聯(lián)性。 全文共分5章。 第1章是企業(yè)價值和價值評估，該章屬于導(dǎo)入型的綜述內(nèi)容，首先給出企業(yè)和企業(yè)價值的定義和分析，進一步從金融學(xué)的角度分析企業(yè)價值的評估方法，然后分別給出企業(yè)價值判斷的不同方法，包括成本法、市場法、收益法和期權(quán)股價法等，最后，從計量經(jīng)濟模型角度出發(fā)，論證企業(yè)價值評估的深入方法。 第2章是海外創(chuàng)業(yè)板市場發(fā)展及上市企業(yè)比較，該章首先歸納總結(jié)了歐美地區(qū)、香港地區(qū)、日本、新加坡等多個國家和地區(qū)的創(chuàng)業(yè)板發(fā)展歷史，，分析海外創(chuàng)業(yè)板市場存在的問題和原因，最后將中國創(chuàng)業(yè)板市場和美國納斯達克市場進行比較，探討中國創(chuàng)業(yè)板市場未來發(fā)展的方向和前景。 第3章是我國創(chuàng)業(yè)板上市公司的創(chuàng)新能力評價，首先給出企業(yè)技術(shù)創(chuàng)新的理論，進而對創(chuàng)新能力的驅(qū)動因素和評價指標(biāo)體系進行分析，然后對我國創(chuàng)業(yè)板上市公司的技術(shù)創(chuàng)新能力進行因子分析，歸納和總結(jié)技術(shù)創(chuàng)新因子，最后，文章研究了技術(shù)創(chuàng)新因子和企業(yè)績效、技術(shù)創(chuàng)新因子和股票價格之間的關(guān)聯(lián)，對創(chuàng)業(yè)板的規(guī)范程度進行評價和研究。 本章將創(chuàng)業(yè)板上市公司的技術(shù)創(chuàng)新指標(biāo)歸納為三個因子，分別是商標(biāo)因子、研發(fā)因子和專利因子，研究結(jié)論包括：創(chuàng)業(yè)板上市公司的自主創(chuàng)新會提高企業(yè)績效，尤其是企業(yè)的專利權(quán)和商標(biāo)，然而，企業(yè)研發(fā)支出并沒有顯著地影響企業(yè)績效；創(chuàng)業(yè)板上市公司的研發(fā)投入不足，因此，創(chuàng)業(yè)板上市公司在研發(fā)中，要加大研發(fā)投入力度，提高人均研發(fā)支出和研發(fā)費用占營業(yè)收入的比重，這樣才能形成更多的專利技術(shù)，從而提高企業(yè)績效；創(chuàng)業(yè)板上市公司的自主創(chuàng)新會影響到企業(yè)的股票價格波動，尤其是企業(yè)的專利權(quán)，對股票價格波動具有正向的影響作用；企業(yè)的商標(biāo)和研發(fā)支出對股票價格波動并不具有顯著地影響，這一點和投資者的知識以及投資理念密切相關(guān)。 將研發(fā)支出規(guī)范化的進行信息披露，是篩選創(chuàng)業(yè)板上市公司的最優(yōu)途徑之一。 第4章是創(chuàng)業(yè)板上市公司的成長性評價，首先從創(chuàng)業(yè)板上市公司的成長性入手，首先給出成長性以及成長性的影響因素分析，構(gòu)建企業(yè)成長性的評價指標(biāo)體系，利用突變級數(shù)法、聚類方法和熵值法來判斷創(chuàng)業(yè)板上市公司的成長性，最后，構(gòu)建企業(yè)成長性和企業(yè)績效的關(guān)聯(lián)模型，研究企業(yè)成長性是否顯著地影響企業(yè)的績效。 本章的研究結(jié)論是，熵值法和突變級數(shù)法下的創(chuàng)業(yè)板上市公司成長指標(biāo)估計是合理的，而利用企業(yè)成長性指標(biāo)和企業(yè)績效進行關(guān)聯(lián)研究的結(jié)論表明：創(chuàng)業(yè)板上市公司面臨融資約束；企業(yè)成長性會促進企業(yè)績效的提高，然而不同成長性的上市公司的影響機制存在差別；創(chuàng)業(yè)企業(yè)的規(guī)模效應(yīng)機制并不明確。因此，綜合來看，創(chuàng)業(yè)板上市公司要關(guān)注企業(yè)的成長性，同時要注意適度規(guī)模，如果企業(yè)成長性較低，此時規(guī)模對企業(yè)績效才會有更加顯著的正向影響。 第5章是創(chuàng)業(yè)板上市公司價值評估的實證研究，本章的內(nèi)容主要是對我國的創(chuàng)業(yè)板上市公司進行價值評估，首先，設(shè)計企業(yè)價值評估的具體框架，然后構(gòu)建創(chuàng)業(yè)板上市公司價值評估的指標(biāo)體系，在篩選多種方法的基礎(chǔ)上，利用DCF方法、Ohlson剩余收益模型分別估計我國創(chuàng)業(yè)板上市公司的價值，最后利用價值評估的結(jié)果來研究企業(yè)價值和績效、企業(yè)價值和股票價格波動之間的關(guān)聯(lián)。 利用DCF法和Ohlson法對創(chuàng)業(yè)板上市公司的企業(yè)價值進行估計后，面板數(shù)據(jù)模型對企業(yè)價值和企業(yè)績效、企業(yè)價值和股票價格波動的關(guān)聯(lián)性檢驗的結(jié)果表明：企業(yè)價值估計結(jié)果是合理的，同時，企業(yè)價值和企業(yè)績效正相關(guān)；創(chuàng)業(yè)板上市公司面臨融資約束，由于創(chuàng)業(yè)板上市公司的融資渠道匱乏，融資成本較高，因此，創(chuàng)業(yè)板上市公司的資產(chǎn)負(fù)債率越高，卻不能發(fā)揮節(jié)稅效應(yīng)，反而會降低企業(yè)的績效；企業(yè)價值和股票價格波動正相關(guān)，創(chuàng)業(yè)板上市公司要通過提高績效來提高企業(yè)價值，同時也要通過提高企業(yè)價值來實現(xiàn)績效的進一步提高，這才是良性發(fā)展的循環(huán)，另外，創(chuàng)業(yè)板上市公司要擺脫融資約束和融資瓶頸，才能充分發(fā)揮負(fù)債的節(jié)稅效應(yīng)，從而促進資本結(jié)構(gòu)優(yōu)化和企業(yè)規(guī)范化。 綜上所述，我們認(rèn)為，我國創(chuàng)業(yè)板上市公司存在自主創(chuàng)新能力不足，尤其是研發(fā)支出和研發(fā)效果較差的問題，上市公司成長性較差，風(fēng)險較高，同時，盡管在創(chuàng)業(yè)板上市，然而創(chuàng)業(yè)板企業(yè)仍然面臨融資約束。 因此，應(yīng)對創(chuàng)業(yè)板上市公司存在的大量問題，首先要嚴(yán)格上市標(biāo)準(zhǔn)，尤其是從創(chuàng)新能力、成長性和潛力入手，嚴(yán)格創(chuàng)業(yè)板上市公司的創(chuàng)新標(biāo)準(zhǔn)，才能夠保證創(chuàng)業(yè)板市場的繁榮；其次，要要求創(chuàng)業(yè)板上市公司嚴(yán)格披露研發(fā)支出，最后，要增加創(chuàng)業(yè)板上市公司的數(shù)量，來能提高資源競爭力度，提高培育創(chuàng)業(yè)板上市公司的成功概率。
