發(fā)布時(shí)間：2018-01-09 06:21

  本文關(guān)鍵詞：我國創(chuàng)業(yè)板上市公司成長性評(píng)價(jià)及投資價(jià)值研究　出處：《西南財(cái)經(jīng)大學(xué)》2013年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板 成長性 傳導(dǎo)機(jī)制 投資價(jià)值

【摘要】：隨著2009年我國創(chuàng)業(yè)板市場(chǎng)的正式掛牌成立,創(chuàng)業(yè)板上市公司成長性問題再次成為關(guān)注焦點(diǎn)。國外創(chuàng)業(yè)板市場(chǎng)發(fā)展實(shí)踐表明,成長性是創(chuàng)業(yè)板市場(chǎng)以及創(chuàng)業(yè)板上市公司發(fā)展的核心問題。本文選擇創(chuàng)業(yè)板上市公司成長性評(píng)價(jià)及投資價(jià)值作為選題,目的是在對(duì)創(chuàng)業(yè)板上市公司成長性評(píng)價(jià)的各種理論與模型進(jìn)行梳理的基礎(chǔ)上,確立影響創(chuàng)業(yè)板上市公司成長性的主要影響因素,建立更為精確實(shí)用的成長性評(píng)價(jià)模型。然后通過探究創(chuàng)業(yè)板上市公司的成長性、企業(yè)價(jià)值以及投資價(jià)值的關(guān)聯(lián)性,分析創(chuàng)業(yè)板上市公司成長性與投資價(jià)值之間傳導(dǎo)機(jī)制及作用機(jī)理,從而促使投資者對(duì)創(chuàng)業(yè)板上市公司的成長情況作出客觀合理的評(píng)價(jià),達(dá)到維護(hù)投資者利益以及促進(jìn)創(chuàng)業(yè)板市場(chǎng)良性發(fā)展的雙重目標(biāo)。 本文在研究設(shè)計(jì)上包含兩條主線,(1)創(chuàng)業(yè)板上市公司成長性的評(píng)價(jià)問題。(2)成長性與投資價(jià)值的傳導(dǎo)機(jī)制關(guān)聯(lián)性問題。一方面：對(duì)于創(chuàng)業(yè)板上市公司的評(píng)價(jià)問題主要是在對(duì)各種文獻(xiàn)理論進(jìn)行梳理的基礎(chǔ)上,詳細(xì)剖析影響創(chuàng)業(yè)板上市公司成長性的因素。在研究過程中發(fā)現(xiàn),影響創(chuàng)業(yè)板上市公司的因素會(huì)隨著經(jīng)濟(jì)環(huán)境的不斷變化而表現(xiàn)出不同的特征,而從宏觀與微觀上把握創(chuàng)業(yè)板上市公司的影響因素是比較合理的一種方式。目前關(guān)于創(chuàng)業(yè)板上市成長性評(píng)價(jià)的方法比較多,是源于人們對(duì)創(chuàng)業(yè)板上市公司未來的發(fā)展能否保持持久穩(wěn)定的一種自我釋疑,但是各種評(píng)價(jià)方法由于在樣本選擇、數(shù)據(jù)搜集以及評(píng)價(jià)模型構(gòu)建上各有不同,導(dǎo)致最終對(duì)創(chuàng)業(yè)板上市公司成長性評(píng)價(jià)得出的結(jié)論存在互相矛盾的情況,這嚴(yán)重影響了創(chuàng)業(yè)板上市公司成長性評(píng)價(jià)的科學(xué)性,對(duì)于創(chuàng)業(yè)板市場(chǎng)的發(fā)展也將產(chǎn)生不利的影響。因此創(chuàng)業(yè)板上市公司的成長性評(píng)價(jià)方法的選擇,模型的構(gòu)建以及具體的評(píng)價(jià)過程將是一個(gè)可能對(duì)現(xiàn)實(shí)世界的發(fā)展產(chǎn)生重要影響的研究事件。另一方面：成長性與投資價(jià)值的傳導(dǎo)機(jī)制是本文的研究重點(diǎn)。創(chuàng)業(yè)板上市公司成長性與投資價(jià)值傳導(dǎo)機(jī)制研究是一個(gè)較新的課題,它涉及到諸多方面因素,在成長性與投資價(jià)值之間存在許多難以量化的變量,例如企業(yè)基本面表現(xiàn)、價(jià)值創(chuàng)造能力釋放、宏觀政策影響,乃至投資者心理因素、投資者知識(shí)水平、對(duì)整個(gè)資本市場(chǎng)的判斷、個(gè)人偏好等,因此研究成長性與投資價(jià)值之間的傳導(dǎo)機(jī)制將是一個(gè)具有一定挑戰(zhàn)的課題。從創(chuàng)業(yè)板市場(chǎng)的發(fā)展實(shí)踐來看,研究上市公司成長性與投資價(jià)值將對(duì)創(chuàng)業(yè)板市場(chǎng)的利益各方產(chǎn)生重要的影響,對(duì)于整個(gè)創(chuàng)業(yè)板市場(chǎng)的發(fā)展具有十分重要的現(xiàn)實(shí)意義�；诖吮疚脑诔浞掷矛F(xiàn)有資料和理論的基礎(chǔ)上,對(duì)創(chuàng)業(yè)板上市公司成長性與投資價(jià)值內(nèi)在邏輯以及數(shù)量關(guān)系進(jìn)行分析和研究。 本文研究內(nèi)容主要包含六個(gè)部分。第一部分是緒論部分。主要是對(duì)本文研究背景、目的、研究的意義、技術(shù)路線以及整體框架進(jìn)行說明,對(duì)本文研究的不足以及創(chuàng)新點(diǎn)給予簡單的介紹。 第二部分是文獻(xiàn)綜述部分。本課題的研究需要充分的理論深度與寬度,因此必須在梳理好各種文獻(xiàn)理論的基礎(chǔ)上進(jìn)行,為此本文搜集了大量的相關(guān)研究文獻(xiàn),并經(jīng)過精心的閱讀與理解,以發(fā)現(xiàn)目前關(guān)于創(chuàng)業(yè)板上市成長性評(píng)價(jià)及投資價(jià)值研究相關(guān)領(lǐng)域先進(jìn)的理論研究方法,從而為本文的研究奠定良好的理論基礎(chǔ)。經(jīng)過對(duì)文獻(xiàn)理論的分類處理,發(fā)現(xiàn)目前針對(duì)創(chuàng)業(yè)板上市公司成長性的研究,主要集中在成長性與創(chuàng)業(yè)板市場(chǎng)關(guān)系、成長性影響因素以及成長性評(píng)價(jià)方法三個(gè)方面,針對(duì)成長性與投資價(jià)值的統(tǒng)一研究還十分少見。 第三部分是關(guān)于創(chuàng)業(yè)板上市公司成長性評(píng)價(jià)相關(guān)理論概述。