本文選題：東土科技 + 轉(zhuǎn)板��； 參考：《湘潭大學(xué)》2017年碩士論文

【摘要】：隨著我國(guó)資本市場(chǎng)的發(fā)展和完善,我國(guó)已經(jīng)基本形成了一個(gè)多層次的資本市場(chǎng)結(jié)構(gòu),其中第一層為主板、中小板市場(chǎng),第二層為創(chuàng)業(yè)板市場(chǎng),第三層為新三板市場(chǎng),第四層為區(qū)域性股權(quán)交易市場(chǎng)。為了建立起各個(gè)層次資本市場(chǎng)之間的連接,讓我國(guó)多層次資本市場(chǎng)變?yōu)橐粋�(gè)整體,國(guó)務(wù)院在2013年12月發(fā)布了《關(guān)于全國(guó)中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)有關(guān)問(wèn)題的決定》,這也為轉(zhuǎn)板通道和轉(zhuǎn)板制度的順利發(fā)展提供了法律支持。截至2016年底有12家企業(yè)成功從新三板市場(chǎng)轉(zhuǎn)板至A股,并且2016年初有50家企業(yè)在企業(yè)公告中宣布將要轉(zhuǎn)板創(chuàng)業(yè)板。但是公司在轉(zhuǎn)板之后能否長(zhǎng)期給股東帶來(lái)收益,還需要持續(xù)的進(jìn)行驗(yàn)證。本文以2012年完成從新三板轉(zhuǎn)向創(chuàng)業(yè)板的北京東土科技股份有限公司(下簡(jiǎn)稱“東土科技”)為研究案例,依據(jù)公司2010年至2015年披露的年度報(bào)告,從公司轉(zhuǎn)板后的財(cái)務(wù)績(jī)效表現(xiàn)來(lái)分析,通過(guò)案例研究的方式探究公司轉(zhuǎn)板前后的財(cái)務(wù)指標(biāo)以及EVA價(jià)值創(chuàng)造能力方面的表現(xiàn)發(fā)現(xiàn):公司在轉(zhuǎn)板后經(jīng)營(yíng)業(yè)務(wù)能力有所提高,但是資本獲利能力下降。對(duì)公司轉(zhuǎn)板前后EVA價(jià)值創(chuàng)造能力的進(jìn)一步分析發(fā)現(xiàn),公司EVA值在轉(zhuǎn)板前保持穩(wěn)定上升,然而在轉(zhuǎn)板當(dāng)年及之后2年都持續(xù)下降。直到第三年才停止繼續(xù)下降。本文從公司轉(zhuǎn)板后營(yíng)業(yè)外收入占比過(guò)高、大量權(quán)益資金使用效率低下、其資產(chǎn)負(fù)債率偏低、投資項(xiàng)目未達(dá)到預(yù)期收益及投資項(xiàng)目單一等角度來(lái)闡釋公司轉(zhuǎn)板后價(jià)值創(chuàng)造方面所存在的問(wèn)題并且提出相應(yīng)的對(duì)策。本文對(duì)于東土科技轉(zhuǎn)板前后財(cái)務(wù)績(jī)效的研究,目的是希望給其他后續(xù)新三板轉(zhuǎn)板企業(yè)在保持經(jīng)營(yíng)業(yè)績(jī)和價(jià)值創(chuàng)造能力方面以啟示。
[Abstract]:With the development and improvement of China's capital market, China has basically formed a multi-level capital market structure, in which the first layer is the main board, the small and medium-sized market, the second layer is the gem market, and the third layer is the new third board market. The fourth level is the regional stock market. In order to establish a link between the various levels of capital markets and to make the multi-level capital market of our country a whole, In December 2013, the State Council issued the decision on the problems related to the National small and Medium-sized Enterprises share transfer system, which also provided legal support for the smooth development of the system. By the end of 2016, 12 companies had successfully switched from the new third market to A shares, and in early 2016 50 companies announced in their business announcements that they would switch to the gem. However, whether the company can bring long-term profits to shareholders after the turnaround still needs to be continuously verified. This paper takes Beijing Dongtu Science and Technology Co., Ltd (hereinafter referred to as "Dongtu Science and Technology"), which completed the transition from the new third board to the gem in 2012, as a case study, according to the annual report disclosed by the company from 2010 to 2015. This paper analyzes the financial performance of the company after turning to the board, explores the financial indexes before and after the conversion and the performance of the EVA value creation ability through the way of case study. The results show that the business ability of the company has been improved after the conversion. But capital profitability has declined. The further analysis of the value creation ability of EVA before and after the conversion of the company found that the EVA value of the company kept steady rise before the conversion, but it continued to decline in the year and two years after the conversion. It was not until the third year that the decline stopped. In this paper, the proportion of non-operating income is too high, the use of a large number of equity funds is inefficient, and the ratio of assets and liabilities is low. The investment project does not reach the expected income and the investment project is single to explain the problems existing in the value creation of the company after the conversion and put forward the corresponding countermeasures. The purpose of this paper is to study the financial performance before and after the transfer of Dongtu science and technology, in the hope of enlightening other enterprises in maintaining their business performance and value creation ability.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F406.7

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