[Abstract]:Since the establishment of the GEM market in 2009 , our country ' s securities market has formed a multi - level market structure and market system based on the main board market , the medium and small board market and the GEM market . However , the question about the GEM market is not perfect . The question about the GEM market is not just the real name , the start - up or the wealth creation . Therefore , aiming at the GEM listed companies , we study their independent innovation ability , growth and enterprise value , firstly , combing the enterprise value theory and the corresponding value evaluation model , further comparing the development process and the system construction of the international GEM market , analyzing the independent innovation ability , the growth factor and the enterprise value of the GEM listed company , correlating the independent innovation ability with the enterprise performance and stock price volatility , and correlating the enterprise value and the enterprise performance and the stock price fluctuation . In this paper , we choose factor analysis model , clustering method , mutation series method , entropy value method , DCF method , Ohlson residual revenue model and panel data model . The article is divided into three parts , the first part is to review and summarize the relevant theories and methods of the enterprise value and value assessment , the second part is to compare the development pulse and the developing trend of the overseas GEM market , and analyze the system construction of the overseas GEM market , and the third part is to carry on the empirical research on the independent innovation ability , the enterprise ' s growth and the enterprise value of the GEM listed company , and analyze the relationship between them and the factors such as enterprise performance and stock price fluctuation , respectively . The full text is divided into five chapters . The first chapter is the appraisal of enterprise value and value , which belongs to the introduction type summary , first gives the definition and analysis of enterprise and enterprise value , further analyzes the evaluation method of enterprise value from the angle of finance , and then gives the different methods of enterprise value judgment , including cost method , market method , income method and option price method , etc . Finally , from the angle of measurement economic model , the deep method of enterprise value evaluation is demonstrated . Chapter 2 is the development of overseas GEM and the comparison between listed companies . The chapter summarizes the history of development of GEM in Europe , Hong Kong , Japan , Singapore and other countries , analyzes the problems and causes of overseas GEM market , and compares the market of Chinese GEM and Nasdaq , and discusses the direction and prospect of the future development of China ' s GEM market . Chapter 3 is the evaluation of innovation ability of listed companies in China . First , the theory of technological innovation of enterprises is given , and the driving factors and evaluation index system of innovation ability are analyzed . Then , the technical innovation ability of listed companies in China is analyzed , summarized and summarized . Finally , the paper studies the correlation between technological innovation factor and enterprise performance , technological innovation factor and stock price , and evaluates and studies the standard degree of GEM . This chapter summarizes the technical innovation index of GEM listed companies into three factors , namely trademark factor , R & D factor and patent factor . The research conclusion is that the independent innovation of GEM listed company can improve the performance of the enterprise , especially the patent and trademark of the enterprise , so that the R & D expenditure of the GEM listed