【摘要】：文章主要采用了實(shí)證研究的方法,以在深圳中小板上市的20家廣東省中小上市公司作為研究的對(duì)象,選取了這些企業(yè)從2006年到2010年度的財(cái)務(wù)數(shù)據(jù),文章以希金斯的可持續(xù)增長(zhǎng)理論作為理論依據(jù),從五個(gè)方面對(duì)廣東省上市中小企業(yè)出現(xiàn)增長(zhǎng)差距的原因進(jìn)行財(cái)務(wù)評(píng)價(jià)研究。 本文首先系統(tǒng)地介紹了國(guó)內(nèi)外學(xué)者在可持續(xù)增長(zhǎng)方面的研究,其中包括理論研究也包括實(shí)證研究,在借鑒已有研究的基礎(chǔ)上,文章選取了銷售凈利率、凈資產(chǎn)收益率、每股凈利潤(rùn)、流動(dòng)資產(chǎn)周轉(zhuǎn)率、總資產(chǎn)周轉(zhuǎn)率、流動(dòng)比率、資產(chǎn)負(fù)債率、資產(chǎn)經(jīng)營(yíng)現(xiàn)金流量回報(bào)率、資產(chǎn)保值增值率、凈利潤(rùn)增長(zhǎng)率、期間費(fèi)用率、成本費(fèi)用利潤(rùn)率這十二項(xiàng)指標(biāo),分別從企業(yè)的盈利能力、運(yùn)營(yíng)能力、償債能力、成長(zhǎng)能力和財(cái)務(wù)成本控制能力這五個(gè)方面構(gòu)建了廣東省中小上市公司出現(xiàn)增長(zhǎng)差距的財(cái)務(wù)評(píng)價(jià)體系。 文章在實(shí)證研究1中,采用了威爾科克森帶符號(hào)檢驗(yàn)法對(duì)廣東省20家樣本公司從2006年到2010年5年的實(shí)際增長(zhǎng)率比與可持續(xù)增長(zhǎng)率進(jìn)行檢驗(yàn),分別從總體上、行業(yè)上、年份上、各個(gè)企業(yè)上進(jìn)行檢驗(yàn),檢驗(yàn)結(jié)果發(fā)現(xiàn),從總體上來(lái)看,廣東省中小上市公司整體上均未實(shí)現(xiàn)可持續(xù)增長(zhǎng),大多數(shù)處于過(guò)快增長(zhǎng)狀況；從年份上來(lái)看,20家樣本公司在5年里均未實(shí)現(xiàn)可持續(xù)增長(zhǎng),其中每年里增長(zhǎng)過(guò)快的企業(yè)占大多數(shù)；從行業(yè)上來(lái)看,5年里僅醫(yī)藥生物制造業(yè)、信息技術(shù)行業(yè)實(shí)現(xiàn)了可持續(xù)增長(zhǎng)外,其他行業(yè)均未實(shí)現(xiàn)可持續(xù)增長(zhǎng)；從各個(gè)具體的上市公司看,20家樣本上市公司中,僅有7家實(shí)現(xiàn)了可持續(xù)增長(zhǎng),其他均未實(shí)現(xiàn)可持續(xù)增長(zhǎng)。接著文章又采用了回歸分析法,對(duì)未實(shí)現(xiàn)可持續(xù)增長(zhǎng)的因素進(jìn)行分析,發(fā)現(xiàn)總資產(chǎn)周轉(zhuǎn)率對(duì)其影響最大,排在第二的是銷售凈利率,第三是資產(chǎn)經(jīng)營(yíng)現(xiàn)金流量回報(bào)率。 文章在最后,針對(duì)增長(zhǎng)過(guò)快和增長(zhǎng)不足的企業(yè)分別提出了相關(guān)的建議,希望這些建議對(duì)廣東省中小上市企業(yè)乃至全國(guó)范圍內(nèi)的各行各業(yè)中小上市企業(yè)能起到一定的作用。
[Abstract]:This paper mainly adopts the method of empirical research, taking 20 small and medium-sized listed companies of Guangdong Province listed on Shenzhen small and medium-sized board as the object of study, and selects the financial data of these enterprises from 2006 to 2010. Based on Higgins' theory of sustainable growth, this paper makes a financial evaluation study on the reasons for the growth gap of listed SMEs in Guangdong Province from five aspects. Firstly, this paper systematically introduces the domestic and foreign scholars' research on sustainable growth, including theoretical research and empirical research. Based on the existing research, this paper selects the net interest rate of sales, the return on net assets. Net profit per share, turnover of current assets, total asset turnover, current ratio, asset-liability ratio, return on operating cash flow of assets, asset hedge and appreciation rate, net profit growth rate, period expense rate, The 12 indicators of cost-cost profit margin are listed in terms of the profitability, operational capacity, and solvency of the enterprise. The growth ability and financial cost control ability are the five aspects to construct the financial evaluation system of the growth gap among the small and medium-sized listed companies in Guangdong Province. In the empirical study 1, we use the Wilcoxon sign test method to test the real growth rate and the sustainable growth rate of 20 sample companies in Guangdong Province from 2006 to 2010. On the whole, the small and medium-sized listed companies in Guangdong Province have not realized sustainable growth, and most of them are in the situation of excessive growth. In terms of year, the 20 sample companies did not achieve sustainable growth in five years, with the majority of them growing too fast each year; in industry terms, only pharmaceutical and biological manufacturing, information technology, achieved sustainable growth in five years. Other industries have not achieved sustainable growth; from each specific listed companies, only 7 of the 20 sample listed companies have achieved sustainable growth, while the others have not achieved sustainable growth. Then the regression analysis method is used to analyze the factors of unrealized sustainable growth. It is found that the total assets turnover rate has the greatest influence on it, the second is the net interest rate of sales, and the third is the return on cash flow of assets management. At the end of the paper, the author puts forward some relevant suggestions for the enterprises with rapid growth and insufficient growth, hoping that these suggestions can play a certain role in the small and medium-sized listed enterprises in Guangdong Province and even in all kinds of industries in the whole country.
【學(xué)位授予單位】：廣西師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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