主要對(duì)目前我國創(chuàng)業(yè)板市場(chǎng)的發(fā)展和創(chuàng)業(yè)板上市公司的成長性進(jìn)行分析與評(píng)價(jià),然后對(duì)創(chuàng)業(yè)板上市公司成長性以及投資價(jià)值的相關(guān)理論做了歸納、分析和總結(jié),為本文后續(xù)的研究奠定基礎(chǔ)。 第四部分是關(guān)于企業(yè)成長性評(píng)價(jià)方法的理論與實(shí)證分析。本文在分析創(chuàng)業(yè)板上市公司成長性影響因素的基礎(chǔ)上擬建立衡量成長性的綜合指標(biāo)體系,通過將這些對(duì)成長性的影響因素予以量化并進(jìn)行綜合處理轉(zhuǎn)化為成長性的具體得分,從而對(duì)公司成長性進(jìn)行綜合評(píng)價(jià)并為后續(xù)內(nèi)容分析奠定前提和基礎(chǔ)。在如何處理各種具體指標(biāo)以綜合反映成長性的方式上,筆者提出通過對(duì)衡量成長性的各種具體指標(biāo)采用結(jié)合應(yīng)用因子分析法和熵值法的方式將各具體指標(biāo)轉(zhuǎn)化成綜合得分來綜合評(píng)價(jià)創(chuàng)業(yè)板上市公司成長性,之所以選擇將因子分析法和熵值法結(jié)合應(yīng)用的方式是因?yàn)閮煞N方法各有特點(diǎn),而將兩種方法結(jié)合應(yīng)用既能夠去除指標(biāo)之間的相關(guān)性和重復(fù)性,又考慮了各個(gè)指標(biāo)的變動(dòng)幅度對(duì)綜合評(píng)價(jià)的影響。 第五部分是關(guān)于創(chuàng)業(yè)板上市公司成長性與投資價(jià)值關(guān)系的規(guī)范與實(shí)證分析。在前面章節(jié)分析的基礎(chǔ)上,首先從理論上探討了創(chuàng)業(yè)板上市公司成長性與投資價(jià)值的關(guān)系,并力求通過分析成長性與企業(yè)價(jià)值以及投資價(jià)值之間的關(guān)聯(lián)關(guān)系,來深入分析成長性與投資價(jià)值之間的內(nèi)在邏輯關(guān)系。其次本文利用數(shù)量分析的方法,為了驗(yàn)證成長性與投資價(jià)值的關(guān)系,通過數(shù)量分析成長性與未來凈利潤增長率的相關(guān)性、成長性與企業(yè)價(jià)值的相關(guān)性、成長性與股價(jià)變動(dòng)的相關(guān)性等一系列的實(shí)證研究分析創(chuàng)業(yè)板上市公司成長性與投資價(jià)值的內(nèi)在聯(lián)系。 第六部分是本文的建議與策略部分,該部分主要是在明確創(chuàng)業(yè)板上市公司成長性與投資價(jià)值關(guān)系的基礎(chǔ)上,對(duì)如何實(shí)現(xiàn)創(chuàng)業(yè)板上市公司良性成長、提升自身的價(jià)值創(chuàng)造能力、保護(hù)投資者利益以及規(guī)范創(chuàng)業(yè)板市場(chǎng)提出針對(duì)性的建議和策略。在建議與策略部分,本文重點(diǎn)分為三個(gè)方面來提出相關(guān)的建議,一是從優(yōu)化企業(yè)成長角度、二是保護(hù)投資者利益角度、三是創(chuàng)業(yè)板市場(chǎng)規(guī)范角度。優(yōu)化公司成長性、保護(hù)投資者利益以及規(guī)范創(chuàng)業(yè)板市場(chǎng)是有機(jī)統(tǒng)一的,構(gòu)建三位一體的創(chuàng)業(yè)板市場(chǎng)監(jiān)管體系,提升創(chuàng)業(yè)板市場(chǎng)的運(yùn)行效率,鼓勵(lì)創(chuàng)業(yè)板上市公司加大資金投入來積極的進(jìn)行技術(shù)創(chuàng)新,將是提高創(chuàng)業(yè)板上市公司運(yùn)行效率,實(shí)現(xiàn)穩(wěn)定發(fā)展的重要推動(dòng)力量。 經(jīng)過研究本文得到了一些非常有價(jià)值的結(jié)論,對(duì)于推動(dòng)和優(yōu)化創(chuàng)業(yè)板市場(chǎng)的發(fā)展,促進(jìn)創(chuàng)業(yè)板上市公司穩(wěn)定成長具有一定的啟示和借鑒意義。當(dāng)然本文的研究也存在一定的不足和缺陷,在創(chuàng)業(yè)板上市公司成長性評(píng)價(jià)及投資價(jià)值相關(guān)理論的分析和研究還缺乏進(jìn)一步的深度與寬度,如因?yàn)樽兞恳蛩仉y以量化原因,部分實(shí)證研究中考慮的變量因素不夠全面,這將是未來需要重點(diǎn)改進(jìn)的地方。
[Abstract]:With the 2009 formally established the GEM market in China, problems of the growth of GEM listed companies once again become the focus of attention. Show that the development of the practice of foreign gem market growth is the core problem of gem and GEM listed companies. This paper chooses the growth of companies listed on GEM investment value evaluation and objective as a topic. Is the basis to sort out in a variety of theories and models on the growth of companies listed on GEM evaluation, establish the main factors that influence the growth of GEM listed companies, establish a more accurate evaluation of the growth of the utility model. And then through the growth of GEM listed companies, enterprise value and investment value relevance analysis, transmission mechanism and effect between growth and investment value of companies listed on GEM mechanism, prompting investors to the GEM listed companies In order to maintain the interests of investors and promote the benign development of the GEM market, the growth situation is objectively and reasonably evaluated.
