本文選題：創(chuàng)業(yè)板上市公司　切入點(diǎn)：創(chuàng)新績效　出處：《浙江工業(yè)大學(xué)》2012年碩士論文

【摘要】：理論上,創(chuàng)業(yè)板有利于進(jìn)一步完善創(chuàng)新型中小企業(yè)的融資鏈條,加快科技成果的產(chǎn)業(yè)化,對于產(chǎn)業(yè)結(jié)構(gòu)轉(zhuǎn)型升級具有重要的推動和引導(dǎo)作用。因此,相比主板,創(chuàng)業(yè)板對企業(yè)降低了準(zhǔn)入門檻,重點(diǎn)強(qiáng)調(diào)其“創(chuàng)新性”與“成長性”。然而,創(chuàng)業(yè)板開市三年來,其上市公司的創(chuàng)新性和成長性屢遭質(zhì)疑,因此,研究關(guān)系創(chuàng)業(yè)板上市公司可持續(xù)成長能力的創(chuàng)新績效,將有利于更好地推動其在產(chǎn)業(yè)轉(zhuǎn)型升級中發(fā)揮應(yīng)有作用。 鑒于創(chuàng)業(yè)板上市公司財(cái)務(wù)報(bào)告附注披露RD投入明細(xì)材料的數(shù)據(jù),本研究嘗試了將前人用于評價(jià)宏觀層面的研發(fā)投入對經(jīng)濟(jì)發(fā)展影響的分布滯后模型修正并應(yīng)用于創(chuàng)業(yè)板上市公司的創(chuàng)新績效評價(jià)。并從企業(yè)財(cái)務(wù)評價(jià)的角度切入,將績效評價(jià)范圍鎖定在企業(yè)最綜合的財(cái)務(wù)范疇內(nèi),界定創(chuàng)新績效的概念,構(gòu)建評價(jià)指標(biāo)體系,建立多角度的實(shí)證模型。通過描述性統(tǒng)計(jì)分析和實(shí)證研究,揭示其自主創(chuàng)新、經(jīng)濟(jì)業(yè)績與成長性現(xiàn)狀及創(chuàng)新投入對企業(yè)經(jīng)濟(jì)業(yè)績的貢獻(xiàn),觀察了創(chuàng)業(yè)板上市公司的成長特性與可持續(xù)成長能力。 研究結(jié)果顯示,表征創(chuàng)業(yè)板上市公司自主創(chuàng)新能力的RD投入強(qiáng)度在5%-6%左右,約是我國高新技術(shù)企業(yè)的2倍多,但與美國還存在較大差距；其整體經(jīng)濟(jì)業(yè)績良好,但從數(shù)據(jù)分布看,企業(yè)個(gè)體之間RD投入水平、經(jīng)濟(jì)業(yè)績的差距在不斷拉大；雖然2009年后利潤增長率有明顯下滑,而表征創(chuàng)業(yè)板上市公司成長潛力的RD投入增長率、技術(shù)資產(chǎn)增長率與主營業(yè)務(wù)收入增長率表現(xiàn)較好。創(chuàng)業(yè)板上市公司RD投入對其核心競爭能力、經(jīng)營能力及盈利能力均存在一定的貢獻(xiàn)度,但時(shí)滯效應(yīng)顯著且依次加強(qiáng)�？梢�,創(chuàng)業(yè)板上市公司的可持續(xù)成長性值得期待,創(chuàng)業(yè)板對我國產(chǎn)業(yè)轉(zhuǎn)型升級的作用值得肯定。
[Abstract]:In theory, the gem is conducive to further improve the innovative SMEs financing chain, accelerate the industrialization of scientific and technological achievements, has an important role in promoting and guiding for the transformation and upgrading of industrial structure. Therefore, compared to the motherboard, the gem to reduce the barriers to entry of enterprises, especially emphasizing the "innovation" and "growth" however, the gem opening for three years, the listed company's innovation and growth has been questioned, therefore, study on the relationship between the GEM listed companies sustainable growth ability innovation performance, will be conducive to better play its due role in promoting the transformation and upgrading of the industry.
In view of the GEM listed companies financial statements disclosure details RD input material data, this study will try to previous innovation performance evaluation of distribution effect on the economic development of R & D investment evaluation at the macro level the hysteresis model is modified and applied to the GEM listed companies. And from the perspective of enterprise financial evaluation perspective, the locking range of performance evaluation in the enterprise financial category of the most comprehensive, defining the concept of innovation performance, evaluation index system, establish an empirical model of multi angle. Through descriptive statistical analysis and empirical study, reveals its independent innovation into the enterprise economic performance contribution status and innovation of economic performance and growth, to observe the growth of GEM listed companies the characteristics and sustainable growth ability.
The results showed that the ability of independent innovation of characterization of companies listed on GEM RD investment intensity of about 5%-6%, is about 2 times more of China's high-tech enterprises, but also there is a big gap with the United States; the overall economic performance is good, but from the data distribution, individual enterprises between RD input level, the gap in economic performance the widening; although after 2009 profit growth rate has declined significantly, while the growth potential characterization of GEM listed companies RD investment growth rate, growth rate of better technology assets and main business income growth. GEM listed companies RD investment in its core competitive ability, operation ability and profitability have certain contribution but, in order to strengthen and delay effect. Therefore, the GEM listed companies sustainable growth expectations, the gem of China's industrial transformation and upgrading of the effect is worthwhile.

【學(xué)位授予單位】：浙江工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

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本文編號：1711447