本文選題：新三板 + 成長(zhǎng)性影響因素　； 參考：《電子科技大學(xué)》2017年碩士論文

【摘要】：自2014年新三板推出做市商制度以來(lái),新三板市場(chǎng)正式步入發(fā)展初期,掛牌企業(yè)數(shù)量激增,截止2016年12月累計(jì)掛牌數(shù)已破萬(wàn)家,同時(shí)國(guó)家大力支持新三板市場(chǎng)的開(kāi)發(fā),目前新三板覆蓋行業(yè)頗為豐富,發(fā)展?jié)摿Σ蝗菪∮U。但由于新三板市場(chǎng)進(jìn)入門(mén)檻較低,掛牌企業(yè)魚(yú)龍混雜,再加上信息披露的不完善,整個(gè)市場(chǎng)面對(duì)的風(fēng)險(xiǎn)不確定性較大,掛牌企業(yè)未來(lái)成長(zhǎng)性難以評(píng)估,為市場(chǎng)參與者的投融資決策帶來(lái)了巨大挑戰(zhàn)。因此,研究新三板掛牌企業(yè)成長(zhǎng)性的影響因素就顯得極為關(guān)鍵,這將有利于為做市商或新進(jìn)投資者提供影響掛牌企業(yè)成長(zhǎng)性的可靠因素,并對(duì)掛牌企業(yè)未來(lái)的成長(zhǎng)提供指導(dǎo)性指標(biāo)。本文針對(duì)2015年已做市的208家新三板掛牌企業(yè),結(jié)合相關(guān)理論,以制定做市制度后的新三板市場(chǎng)為背景,梳理了新三板企業(yè)的特點(diǎn),全面地選取了影響新三板企業(yè)成長(zhǎng)性的16個(gè)微觀因素和對(duì)應(yīng)的指標(biāo)。然后采用因子分析法,對(duì)所有因素進(jìn)行相關(guān)性分析,得到了影響新三板掛牌企業(yè)的5個(gè)主要因子:盈利能力因子、償債能力因子、核心競(jìng)爭(zhēng)力因子、規(guī)模因子和營(yíng)運(yùn)能力因子。根據(jù)所得的因子和相關(guān)的文獻(xiàn)理論,對(duì)影響因子和新三板成長(zhǎng)性之間的關(guān)系進(jìn)行理論模型的假設(shè),利用結(jié)構(gòu)方程模型對(duì)各因子與新三板成長(zhǎng)性、各因子之間的影響路徑進(jìn)行了分析,主要的研究結(jié)論有:(1)與新三板企業(yè)的成長(zhǎng)性呈顯著性直接相關(guān)的是盈利能力、償債能力和核心競(jìng)爭(zhēng)力,而營(yíng)運(yùn)能力和企業(yè)規(guī)模對(duì)新三板企業(yè)成長(zhǎng)性的直接影響不顯著;(2)這三個(gè)因素之間也有顯著相關(guān)的關(guān)系,償債能力不僅與新三板企業(yè)成長(zhǎng)性直接相關(guān)性較強(qiáng),還能通過(guò)盈利能力對(duì)成長(zhǎng)性起著間接作用,同時(shí)核心競(jìng)爭(zhēng)力通過(guò)盈利能力和償債能力路徑間接正向地作用于新三板企業(yè)成長(zhǎng)性;(3)企業(yè)規(guī)模能對(duì)償債能力有負(fù)向影響,從而對(duì)新三板企業(yè)成長(zhǎng)性有間接負(fù)向的影響,而營(yíng)運(yùn)能力可以以盈利因素作為中介,間接性地正向影響新三板成長(zhǎng)性;(4)各個(gè)影響因素對(duì)新三板企業(yè)成長(zhǎng)性的影響力度均不相同,通過(guò)因子分析和結(jié)構(gòu)方程模型可以得出影響力度最大的是盈利能力,其次是償債能力,然后是核心競(jìng)爭(zhēng)力。
[Abstract]:Since the introduction of the market maker system on the new third board in 2014, the new third board market has formally entered the initial stage of development, and the number of listed enterprises has increased dramatically. By December 2016, the cumulative number of listed companies has broken down, and the state has vigorously supported the development of the new third board market. At present, the new three-board covering industry is quite rich, development potential can not be underestimated. However, because the entry threshold of the new third board market is relatively low, the listed companies are mixed up, and the information disclosure is not perfect, the risk uncertainty facing the whole market is greater, and the future growth of the listed companies is difficult to assess. For the market participants in the investment and financing decisions have brought great challenges. Therefore, it is very important to study the influencing factors of the growth of new third board listed enterprises, which will be helpful to provide reliable factors for market makers or new investors to influence the growth of listed enterprises. And to the future growth of listed enterprises to provide guidance indicators. This paper aims at 208 new three board listed enterprises that have already made market in 2015, combined with relevant theory, taking the new third board market after the market making system as the background, combing the characteristics of the new three board enterprises. This paper selects 16 micro factors and corresponding indexes that affect the growth of new three-board enterprises. Then we use factor analysis to analyze the correlation of all factors and get five main factors: profitability factor debt repayment factor core competitiveness factor scale factor and operation ability factor. According to the factors obtained and the relevant literature theory, the relationship between the influence factors and the growth of the new three plates is assumed, and the structural equation model is used to analyze the relationship between the factors and the growth of the new three plates. The main research conclusions are as follows: (1) the growth of new three board enterprises is directly related to profitability, solvency and core competitiveness, the main conclusions of which are as follows: (1) the main conclusions are: 1) the growth of the new three board enterprises is directly related to the profitability, solvency and core competitiveness. However, the direct influence of operation capacity and enterprise size on the growth of new three board enterprises is not significant. (2) there is also a significant correlation between these three factors, and the solvency is not only directly related to the growth of new three board enterprises, but also has a strong direct correlation with the growth of new three board enterprises. At the same time, the core competence can play an indirect role in the growth of the new three board enterprises through the path of profitability and solvency.) the scale of the enterprise can have a negative impact on the solvency. As a result, there is an indirect negative impact on the growth of the new three board enterprises, while the operating capacity can take the profit factor as an intermediary, indirectly positively affect the growth of the new three boards.) the impact of each factor on the growth of the new three board enterprises is not the same. Through factor analysis and structural equation model, it can be concluded that the most influential force is profitability, followed by solvency, and then core competitiveness.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王浪;胡禹竹;韓雨彤;;股權(quán)結(jié)構(gòu)能夠影響企業(yè)的成長(zhǎng)性嗎?——基于新三板掛牌企業(yè)的實(shí)證研究[J];中國(guó)商論;2017年07期

