全國股轉掛牌公司財務分析與成長性評價
發(fā)布時間：2018-11-19 10:07
【摘要】：隨著我國改革開放進程逐步深化,社會主義市場經濟的不斷向前發(fā)展,中小企業(yè)對于我國經濟發(fā)展的貢獻越來越突出。然而,我國的中小企業(yè)的自身特性決定了其在復雜經濟環(huán)境中,面臨著受經濟波動影響大、自身管理水平差、融資困難等問題,成為其進一步發(fā)展的瓶頸。要走出發(fā)展的困境,中小企業(yè)必須實現(xiàn)從傳統(tǒng)制造加工向自主科技創(chuàng)新的轉型,在這條轉型之路上,資本市場是促進中小企業(yè)自身發(fā)展的有力杠桿。對于創(chuàng)新創(chuàng)業(yè)型的中小企業(yè),直接融資相對于銀行信貸等間接融資方式更加實用與合適,隨著全國中小企業(yè)股份轉讓系統(tǒng)的推出,我國多層次資本市場建設的逐漸完善,這些有一定規(guī)模的中小企業(yè)迎來了發(fā)展的良好機遇。 通過對已經在全國中小企業(yè)股份轉讓系統(tǒng)掛牌的公司進行財務分析,將幫助市場各主體,尤其是增加投資者對于全國股轉掛牌公司的了解,對這些公司的財務狀況、經營成果、現(xiàn)金流量、科技創(chuàng)新投入、發(fā)展?jié)摿Φ刃纬梢粋�初步的判斷。在此基礎上對全國股轉掛牌公司的價值評價,將會判斷這個市場是否有發(fā)展的前景,讓市場主體能夠有充足的準備來面對這些公司已經暴露和即將面臨的問題。 本文以全國股轉掛牌公司為研究對象,在對掛牌公司概況、特征進行介紹的基礎上,針對其資本結構、盈利狀況、研發(fā)投入、市場潛力等方面進行了財務分析。本文通過對掛牌公司的描述性統(tǒng)計發(fā)現(xiàn),掛牌公司平均資產負債率較低,大部分企業(yè)沒有銀行借款,資產流動性較強,流動比率較高,但是存貨和應收款項占比較大；其次,掛牌企業(yè)盈利能力差別很大,總體來看,毛利較高但是凈利潤較低,企業(yè)管理成本壓力大。通過與創(chuàng)業(yè)板上市公司作對比,可以發(fā)現(xiàn),全國股轉掛牌公司自身的發(fā)展?jié)摿εc財務風險并存,雖然在公司規(guī)模和盈利能力上與創(chuàng)業(yè)板上市公司有差距,但是掛牌公司發(fā)展的包袱更小,資產質量更高。只要在自身的細分市場上占據主動,就能夠實現(xiàn)企業(yè)的經營目標。 本文從行業(yè)特征、營運水平、研發(fā)能力、融資成果等方面構建成適合全國股轉掛牌公司發(fā)展特點的成長性評價體系,運用綜合評價方法對于已經掛牌的部分公司進行了成長性的分類評價,提出了促進全國股轉掛牌公司進一步發(fā)展的具體措施,以期望企業(yè)能夠提高自己實力,增強市場競爭力,實現(xiàn)企業(yè)自身經營目標。在成長性上,針對全國股轉這個市場的特點,已經定向發(fā)行成功的企業(yè)成為研究的重點,本文對于其進行了整體的分析,并對幾家發(fā)行次數(shù)較多的企業(yè)進行了案例分析,從融資的效果為出發(fā)點評價企業(yè)的成長性是本文的創(chuàng)新點。對于企業(yè)的成長性評價應該是一個長期的過程,但是全國股轉成立時間太短,其掛牌公司的歷史數(shù)據不能夠滿足研究的需求,研究的結果僅體現(xiàn)在短期內的狀態(tài),未來的成長性還需要長期的觀察。
[Abstract]:With the deepening of China's reform and opening up process and the continuous development of socialist market economy, the contribution of small and medium-sized enterprises to China's economic development is becoming more and more prominent. However, the characteristics of small and medium-sized enterprises in our country decide that in the complex economic environment, they are faced with the problems of great influence of economic fluctuation, poor management level, difficulty in financing and so on, which become the bottleneck of their further development. In order to get out of the predicament of development, small and medium-sized enterprises must realize the transition from traditional manufacturing and processing to independent scientific and technological innovation. On this transition road, capital market is a powerful lever to promote the development of small and medium-sized enterprises themselves. For innovative and entrepreneurial SMEs, direct financing is more practical and appropriate than indirect financing methods such as bank credit. With the introduction of the national small and medium-sized enterprises share transfer system, the construction of the multi-level capital market in China has been gradually improved. These small and medium-sized enterprises of a certain scale ushered in a good opportunity for development. Through the financial analysis of companies that have already been listed in the national small and medium-sized enterprises share transfer system, it will help the main bodies of the market, especially to increase the investors' understanding of the national stock transfer companies, the financial situation of these companies, and the results of their operations. Cash flow, scientific and technological innovation investment, development potential and so on to form a preliminary judgment. On this basis, the evaluation of the value of the national stock exchange companies will determine whether the market has a prospect of development, so that the market main body can be fully prepared to face the problems that these companies have already exposed and are about to face. Based on the introduction of the general situation and characteristics of the listed companies, this paper analyzes the capital structure, profitability, R & D investment, market potential and so on. Through the descriptive statistics of listed companies, it is found that the average asset-liability ratio of listed companies is relatively low, most enterprises do not have bank loans, asset liquidity is strong, the current ratio is high, but inventory and receivables account for a large proportion; Secondly, the profitability of listed enterprises is very different. Overall, gross profit is high but net profit is low, and the pressure of management cost is great. By comparing it with gem listed companies, we can find that the development potential and financial risk of the listed companies in the whole country coexist, although there is a gap between the listed companies and the listed companies in terms of company size and profitability. But listed companies have a smaller burden of development and higher asset quality. As long as they take the initiative in their own market segments, they can achieve their business objectives. In this paper, from the aspects of industry characteristics, operating level, R & D capability, financing results and so on, we construct a growth evaluation system suitable for the development characteristics of national stock conversion and listing companies. By using the method of comprehensive evaluation, the paper evaluates the growth of some listed companies, and puts forward some concrete measures to promote the further development of the listed companies in order to improve their strength and enhance their market competitiveness. To achieve the business objectives of the enterprise itself. In terms of growth, in view of the characteristics of the national stock market, the enterprises that have been issued successfully have become the focus of the research. This article has carried on the overall analysis to it, and has carried on the case analysis to several enterprises which have issued more times. The innovation of this paper is to evaluate the growth of enterprises from the point of view of the effect of financing. The evaluation of the growth of enterprises should be a long-term process, but the national stock conversion period is too short, the historical data of the listed companies can not meet the needs of the research, and the results of the research are only reflected in the state of the short term. Future growth will require long-term observation.