This paper contains two main lines in research design, (1) the evaluation of the growth of the GEM listed companies. (2) the problem associated with the conduction mechanism of growth and investment value. On the one hand, the main problem for the evaluation of GEM listed companies is based on reviews of the literature on the theory, detailed analysis the factors that influence the growth of GEM listed companies. During the course of the study, influence factors of GEM listed companies with the changing economic environment and shows different characteristics, and grasp the influence factors of GEM listed companies from the macro and micro is a reasonable way. There are many methods currently on the evaluation of the growth of the gem listing, is derived from the people to the GEM listed company's future development will remain a persistent self doubts, but because of the various evaluation methods in sample selection, Collect data and evaluation model construction are different, leading to the final evaluation of the growth of the GEM listed companies the results are contradictory, which seriously affected the scientific evaluation of the growth of GEM listed companies, for the development of the GEM market will also have a negative impact. Therefore business growth evaluation method the listed companies in the selection of the construction of the model and the specific evaluation process will be a potentially important influence on the development of the real world of events. On the other hand, the conduction mechanism of growth and investment value is the focus of this article. Study on the conduction mechanism of growth and investment value of listed companies is the gem a relatively new subject, it involves many factors, there are many difficult to quantify variables between growth and investment value, such as corporate fundamentals, value The ability to create and release, the impact of macroeconomic policies, and the psychological factors of investors, the level of investor knowledge, to the capital market judgment, personal preferences, so the research on the transmission mechanism between growth and investment value will be a challenge topic. From the development practice of the GEM market, growth and investment value research listed companies will have an important impact on the GEM market of the interests of all parties, has very important practical significance to the development of the GEM market. Based on the full use of the existing data and theory based on the analysis and Research on the growth and investment value of companies listed on GEM and the number of internal logic relations.
