创业板上市公司价值成长性评价研究2.docVIP

PAGE PAGE 34 创业板上市公司价值成长性评价研究 摘要 我国创业板市场备受瞩目，创业板上市公司成长性一直是学者们重点研究的课题之一。本文从创业板定义出发，大致介绍了创业板现状以及上市公司特点。接着本文选取了我国从2013年开始到2015年年底在创业板上市的数据齐全的公司为研究样本。针对研究样本，从企业的盈利能力、资产运营能力、抗风险能力以及扩展能力4个方面考虑，一共选取了涵盖上述4个方面的9个财务指标。紧接着对选取的财务指标进行因子分析，得到三个公共因子，并命名为盈利能力因子、资产运营能力因子和良性扩张因子。在上述三个因子的基础上建立了企业成长性评价模型。然后利用该模型得出研究样本的成长性得分并进行排名，通过对样本公司的三年对比分析，本文得出创业板上市公司平均成长性在逐年提升的结论。接着，本文通过对比2015年成长性排名前十与后十家公司的业绩比较，发现成长性排名靠前的公司的业绩要好于排名靠后者，由此证明了本文模型的可靠性。最后把三年样本公司数据按成长性得分分为高低中三组，对三个公共因子做了简单线性回归检验，检验结果显示三者与企业成长性均为正相关。 关键词：创业板；成长性；因子分析；回归检验 Abstract The gem market in China attracts tremendous attention,the growth of the Gem listed company has been one of the important research topic of scholars.This article embarks from the definition of the gem, outlines the present situation of the gem and the characteristics of listed companies. Then this article analyzes our country from 2013 to 2015 of the complete company listed on the gem data as the research samples.According to the sample, four sections are taking into consideration--enterprise profitability, assets operation ability, ability to resist risk, and the ability to expend.It Selected the total covering the above four aspects of nine financial indicators. And then to select the financial index of factor analysis,getting three public factors, named as profit ability factor, assets operation ability factor and benign expansion factor. on the basis of the above three factors,enterprise growth evaluation model is established.Then use the model of the sample to get growth scores and then rank them.Through the comparative analysis of the samples in three years in this paper, it is concluded that the gem listed companies, on average, growth in the conclusion of increase year by year. Then, in this paper, by comparing the growth of the top tenand the last ten companies performance in 2015, found that growth of the top of the companys performance is better than the ranking of the latter, which proves the reliability of the model in this paper. At last, the