本文選題：成長(zhǎng)型公司　切入點(diǎn)：成長(zhǎng)驅(qū)動(dòng)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(zhǎng)型公司是股市投資魅力的重要來(lái)源，但由于企業(yè)成長(zhǎng)具有一定程度的隨機(jī)性，影響企業(yè)在資本市場(chǎng)定價(jià)的因素也很多，如何找到市值能持續(xù)增長(zhǎng)的公司始終是投資者面臨的難題�！俺砷L(zhǎng)型公司的核心驅(qū)動(dòng)要素有哪些、都有哪些典型的成長(zhǎng)路徑、是否有一套量化的模型來(lái)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?jī)?nèi)容。 本文將剔除再融資與重組影響后的市值增長(zhǎng)作為衡量成長(zhǎng)性的標(biāo)準(zhǔn)，并據(jù)此篩選出A股市場(chǎng)2000-2010年間最具成長(zhǎng)性的50家公司作為研究樣本。通過(guò)對(duì)樣本公司的分析，本文歸納出A股市場(chǎng)驅(qū)動(dòng)市值增長(zhǎng)的七種典型模式：迎合社會(huì)變革大趨勢(shì)下的行業(yè)高景氣、壟斷稀缺性資源、利基市場(chǎng)、創(chuàng)新商業(yè)模式、產(chǎn)品和渠道的持續(xù)優(yōu)化、國(guó)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(zhǎng)模式從商業(yè)本質(zhì)上均具有的兩大共同成長(zhǎng)要素：擴(kuò)張性、壁壘。 對(duì)于上述兩大具有一定普適性的成長(zhǎng)要素，本文歸納出“資本開(kāi)支/折舊攤銷”、“投入資本回報(bào)率-加權(quán)平均資本成本率”兩項(xiàng)針對(duì)性的量化指標(biāo)，，并通過(guò)市場(chǎng)數(shù)據(jù)的實(shí)證分析，得出“連續(xù)三年資本開(kāi)支大于折舊攤銷，且連續(xù)三年投入資本回報(bào)率大于加權(quán)平均資本成本率”的公司組合在接下來(lái)一年相對(duì)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(duì)基金經(jīng)理定性地分析擬投資標(biāo)的的潛在成長(zhǎng)模式、定量地篩選成長(zhǎng)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(shí)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(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

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(zhǎng)能力與投資行為研究[J];軟科學(xué);2010年03期

本文編號(hào)：1567513