2 朱冬元;孫躋珂;;我國(guó)創(chuàng)業(yè)板上市公司財(cái)務(wù)績(jī)效與股票價(jià)格關(guān)系研究——基于四大行業(yè)2012—2014年的數(shù)據(jù)分析[J];中國(guó)地質(zhì)大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2015年06期

3 丁禹;;上市公司的財(cái)務(wù)成長(zhǎng)戰(zhàn)略管理探析[J];中國(guó)商貿(mào);2015年03期

4 張巍;孫寶文;王天梅;朱艷春;張宇;;互聯(lián)網(wǎng)企業(yè)規(guī)模與成長(zhǎng)是否遵循Gibrat定律——基于2008-2012年上市公司數(shù)據(jù)的實(shí)證檢驗(yàn)[J];中央財(cái)經(jīng)大學(xué)學(xué)報(bào);2013年06期

5 王開(kāi)鑫;;運(yùn)營(yíng)能力提升對(duì)銀行核心競(jìng)爭(zhēng)力重要性分析[J];時(shí)代金融;2013年03期

6 左漢瓊;;創(chuàng)業(yè)型企業(yè)成長(zhǎng)性的評(píng)價(jià)指標(biāo)探討——基于風(fēng)險(xiǎn)投資的視角[J];財(cái)政監(jiān)督;2013年02期

