市场波动性与中小企业成长性评价.docVIP

市场波动性与中小企业成长性评价 ——来自中小企业板的实证研究 摘要：深交所在2004年5月推出中小企业板后，该板块一直受到市场关注，中小企业板的公司由于股本较小，受市场影响较大，因此本文在已有的较为成熟的指标体系中加入波动性风险因素来对中小企业板的所有公司进行成长性评价。通过实证研究对考虑市场波动性因素与未考虑市场波动性因素两个排名作有效性检验及比较分析，得出加入市场波动性风险因素使得排名结果更为有效；同时对成长性排名与波动性风险作回归分析，发现其成长性排名与波动性风险呈显著负相关关系。 关键词：中小企业，市场波动性，成长性评价，中小企业板 A Study of Market volatility and SMEs growth evaluation ——Empirical Research of SMEs board Abstract: SMEs board of Shenzhen Stock Exchange has been cared by market since May in 2004.Enterprises of SMEs board are influented by market because their size are small. This article evaluate the growth of the enterprises in the SMES board through adding market volatility factor. Validity testing and comparatively analyzing two ranks, one of which consider factor of market volatility ,the other one of which does not consider factor of market volatility,we can conclude that rank that consider factor of market volatility is more effective. Making regression analyse of growth rank and market volatility, we find that growth rank and market volatility are obviously negative correlativity. Keywords: SME、market volatility、growth evaluation、SMEs board 市场波动性与中小企业成长性评价 ——来自中小企业板的实证研究 摘要：深交所在2004年5月推出中小企业板后，该板块一直受到市场关注，中小企业板的公司由于股本较小，受市场影响较大，因此本文在已有的较为成熟的指标体系中加入波动性风险因素来对中小企业板的所有公司进行成长性评价。通过实证研究对考虑市场波动性因素与未考虑市场波动性因素两个排名作有效性检验及比较分析，得出加入市场波动性风险因素使得排名结果更为有效；同时对成长性排名与波动性风险作回归分析，发现其成长性排名与波动性风险呈显著负相关关系。 关键词：中小企业，市场波动性，成长性评价，中小企业板 A Study of Market volatility and SMEs growth evaluation ——Empirical Research of SMEs board Abstract: SMEs board of Shenzhen Stock Exchange has been cared by market since May in 2004.Enterprises of SMEs board are influented by market because their size are small. This article evaluate the growth of the enterprises in the SMES board through adding market volatility factor. Validity testing and comparatively analyzing two ranks, one of which consider factor of market volatility ,the other one of which does not consider factor of market volatility,we can conclude that rank that consider factor of mark