【學位授予單位】：財政部財政科學研究所
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51
本文編號：2341971
[Abstract]:With the deepening of China's reform and opening up process and the continuous development of socialist market economy, the contribution of small and medium-sized enterprises to China's economic development is becoming more and more prominent. However, the characteristics of small and medium-sized enterprises in our country decide that in the complex economic environment, they are faced with the problems of great influence of economic fluctuation, poor management level, difficulty in financing and so on, which become the bottleneck of their further development. In order to get out of the predicament of development, small and medium-sized enterprises must realize the transition from traditional manufacturing and processing to independent scientific and technological innovation. On this transition road, capital market is a powerful lever to promote the development of small and medium-sized enterprises themselves. For innovative and entrepreneurial SMEs, direct financing is more practical and appropriate than indirect financing methods such as bank credit. With the introduction of the national small and medium-sized enterprises share transfer system, the construction of the multi-level capital market in China has been gradually improved. These small and medium-sized enterprises of a certain scale ushered in a good opportunity for development. Through the financial analysis of companies that have already been listed in the national small and medium-sized enterprises share transfer system, it will help the main bodies of the market, especially to increase the investors' understanding of the national stock transfer companies, the financial situation of these companies, and the results of their operations. Cash flow, scientific and technological innovation investment, development potential and so on to form a preliminary judgment. On this basis, the evaluation of the value of the national stock exchange companies will determine whether the market has a prospect of development, so that the market main body can be fully prepared to face the problems that these companies have already exposed and are about to face. Based on the introduction of the general situation and characteristics of the listed companies, this paper analyzes the capital structure, profitability, R & D investment, market potential and so on. Through the descriptive statistics of listed companies, it is found that the average asset-liability ratio of listed companies is relatively low, most enterprises do not have bank loans, asset liquidity is strong, the current ratio is high, but inventory and receivables account for a large proportion; Secondly, the profitability of listed enterprises is very different. Overall, gross profit is high but net profit is low, and the pressure of management cost is great. By comparing it with gem listed companies, we can find that the development potential and financial risk of the listed companies in the whole country coexist, although there is a gap between the listed companies and the listed companies in terms of company size and profitability. But listed companies have a smaller burden of development and higher asset quality. As long as they take the initiative in their own market segments, they can achieve their business objectives. In this paper, from the aspects of industry characteristics, operating level, R & D capability, financing results and so on, we construct a growth evaluation system suitable for the development characteristics of national stock conversion and listing companies. By using the method of comprehensive evaluation, the paper evaluates the growth of some listed companies, and puts forward some concrete measures to promote the further development of the listed companies in order to improve their strength and enhance their market competitiveness. To achieve the business objectives of the enterprise itself. In terms of growth, in view of the characteristics of the national stock market, the enterprises that have been issued successfully have become the focus of the research. This article has carried on the overall analysis to it, and has carried on the case analysis to several enterprises which have issued more times. The innovation of this paper is to evaluate the growth of enterprises from the point of view of the effect of financing. The evaluation of the growth of enterprises should be a long-term process, but the national stock conversion period is too short, the historical data of the listed companies can not meet the needs of the research, and the results of the research are only reflected in the state of the short term. Future growth will require long-term observation.
【學位授予單位】：財政部財政科學研究所
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51
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