7 耿建新;徐港章;張好;;市盈率與市凈率之間的關(guān)系辨析——以滬市新股發(fā)行為例[J];審計(jì)與經(jīng)濟(jì)研究;2013年01期

8 魯小東;焦捷;朱世武;;普通員工薪酬、公司規(guī)模與成長(zhǎng)性——來(lái)自中國(guó)上市公司面板數(shù)據(jù)的經(jīng)驗(yàn)證據(jù)[J];清華大學(xué)學(xué)報(bào)(自然科學(xué)版);2011年12期

9 田莉;張玉利;;市場(chǎng)進(jìn)入戰(zhàn)略創(chuàng)新性與新技術(shù)企業(yè)初期績(jī)效——對(duì)成長(zhǎng)性績(jī)效與規(guī)�？�(jī)效影響差異性的分析[J];科學(xué)學(xué)與科學(xué)技術(shù)管理;2011年05期

10 劉曜;史爽;;中小板上市公司成長(zhǎng)性影響因素的驗(yàn)證分析[J];統(tǒng)計(jì)與決策;2011年01期

相關(guān)會(huì)議論文 前1條

1 王國(guó)紅;邢蕊;;創(chuàng)業(yè)導(dǎo)向、創(chuàng)新意愿與在孵企業(yè)創(chuàng)新績(jī)效:孵化環(huán)境的調(diào)節(jié)作用1[A];中國(guó)創(chuàng)新與企業(yè)成長(zhǎng)（CI&G）2013年度會(huì)議論文集[C];2013年

相關(guān)博士學(xué)位論文 前2條

1 李海霞;CEO權(quán)力、風(fēng)險(xiǎn)承擔(dān)與公司成長(zhǎng)性[D];東北財(cái)經(jīng)大學(xué);2015年

2 張煥勇;企業(yè)家能力與企業(yè)成長(zhǎng)關(guān)系研究[D];復(fù)旦大學(xué);2007年

相關(guān)碩士學(xué)位論文 前10條

1 吳克兢;企業(yè)如何通過(guò)新三板掛牌實(shí)現(xiàn)規(guī)范成長(zhǎng)[D];貴州大學(xué);2016年

2 柳亞坤;新三板掛牌企業(yè)成長(zhǎng)性評(píng)價(jià)實(shí)證研究[D];對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué);2015年

3 王俊洋;企業(yè)成長(zhǎng)與盈利能力的動(dòng)態(tài)相互作用研究[D];浙江財(cái)經(jīng)大學(xué);2015年

4 蔣靜;中小企業(yè)在“新三板”掛牌對(duì)經(jīng)營(yíng)績(jī)效影響的實(shí)證研究[D];華中科技大學(xué);2014年

5 陸菲;企業(yè)融資結(jié)構(gòu)對(duì)成長(zhǎng)性的影響[D];浙江大學(xué);2014年

6 向見(jiàn)明;市場(chǎng)環(huán)境、社會(huì)責(zé)任履行與企業(yè)成長(zhǎng)性關(guān)系的實(shí)證研究[D];西南財(cái)經(jīng)大學(xué);2014年

7 帥梅;創(chuàng)業(yè)板上市企業(yè)成長(zhǎng)性研究[D];財(cái)政部財(cái)政科學(xué)研究所;2013年

8 劉聿一;負(fù)債融資、投資行為與企業(yè)價(jià)值[D];湖南大學(xué);2013年

9 秦田;創(chuàng)業(yè)板上市企業(yè)成長(zhǎng)性變化及影響因素研究[D];西南財(cái)經(jīng)大學(xué);2013年

10 魏偉;上市公司無(wú)形資產(chǎn)投資對(duì)資本結(jié)構(gòu)的影響研究[D];東北財(cái)經(jīng)大學(xué);2012年

，

本文編號(hào)：1782132