The research contents of this paper include six parts. The first part is the introduction. It is mainly about the background, purpose, significance, technical line and the overall framework of this research. It also gives a brief introduction to the shortcomings and innovations of this research.
The second part is literature review. This research needs theoretical depth and width to the full, so it must be based on a variety of literature combed theory, this paper collects the related research literatures, and after carefully reading and understanding, to find the research on GEM value evaluation and investment the growth of related advanced theoretical research methods, so as to lay a good theoretical basis for this study. Through the classification of literature, found that the current research on the growth of GEM listed companies, mainly concentrated in the relationship between the growth and the GEM market, three aspects of growth factors and growth evaluation method unified study on growth and investment value is very rare.
The third part is about the evaluation of the growth of GEM listed companies an overview of the relevant theory. Mainly on the growth and development of China's gem and GEM listed company analysis and evaluation, and the theories related to the growth of companies listed on GEM and the value of the investment were summarized, analyzed and summarized, which lays the foundation for the research the follow-up.
The fourth part is the theoretical and Empirical Analysis on the evaluation method of enterprise growth. The influence of the growth of listed companies based on the factors to establish the comprehensive index system to measure the growth of the gem, the influence on the growth of these factors to be quantified and integrated into specific score of growth, so as to the growth of the company for comprehensive evaluation and lay the premise and basis for the following contents. Analysis on how to deal with a variety of specific indicators to reflect the growth of the way, the author puts forward the concrete measure of the growth of the combined application of factor analysis method and entropy method to the index into the comprehensive score of comprehensive evaluation the growth of companies listed on GEM, chose factor analysis method and entropy method combined with the application of the approach is that the two methods have their own characteristics The combination of the two methods can not only remove the correlation and repeatability among indicators, but also consider the impact of the change of each indicator on the comprehensive evaluation.
The fifth part is the normative and Empirical Analysis on the relationship between growth and investment value of the GEM listed companies. Based on the analysis of the previous chapters, first discusses the relationship between growth and investment value of companies listed on GEM, and through the analysis of the growth of enterprise value and the relationship between the value of the investment. To analyze the internal logic of the relationship between growth and investment value. Secondly, using the quantitative analysis method, in order to verify the relationship between growth and investment value, through quantitative analysis of growth and correlation of future net profit growth rate, correlation between growth and value of the enterprise, an empirical study on the growth of internal relations and stock price changes the correlation analysis of a series of growth and investment value of companies listed on GEM.
The sixth part is the suggestions and Strategies of part of this article, this part is mainly to clarify the gem in the basic relationship between growth and investment value of the listed companies on GEM listed companies on how to achieve positive growth, enhance their ability to create value, put forward to protect the interests of investors and regulate the gem market for suggestions and Strategies of in. Some suggestions and strategies, this paper puts forward related suggestions to divided into three aspects, one is from the perspective of optimizing the growth of enterprises, the two is to protect the interests of investors, the three is the market norm. The growth of the gem company angle optimization, to protect the interests of investors and regulate the gem is the organic unity of the construction of the GEM market three-in-one supervision system, improve the efficiency of operation of the GEM market, investment to actively carry out technological innovation and encourage the GEM listed companies, will be improved The operating efficiency of the GEM listed companies is an important driving force for the stable development.
The paper gets some valuable conclusions, to promote the development and optimization of the GEM market, has the certain enlightenment and reference to promote the steady growth of GEM listed companies. Of course, this research also has some shortcomings and deficiencies in the gem analysis and Research on the growth of listed companies and related investment value evaluation the theory still lacks the depth and width of further, such as variable factors difficult to quantify, variable factors into the part of empirical research is not comprehensive enough, which will be the future need to focus on improvement.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51;F276.6

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