company does not significantly affect the performance of the enterprise . Therefore , the independent innovation of the listed company of the GEM will affect the stock price fluctuation of the enterprise , especially the patent right of the enterprise , which has a positive impact on the fluctuation of the stock price . The brand and R & D expenditure of the enterprise have no significant influence on the fluctuation of the stock price , which is closely related to the investor ' s knowledge and the investment philosophy . The information disclosure of R & D expenditure standardization is one of the best ways to screen listed companies . Chapter 4 is the long - term evaluation of the GEM listed companies . First , the thesis starts with the growth of listed companies in the GEM , firstly gives the analysis of the factors affecting the growth of the listed companies , and constructs the evaluation index system of enterprise growth . Finally , the association model of enterprise growth and enterprise performance is constructed , and whether the enterprise ' s growth is significantly affected by the enterprise ' s performance is studied . The conclusion of this chapter is that it is reasonable to estimate the growth index of the GEM listed company under the entropy value method and the mutation series method , and the conclusion of the association research on the enterprise ' s growth index and the enterprise performance shows that the enterprise ' s growth can promote the enterprise ' s performance , but the mechanism of the enterprise ' s scale effect is not clear . Chapter 5 is an empirical study of the value evaluation of GEM listed companies . The content of this chapter is mainly to evaluate the value of listed companies in our country . First , to design the concrete frame of the value assessment of listed companies in China , and then construct the index system of value evaluation of listed companies in China . On the basis of screening various methods , Ohlson ' s residual income model is used to estimate the value of listed companies in China , and finally , the relationship between enterprise value and performance , enterprise value and stock price fluctuation is studied by using the results of value evaluation . By using DCF method and Ohlson method to estimate the enterprise value of the GEM listed company , the results show that the result of the panel data model is reasonable , and the value of the enterprise is related to the performance of the enterprise . To sum up , we believe that there is not enough independent innovation ability of listed companies in China ' s GEM , especially in R & D expenditure and R & D effect . The listed company has poor growth and high risk . At the same time , in spite of the listing of GEM , GEM enterprises still face financing constraints . Therefore , to deal with the large number of problems existing in the GEM listed companies , firstly , we should strictly comply with the criteria of listing , especially the innovation standards of the listed companies of the GEM to ensure the prosperity of the GEM market . Secondly , we should demand the listed companies of the GEM to strictly disclose R & D expenditures . Finally , we should increase the number of listed companies in the GEM , so as to improve the competitive strength of resources and improve the success probability of the listed companies .

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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