創(chuàng)業(yè)板上市公司企業(yè)價值非財務(wù)驅(qū)動因素實證分析
發(fā)布時間：2018-08-11 17:44
【摘要】：2009年10月，創(chuàng)業(yè)板首批28家公司集中在深圳交易所上市，這不僅標志著我國資本市場的成熟，也為從事高科技產(chǎn)業(yè)和新型服務(wù)的中小企業(yè)開辟了新的融資渠道。隨著創(chuàng)業(yè)板市場的不斷壯大，其企業(yè)經(jīng)營管理模式和方法的缺陷和不足也愈加凸顯。由于創(chuàng)業(yè)板市場的準入條件、服務(wù)對象與傳統(tǒng)的主板市場具有非常大的差別，推動創(chuàng)業(yè)板上市公司提升企業(yè)價值的驅(qū)動因素也與主板上市公司有很大不同。因此，從以企業(yè)價值創(chuàng)造為基礎(chǔ)的價值管理角度，研究創(chuàng)業(yè)板上市公司企業(yè)價值的非財務(wù)驅(qū)動因素，為創(chuàng)業(yè)板上市公司提升內(nèi)部管理質(zhì)量，合理評估創(chuàng)業(yè)板上市公司企業(yè)價值，完善我國資本市場的制度管理提供可靠依據(jù)。 本文基于價值管理理論和權(quán)變理論，分析了創(chuàng)業(yè)板上市公司本身的特點和其企業(yè)價值的來源、價值創(chuàng)造的方式。選取在創(chuàng)業(yè)板上市的120家企業(yè)為研究樣本，選取2010年7月1日到2011年9月30日之間的5個季度數(shù)據(jù)導入結(jié)構(gòu)方程模型，并從最終確定的3個較為合理的替代模型中選擇了擬合度最好的作為最終模型，并進一步討論觀察變量對創(chuàng)業(yè)板上市公司企業(yè)價值驅(qū)動因素的解釋能力。研究結(jié)果表明：發(fā)展機會價值、證券市場風險、企業(yè)規(guī)模、人力資本利用效率、行業(yè)競爭程度、科技創(chuàng)新能力對企業(yè)價值均有正向的顯著影響，路徑系數(shù)為正；其中，發(fā)展機會價值和行業(yè)競爭程度對企業(yè)價值的影響最大；企業(yè)規(guī)模作為企業(yè)內(nèi)部環(huán)境因素不僅僅對企業(yè)價值有比較大的貢獻度，同時還正向顯著影響企業(yè)的科技創(chuàng)新能力，，負向顯著影響治理機制效率和人力資本利用效率。文章最后根據(jù)研究成果，對我國創(chuàng)業(yè)板上市公司的管理人員深入了解企業(yè)價值創(chuàng)造的機理，采取措施提升企業(yè)價值提出了政策建議，為投資者合理評價創(chuàng)業(yè)板上市公司企業(yè)價值提供依據(jù)，并對促進我國多層次資本市場體系的完善有積極的意義。
[Abstract]:In October 2009, the first 28 companies listed on Shenzhen Stock Exchange, which not only marked the maturity of our capital market, but also opened up a new financing channel for SMEs engaged in high-tech industries and new services. With the growth of the gem market, the defects and shortcomings of its business management model and methods are becoming more and more prominent. Because of the access conditions of the gem market, the service object is very different from the traditional main board market, and the driving factor of promoting the enterprise value of the gem listed company is also very different from the main board listed company. Therefore, from the point of view of value management based on the creation of enterprise value, this paper studies the non-financial driving factors of the enterprise value of the gem listed companies, in order to improve the internal management quality of the gem listed companies, and evaluate the enterprise value of the gem listed companies reasonably. Perfect the system management of our country capital market to provide the reliable basis. Based on the theory of value management and contingency theory, this paper analyzes the characteristics of gem listed companies, the origin of their enterprise value and the way of value creation. In this paper, 120 enterprises listed on the gem are selected as the research samples, and five quarterly data from July 1, 2010 to September 30, 2011 are selected to be imported into the structural equation model. The best fit is chosen as the final model from the three reasonable substitution models, and the explanatory ability of observation variables to the driving factors of enterprise value of gem listed companies is further discussed. The results show that: development opportunity value, stock market risk, enterprise scale, human capital utilization efficiency, industry competition degree, scientific and technological innovation ability all have positive and significant influence on enterprise value, and path coefficient is positive. The development opportunity value and the industry competition degree have the biggest influence to the enterprise value, the enterprise scale as the enterprise internal environment factor not only has the relatively big contribution degree to the enterprise value, but also has the significant influence to the enterprise science and technology innovation ability. Negative effect on governance mechanism efficiency and human capital utilization efficiency. Finally, according to the research results, the paper makes some policy recommendations to the managers of China's gem companies to deeply understand the mechanism of enterprise value creation, and to take measures to enhance the enterprise value. It provides a basis for investors to evaluate the enterprise value of gem listed companies, and has positive significance to improve the multi-level capital market system of our country.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51
[Abstract]:In October 2009, the first 28 companies listed on Shenzhen Stock Exchange, which not only marked the maturity of our capital market, but also opened up a new financing channel for SMEs engaged in high-tech industries and new services. With the growth of the gem market, the defects and shortcomings of its business management model and methods are becoming more and more prominent. Because of the access conditions of the gem market, the service object is very different from the traditional main board market, and the driving factor of promoting the enterprise value of the gem listed company is also very different from the main board listed company. Therefore, from the point of view of value management based on the creation of enterprise value, this paper studies the non-financial driving factors of the enterprise value of the gem listed companies, in order to improve the internal management quality of the gem listed companies, and evaluate the enterprise value of the gem listed companies reasonably. Perfect the system management of our country capital market to provide the reliable basis. Based on the theory of value management and contingency theory, this paper analyzes the characteristics of gem listed companies, the origin of their enterprise value and the way of value creation. In this paper, 120 enterprises listed on the gem are selected as the research samples, and five quarterly data from July 1, 2010 to September 30, 2011 are selected to be imported into the structural equation model. The best fit is chosen as the final model from the three reasonable substitution models, and the explanatory ability of observation variables to the driving factors of enterprise value of gem listed companies is further discussed. The results show that: development opportunity value, stock market risk, enterprise scale, human capital utilization efficiency, industry competition degree, scientific and technological innovation ability all have positive and significant influence on enterprise value, and path coefficient is positive. The development opportunity value and the industry competition degree have the biggest influence to the enterprise value, the enterprise scale as the enterprise internal environment factor not only has the relatively big contribution degree to the enterprise value, but also has the significant influence to the enterprise science and technology innovation ability. Negative effect on governance mechanism efficiency and human capital utilization efficiency. Finally, according to the research results, the paper makes some policy recommendations to the managers of China's gem companies to deeply understand the mechanism of enterprise value creation, and to take measures to enhance the enterprise value. It provides a basis for investors to evaluate the enterprise value of gem listed companies, and has positive significance to improve the multi-level capital market system of our country.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51
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相關(guān)期刊論文 前10條
1 李春瑜;許進;;基于價值管理的財務(wù)分析體系[J];財會通訊;2006年06期
2 王欣冉;郭志勇;;中小企業(yè)板上市公司研發(fā)投入的價值相關(guān)性研究[J];財會通訊;2011年29期
3 徐巖;王s
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