中国在中美创业板上市企业成长性的比较研究.pdfVIP

摘 要 摘 要 2009 年 10 月，我国创业板市场在深圳证券交易所正式开板。与主板不同的 是，创业板市场更加看重企业的成长性。企业成长性不仅是创业板市场发展的核 心,又是其生存的前提。评价一国的创业板市场是否成功，其实质就是评价该创 业板市场上市企业能否持续保持成长性。当前，我国越来越多的中小企业不再限 于在境内创业板上市，而是远赴美国 NASDAQ 市场进行融资。因此，对两地上 市企业的成长性进行比较研究，可以探究中美创业板是否具有效率，是否可以推 进企业快速发展。 本文选择中国在中美创业板上市企业为研究对象。首先，对两地创业板市场 制度进行比较分析。然后，根据企业成长性理论与创业板上市企业的特点，筛选 出创业板上市企业成长性综合评价指标。再选取有关数据，基于突变级数法，对 中国企业在中美两地创业板上市前后的成长性进行评价并进行显著性检验，来判 断两地企业的成长性在上市前后是否出现显著性的变化。然后利用因子分析的方 法，对两地创业板企业上市之后的成长性进行因子评分与排序，比较分析两地创 业板上市企业成长性的具体情况。最后，从创业板市场的角度，提出关于推进创 业板市场建设的建议。 关键词：创业板；成长性；突变级数法；因子分析 I 北京工业大学经济学硕士学位论文 II Abstract Abstract China launched the growth enterprise market on Oct, 2009. Different from the main board market , the growth enterprise market should pay more attention to the growth of enterprises. The growth of enterprises is not only the core of the development of GEM, but also the premise of survival. Judging its success of GEM. Listing enterprise can continue to maintain growth. At present, more and more Chinese small and medium-sized enterprises are no longer limited to be listed on the GEM in the territory, but to the NASDAQ market financing. Therefore, carries on the comparative analysis on the growth of the two listed companies, to explore the American gem is efficiency, can promote the rapid development of enterprises. This paper chooses Chinese enterprises which are listed on GEM in China and USA. First, the comparative analysis of the GEM in China and USA. According to the characteristics of listed enterprises, selecting evaluation index growth o