创业板上市公司成长性与研究.docVIP

摘 要 资金的短缺，融资的困难一直限制中小企业的未来的发展，我国为了满足中 小企业的融资需求，一直努力尝试来开启创业板。从2009年10月25日第一批28 家上市公司在深圳交易所挂牌交易，我国的创业板为中小型的高新企业提供了一 条直接来寻找资金的渠道，通过这样的方式使得中小型企业得以更为良好的发展 前景。时至2012年2月29日,依据统计数据表明，在我国创业板上市的公司已经达 到291家。创业板市场已经渐趋成熟，由于创业板板块对企业高成长性的要求导 向和投资者对于企业未来成长潜力的投资的动机，研究创业板上市公司的成长性 是现在需要解决的问题。 本文首先对企业成长性的研究文献进行梳理并结合企业的成长理论和创业 板的特点，分析对企业的成长有影响的内部和外部因素。其次选取创业板市场中 30 家最具成长代表性的上市公司的年报数据使用因子分析法对数据研究，从中 提取五个影响企业成长性的能力因子，这五个因子分别是：获利水平，资产营运 效率，偿债能力，发展状况，科研创新能力。通过数理统计的方法计算创业板上 市公司这五个因子的得分和企业成长性评价的得分，并对这五种因子在创业板上 市公司中的不同作用进行进一步研究。根据因子分析得到的结果把创业板上市公 司不同的特点进行分类，得到创业板上市公司的成长模式:最后通过的相关的研 究结果提出促进我国创业板和创业板上市公司持续稳健成长的建议。 关键词：创业板，成长性，因子分析法 Abstract The shortage of funds and difficulty in financing are to limit the further develop growth of entrepreneurship, our country has been trying to open the business section. From October 25，2009，the first batch of 28 listed companies traded on the Shenzhen Stock Exchange,Our GEM venture enterprises established a direct financing channel,the business enterprises financing problem will be gradually solved. Until  February 29，2012，the numbers of the business are reached 291,  based on statistical  data show that the companies listed on GEM in China has reached 291.GEM market is already mature, companies listed on GEM GEM plate on the requirements of high-growth oriented and investors the incentive to invest for future growth potential, growth is now need to be resolved. Firstly, to sort out the research literature of business growth, and growth theory and the GEM in conjunction with enterprise features, analysis of the internal and external factors affect the growth of enterprises. Followed to select 30 representative of the most growth in the annual reports of listed companies in the GEM data using factor analysis on the data extracted from the five corporate growth factor, these five factors are: the profit level, asset operating efficiency, solvency, development, research and innovation capacity. Calculated by mathematical statistics methods listed on the GEM