本文選題：新三板 + 成長性影響因素�。� 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,新三板市場正式步入發(fā)展初期,掛牌企業(yè)數(shù)量激增,截止2016年12月累計掛牌數(shù)已破萬家,同時國家大力支持新三板市場的開發(fā),目前新三板覆蓋行業(yè)頗為豐富,發(fā)展?jié)摿Σ蝗菪∮U。但由于新三板市場進入門檻較低,掛牌企業(yè)魚龍混雜,再加上信息披露的不完善,整個市場面對的風(fēng)險不確定性較大,掛牌企業(yè)未來成長性難以評估,為市場參與者的投融資決策帶來了巨大挑戰(zhàn)。因此,研究新三板掛牌企業(yè)成長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投資者提供影響掛牌企業(yè)成長性的可靠因素,并對掛牌企業(yè)未來的成長提供指導(dǎo)性指標(biāo)。本文針對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為背景,梳理了新三板企業(yè)的特點,全面地選取了影響新三板企業(yè)成長性的16個微觀因素和對應(yīng)的指標(biāo)。然后采用因子分析法,對所有因素進行相關(guān)性分析,得到了影響新三板掛牌企業(yè)的5個主要因子:盈利能力因子、償債能力因子、核心競爭力因子、規(guī)模因子和營運能力因子。根據(jù)所得的因子和相關(guān)的文獻理論,對影響因子和新三板成長性之間的關(guān)系進行理論模型的假設(shè),利用結(jié)構(gòu)方程模型對各因子與新三板成長性、各因子之間的影響路徑進行了分析,主要的研究結(jié)論有:(1)與新三板企業(yè)的成長性呈顯著性直接相關(guān)的是盈利能力、償債能力和核心競爭力,而營運能力和企業(yè)規(guī)模對新三板企業(yè)成長性的直接影響不顯著;(2)這三個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)成長性直接相關(guān)性較強,還能通過盈利能力對成長性起著間接作用,同時核心競爭力通過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)成長性;(3)企業(yè)規(guī)模能對償債能力有負向影響,從而對新三板企業(yè)成長性有間接負向的影響,而營運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性;(4)各個影響因素對新三板企業(yè)成長性的影響力度均不相同,通過因子分析和結(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,然后是核心競爭力。
[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)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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