本文選題：成長型公司　切入點：成長驅(qū)動要素　出處：《上海交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：成長型公司是股市投資魅力的重要來源，但由于企業(yè)成長具有一定程度的隨機(jī)性，影響企業(yè)在資本市場定價的因素也很多，如何找到市值能持續(xù)增長的公司始終是投資者面臨的難題。“成長型公司的核心驅(qū)動要素有哪些、都有哪些典型的成長路徑、是否有一套量化的模型來縮小研究范圍提升研究效率”是投資者關(guān)心的重要議題，也是本文的主要研究內(nèi)容。 本文將剔除再融資與重組影響后的市值增長作為衡量成長性的標(biāo)準(zhǔn)，并據(jù)此篩選出A股市場2000-2010年間最具成長性的50家公司作為研究樣本。通過對樣本公司的分析，本文歸納出A股市場驅(qū)動市值增長的七種典型模式：迎合社會變革大趨勢下的行業(yè)高景氣、壟斷稀缺性資源、利基市場、創(chuàng)新商業(yè)模式、產(chǎn)品和渠道的持續(xù)優(yōu)化、國際產(chǎn)業(yè)轉(zhuǎn)移、投資者預(yù)期上升，并進(jìn)一步總結(jié)得出每一種成長模式從商業(yè)本質(zhì)上均具有的兩大共同成長要素：擴(kuò)張性、壁壘。 對于上述兩大具有一定普適性的成長要素，本文歸納出“資本開支/折舊攤銷”、“投入資本回報率-加權(quán)平均資本成本率”兩項針對性的量化指標(biāo)，，并通過市場數(shù)據(jù)的實證分析，得出“連續(xù)三年資本開支大于折舊攤銷，且連續(xù)三年投入資本回報率大于加權(quán)平均資本成本率”的公司組合在接下來一年相對于滬深300等各類常規(guī)指數(shù)可較大概率取得超額收益的結(jié)論。 上述結(jié)論對基金經(jīng)理定性地分析擬投資標(biāo)的的潛在成長模式、定量地篩選成長型公司股票池、提升研究與投資的效率，提供了一定的參考及現(xiàn)實借鑒意義。
[Abstract]:Growth companies are an important source of investment charm in the stock market. However, due to the randomness of enterprise growth, there are many factors that affect the pricing of enterprises in the capital market. How to find companies that market value can keep growing is always a difficult problem for investors. "what are the core driving factors of growth companies and what are the typical growth paths," he said. Whether there is a set of quantitative models to reduce the scope of research to improve the efficiency of research "is an important issue of concern to investors, but also the main research content of this paper." In this paper, the growth of market value after refinancing and restructuring is taken as the measure of growth, and the 50 companies with the most growth in the A share market from 2000 to 2010 are selected as the research samples. This paper sums up seven typical models that drive market value's growth in the A-share market: industry boom, monopoly of scarce resources, niche market, innovative business model, continuous optimization of products and channels in line with the general trend of social change. International industry transfer, investors expect to rise, and further summed up each growth model from the commercial nature of the two common growth elements: expansibility, barriers. For the two general growth factors mentioned above, this paper concludes two specific quantitative indicators, "capital expenditure / depreciation and amortization" and "return on investment capital-weighted average capital cost rate". And through the empirical analysis of market data, it is concluded that "capital expenditure is greater than depreciation and amortization for three consecutive years." Moreover, for three consecutive years, the return on investment capital is greater than the weighted average capital cost ratio "." in the following year, compared with other conventional indices such as Shanghai and Shenzhen 300, the company portfolio can obtain a higher probability of excess return. These conclusions provide a certain reference and practical reference for fund managers to qualitatively analyze the potential growth model of the investment target, to screen the stock pool of growth companies quantitatively, and to improve the efficiency of research and investment.
【學(xué)位授予單位】：上海交通大學(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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相關(guān)期刊論文 前2條

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2 郭嵐;張祥建;;上市公司的成長能力與投資行為研究[J];軟科學(xué);2010年03期

本文編號：1567513