本文選題：新三板 + 創(chuàng)新層　； 參考：《河南財經(jīng)政法大學(xué)》2017年碩士論文

【摘要】：作為我國多層次資本市場的重要組成部分,新三板市場自2013年底擴容到全國以來,掛牌公司的數(shù)量呈現(xiàn)出了井噴式的增長態(tài)勢。截至2016年6月30日,新三板市場掛牌公司數(shù)量達到了7685家,總市值達到了31081.9億元,市場規(guī)模擴張速度空前。新三板是滬深主板和創(chuàng)業(yè)板市場之后又一全國性交易場所,掛牌公司多為TMT、生物醫(yī)藥等新興產(chǎn)業(yè),高科技創(chuàng)新型公司居多。2016年6月27日,為了加快完善新三板市場功能,提高市場風(fēng)險把握能力,壓縮投資人收集信息的成本,審慎推進市場創(chuàng)新,新三板市場對掛牌企業(yè)實施了分層管理。此次分層標(biāo)準(zhǔn)有三個,每個標(biāo)準(zhǔn)強調(diào)的側(cè)重點不同,總體上體現(xiàn)出防操縱、上下自如和強化監(jiān)管的特點。標(biāo)準(zhǔn)一是針對相對成熟、盈利性較強的企業(yè);標(biāo)準(zhǔn)二是針對初創(chuàng)期、成長性好的企業(yè);標(biāo)準(zhǔn)三是針對創(chuàng)新能力強、商業(yè)模式新穎的企業(yè)。新三板創(chuàng)新層集中了新三板市場中最優(yōu)質(zhì)的公司,具有財務(wù)規(guī)模大、盈利能力強、流動性好、融資能力突出等四大特點。因此這些公司的成長能力和發(fā)展?jié)摿涫苁袌鲫P(guān)注。因此,本文選擇以河南省首批入圍新三板創(chuàng)新層的33家掛牌公司為樣本,對其成長能力進行評價研究。首先,文章對選題背景和研究意義進行了充分闡述;隨后系統(tǒng)梳理了國內(nèi)外相關(guān)研究文獻,對文獻進行了總結(jié);接著介紹了新三板市場的歷史沿革和發(fā)展現(xiàn)狀,對河南新三板創(chuàng)新層公司的總體情況進行了說明;接下來回顧了有關(guān)評價公司成長能力的理論;最后在前面所做工作的基礎(chǔ)上,根據(jù)新三板創(chuàng)新層公司的特點從創(chuàng)新、風(fēng)險、成長速度、成長效率以及成長質(zhì)量等五個維度選取研發(fā)收入占營業(yè)收入比例、研發(fā)人員數(shù)量占比、本科及以上學(xué)歷人員占比、銷售毛利率、股東權(quán)益比率、流動比率、速動比率、銷售現(xiàn)金比率、總資產(chǎn)增長率、凈資產(chǎn)增長率、凈利潤增長率、營業(yè)收入增長率、成本費用利潤率、應(yīng)收賬款周轉(zhuǎn)率、流動資產(chǎn)周轉(zhuǎn)率、總資產(chǎn)報酬率增長率、股東權(quán)益報酬率增長率、總資產(chǎn)凈利率增長率等18個指標(biāo)構(gòu)建創(chuàng)新層公司成長能力評價體系,結(jié)合因子分析法和熵值法對河南新三板創(chuàng)新層公司的成長能力進行了評價分析,給出了樣本公司的得分排名。排名前十位的依次是眾智軟件、威科姆、捷安高科、景安網(wǎng)絡(luò)、天邁科技、藍天燃氣、藍德環(huán)保、鄭設(shè)股份、許繼智能、亞太能源。對實證分析結(jié)果進行進一步深入分析后得到如下結(jié)論:1、采取做市轉(zhuǎn)讓的掛牌公司成長能力相對較好,表明做市商制度在新三板市場發(fā)揮出了優(yōu)越性。2、軟件和信息技術(shù)服務(wù)業(yè)掛牌公司成長能力相對較好。根據(jù)實證分析結(jié)果,綜合得分排名前五位的掛牌公司眾智軟件、威科姆、捷安高科、景安網(wǎng)絡(luò)、天邁科技都隸屬于軟件和信息技術(shù)服務(wù)業(yè)。3、對所有樣本公司單個主成份得分縱向比較得出,風(fēng)險控制做的最好的是眾智軟件;成長質(zhì)量最優(yōu)質(zhì)的是力合節(jié)能;最具創(chuàng)新能力的是鄭設(shè)股份;成長速度最快的是勃達微波;成長效率最高的是藍天燃氣;銷售現(xiàn)金比率最高的是萬杰智能。文章最后基于實證分析得出的結(jié)論,從公司內(nèi)部自身和外部氛圍營造兩個角度建議了提高河南省新三板創(chuàng)新層企業(yè)成長能力的措施,希望能夠為市場各方參與者提供參考。
[Abstract]:As an important part of the multi-level capital market in China, the number of listed company has shown a blowout growth trend since the end of 2013. As of June 30, 2016, the number of listed company in the new three board market reached 7685, the total market value reached 3 trillion and 108 billion 190 million yuan, and the expansion rate of the market scale was unprecedented. The new third board is another national trading place after the Shanghai and Shenzhen main board and the GEM market. Listed company is a new industry of TMT, biomedicine and other new industries. The high-tech innovation companies are mostly in June 27th. In order to improve the new three board market functions, improve the market risk grasp ability, compress the cost of collecting information and prudently advance the market. Field innovation, the new three board market has carried out stratified management of listed companies. There are three stratified standards. Each standard emphasizes different emphasis. In general, it embodies the characteristics of control, up and down and strengthening supervision. The standard one aims at relatively mature and profitable enterprises; standard two is a good growth enterprise for initial stage; Standard three is an enterprise with strong innovation ability and new business model. The new three board innovation layer concentrates the best quality companies in the new three board market, which has four characteristics, such as large financial scale, strong profitability, good liquidity, and outstanding financing ability. Therefore, the growth ability