【摘要】：我國創(chuàng)業(yè)板市場運行四年多以來一直備受各界關注，經歷2012年末停發(fā)創(chuàng)業(yè)板市場IPO后，2013年12月中國證券監(jiān)督管理委員會發(fā)布了《關于進一步推進新股發(fā)行體制改革的意見》，并且重新啟動創(chuàng)業(yè)板IPO，創(chuàng)業(yè)板上市公司的成長性研究再次成為熱點。作為服務于我國高新技術、高成長性中小企業(yè)的融資平臺，創(chuàng)業(yè)板為我國中小型高科技企業(yè)提供了通暢的融資渠道，同時也為促進中小企業(yè)走向成熟做出貢獻。創(chuàng)業(yè)板上市公司的成長性作為投資者倍加關注的重點，一直被研究者樂道。 本文擬選用2012年創(chuàng)業(yè)板上市公司的財務數據，運用因子分析法對其成長性作出評價，并分析其影響因素，為我國上市公司和投資者提供參考。 本文首先綜述了國內外學者對創(chuàng)業(yè)板上市公司的研究，從影響創(chuàng)業(yè)板上市公司成長性的因素分析、創(chuàng)業(yè)板上市公司成長性評價方法及創(chuàng)業(yè)板上市公司成長性評價體系等方面闡述研究現(xiàn)狀；其次，在簡要分析我國創(chuàng)業(yè)市場的現(xiàn)狀基礎上，構建我國創(chuàng)業(yè)板上市公司成長性評價指標體系。通過研究前人已有的成果，結合我國創(chuàng)業(yè)板獨有的特點，，選取上市公司成長能力、盈利能力、風險控制能力、營運能力、現(xiàn)金獲取能力、風險水平、管理能力、創(chuàng)新能力等8個層面14個具體指標組成6個公共因子搭建了評價指標體系。再次，選擇我國創(chuàng)業(yè)板截止至2012年12月31日的343家上市公司為樣本，利用因子分析法獲取樣本公司在各個公共因子上的得分及其成長性綜合得分，并按影響依次減弱的順序對其進行排列。最后，根據成長性綜合得分判別創(chuàng)業(yè)板上市公司的總體成長性，認為大多數上市公司總體成長性良好，極少數公司很好或很差，差異較為顯著。
[Abstract]:For more than four years, the gem market in China has been the focus of attention from all walks of life. After suspending the gem market IPO at the end of 2012, in December 2013, the China Securities Regulatory Commission issued the opinions on further promoting the Reform of the New Stock issuance system, and restarted the gem IPO, gem listed companies. The research of growth has become a hot spot again. As a financing platform for high and new technology and high growth SMEs, gem provides a smooth financing channel for small and medium-sized high-tech enterprises in China, and also contributes to the maturation of small and medium-sized enterprises. The growth of gem listed companies as the focus of attention by investors, has been a researcher Ledao. This paper chooses the financial data of the listed companies in the gem in 2012, evaluates its growth by factor analysis, and analyzes its influencing factors, which can provide reference for listed companies and investors in China. This paper first summarizes the domestic and foreign scholars' research on gem listed companies, and analyzes the factors that affect the growth of gem listed companies. The growth evaluation methods of gem listed companies and the growth evaluation system of gem listed companies are expounded. Secondly, on the basis of brief analysis of the current situation of China's entrepreneurial market, Build the growth evaluation index system of gem listed companies in China. By studying the previous achievements and combining the unique characteristics of gem in our country, we select listed companies' growth ability, profitability, risk control ability, operation ability, cash acquisition ability, risk level, management ability, etc. The evaluation index system is constructed by 6 public factors, including 8 levels and 14 specific indexes. Thirdly, 343 listed companies in China's gem as of December 31, 2012 are selected as samples, and the sample companies' scores on each public factor and their comprehensive growth score are obtained by factor analysis. It is arranged in the order in which the influence weakens in turn. Finally, according to the growth comprehensive score to judge the overall growth of gem listed companies, it is considered that most of the listed companies have good overall growth, very few companies are very good or very poor, the difference is significant.
【學位授予單位】：東北師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F272

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本文編號：2199645