本文關(guān)鍵詞： 創(chuàng)業(yè)板 EVA 市場(chǎng)價(jià)值 相關(guān)性　出處：《西北大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：我國(guó)創(chuàng)業(yè)板市場(chǎng)于2009年10月在深圳證券交易所正式啟動(dòng),創(chuàng)業(yè)板的定位是大力促進(jìn)創(chuàng)新能力較強(qiáng)的企業(yè)的和成長(zhǎng)型企業(yè)的快速發(fā)展,對(duì)于創(chuàng)業(yè)板而言,創(chuàng)新能力和成長(zhǎng)性也是它選擇上市企業(yè)重要參考標(biāo)準(zhǔn)。創(chuàng)業(yè)板的正式運(yùn)營(yíng)對(duì)于我國(guó)發(fā)展多層次資本市場(chǎng)以及加快我國(guó)的經(jīng)濟(jì)發(fā)展發(fā)揮著舉足輕重的作用,因此創(chuàng)業(yè)板備受社會(huì)各界關(guān)注。鑒于我國(guó)創(chuàng)業(yè)板市場(chǎng)的發(fā)展歷程比較短暫,而且創(chuàng)業(yè)板上市企業(yè)具有規(guī)模較小、企業(yè)內(nèi)部治理結(jié)構(gòu)不夠完善以及市場(chǎng)不確定性較大的特點(diǎn),其經(jīng)營(yíng)失敗的可能性非常高,所以創(chuàng)業(yè)板市場(chǎng)具有比較大的風(fēng)險(xiǎn)。作為一個(gè)新興的市場(chǎng),目前學(xué)術(shù)界關(guān)于創(chuàng)業(yè)板市場(chǎng)的研究多數(shù)都是理論層面的,研究?jī)?nèi)容也比較單一。所以對(duì)創(chuàng)業(yè)板企業(yè)的成長(zhǎng)性與市場(chǎng)價(jià)值相關(guān)性的研究就有著重大的意義。 本文嘗試采用EVA評(píng)價(jià)方法對(duì)創(chuàng)業(yè)板上市企業(yè)的成長(zhǎng)性進(jìn)行評(píng)價(jià),首先對(duì)傳統(tǒng)的企業(yè)成長(zhǎng)性評(píng)價(jià)方法和EVA評(píng)價(jià)法進(jìn)行了比較,結(jié)果發(fā)現(xiàn)EVA評(píng)價(jià)方法對(duì)企業(yè)的成長(zhǎng)性衡量更具科學(xué)性,然后利用面板數(shù)據(jù)模型的實(shí)證方法對(duì)成長(zhǎng)性與上市企業(yè)的市場(chǎng)價(jià)值之間的相關(guān)性進(jìn)行驗(yàn)證,結(jié)果發(fā)現(xiàn)二者之間存在較低的負(fù)相關(guān)性,即創(chuàng)業(yè)板上市企業(yè)的實(shí)際價(jià)值并沒有被真實(shí)反映,創(chuàng)業(yè)板的投資者具有一定的盲目性,最終導(dǎo)致創(chuàng)業(yè)板上市企業(yè)的市場(chǎng)價(jià)值被高估,偏離企業(yè)的內(nèi)在價(jià)值,由此進(jìn)一步說明了創(chuàng)業(yè)板市場(chǎng)的風(fēng)險(xiǎn)較大,市場(chǎng)的有效性比較弱,這些都不利于我國(guó)創(chuàng)業(yè)板上市企業(yè)的健康發(fā)展。為了進(jìn)一步促使創(chuàng)業(yè)板市場(chǎng)的良性發(fā)展,文章從上市公司、投資者以及證券監(jiān)管部門三個(gè)角度提出了政策建議。希望能夠客觀的反映創(chuàng)業(yè)板上市企業(yè)的真實(shí)價(jià)值,改善公司的內(nèi)部管理,提高企業(yè)募集資金的安全性和資金使用的效率,保護(hù)投資者的利益,為創(chuàng)業(yè)板市場(chǎng)的良好運(yùn)作產(chǎn)生積極影響。
[Abstract]:In October 2009, the gem market of our country was officially launched in Shenzhen Stock Exchange. The orientation of gem is to promote the rapid development of enterprises with strong innovation ability and growth enterprises. The innovation ability and growth are also the important reference standards for its choice of listed enterprises. The formal operation of the gem plays an important role in developing the multi-level capital market and speeding up the economic development of our country. Therefore, the gem has attracted much attention from all walks of life. In view of the short development history of the gem market in China, the gem listed enterprises have the characteristics of small scale, imperfect internal governance structure and greater market uncertainty. The possibility of failure is very high, so the gem market has a relatively large risk. As a new market, most of the current academic research on the gem market is theoretical. Therefore, the research on the relationship between growth and market value of gem enterprises is of great significance. This paper attempts to use the EVA evaluation method to evaluate the growth of the gem listed enterprises. Firstly, it compares the traditional methods of enterprise growth evaluation with the method of EVA evaluation. The results show that the EVA evaluation method is more scientific to measure the growth of enterprises, and then the empirical method of panel data model is used to verify the correlation between growth and the market value of listed enterprises. The results show that there is a low negative correlation between the two, that is, the actual value of gem listed enterprises has not been truly reflected, and the investors of gem have certain blindness, resulting in the market value of gem listed enterprises being overestimated. Deviating from the intrinsic value of the enterprise further shows that the gem market is more risky, and the effectiveness of the market is relatively weak. All these are not conducive to the healthy development of listed enterprises on the gem. In order to further promote the healthy development of the gem market, the article starts from the listed companies. Investors and securities regulatory departments put forward policy recommendations from three angles. They hope to objectively reflect the true value of gem listed enterprises, improve the internal management of companies, improve the security of the funds raised by enterprises and increase the efficiency of the use of funds. Protect the interests of investors, for the gem market good operation has a positive impact.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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