and development potential of these companies are concerned by the market. Taking the first batch of the first 33 listed company in the new three board innovation layer of Henan Province as the sample to evaluate their growth ability. First, the article expounds the background and significance of the topic, and then systematically combs the relevant literature at home and abroad, summarizes the literature, and then introduces the history and development of the new three board market. The general situation of the new three board innovation company in Henan is illustrated, and then the theory of evaluating the growth ability of the company is reviewed. On the basis of the previous work, the five dimensions of innovation, risk, growth speed, growth efficiency and growth quality are selected according to the characteristics of the new three board innovation company. Income accounts for the proportion of operating income, the proportion of the number of R & D personnel, the proportion of undergraduate and above, the gross interest rate, the ratio of shareholders, the rate of movement, the rate of sales cash, the rate of total asset growth, the growth rate of net assets, the growth rate of net profit, the growth rate of business income, the profit rate of cost and cost, the turnover of accounts receivable and liquidity. The production turnover rate, the total asset return rate growth rate, the increase rate of the equity interest rate and the total net interest rate growth rate of the total assets are 18 indexes to construct the evaluation system of the growth ability of the company, and the growth ability of the new three board innovation company in Henan is evaluated and analyzed by the factor analysis method and entropy method, and the score ranking of the Sample Firms is given. The top ten are all the top ten, namely, Zhongzhi software, Wickham, Jie an high science, Jingan network, Tian Mai technology, blue sky gas, lad environmental protection, Zheng set stock, Xu Zi's intelligence, Asia Pacific Energy. After further analysis of the results of the empirical analysis, the following conclusions are obtained: 1, the growth ability of listed company with market making is relatively good, indicating market maker The system has played an advantage.2 in the new three board market, and the software and information technology services listed company have a relatively good growth ability. According to the results of the empirical analysis, the top five listed company intelligent software, Wickham, Jie an high science, Jing An network, and Tian Mai technology are all subordinate to.3 in the software and information technology services industry. A longitudinal comparison of the single main component score of the Sample Firms is that the best of the risk control is the intelligent software; the best quality of growth is energy saving; the most innovative ability is Zheng set stock; the fastest growing speed is the Boda microwave; the highest growth efficiency is blue sky gas; the highest sales cash ratio is the Wan Jie intelligence. Article most Then, based on the conclusions from the empirical analysis, the measures are proposed to improve the growth ability of the new three board innovation enterprises in Henan province from the internal and external environment of the company, hoping to provide reference for the participants in the market.
【學(xué)位授予單位】：河南財經(jīng)政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F279.27

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