我国上市公司价值增长影响因素的实证研究

【作者】 倪桂萍；

【导师】 李延喜；

【作者基本信息】 大连理工大学 ， 管理科学与工程， 2005， 硕士

【摘要】 在资本市场信息不对称的条件下,投资者对于上市公司企业价值增长的评估时常有失偏颇:而目前已有的对企业价值增长的研究也流于片面。本文旨在吸收前人研究成果的基础上,建立企业价值增长的指标体系,应用因子分析法估计企业的价值增长,并对其相关的影响因素在理论假说基础上进行验证。 本文首先通过对现有文献关于企业成长的指标体系的比较,建立本文所需反映企业成长性的指标体系,然后运用因子分析的方法计算出企业价值增长的综合得分。这个分值的高低就代表企业的成长的潜力。 在完成运用因子分析方法计算企业价值增长的综合得分后,依据现有的经济理论建立企业价值增长与其影响因素的关系假说,之后对这些假说开始检验。检验的第一步是把企业的价值增长作为因变量,建立起企业价值增长因子与其影响因素的多元回归模型。模型的依据是所建立的企业价值增长与其影响因素的关系假说。在对所建立的多元回归模型作相关性检验后,运用SPSS软件对多元回归模型进行运算,并对各个变量的显著性作T检验,对于通过检验的变量看其在方程中的系数符号和大小,用以检验前文中提出的假说,判断两者是否一致。 最后得出结论:在目前阶段,1.我国上市公司企业价值增长与企业规模,企业盈利能力正相关;2.我国上市公司企业价值增长与企业资产负债率负相关;3.我国上市公司企业价值增长与企业所属行业有相关关系。更多还原

【Abstract】 Investors hold some false ideas about the evaluation of the enteiprise growing value for listed companies under the circumstances of asymmetry information of the capital market. Furthermore the research on the enterprise growing value at present is also skin-deep. On the foundation of the previous research, the article aims to build up an index system for the enterprise growing value which is estimated by using of the component analytical method and validate the related factors on the basis of theoretical hypotheses.First, the article sets up a index system to reflect the enterprise growth by the way of comparing the enterprise growing value in the bibliography available and then work out the comprehensive scores of the enterprise growing value through the component analytical method. And the scores will demonstrate the enterprise potential.After getting the scores by using the method above, it builds up a hypothesis which will be verified later between the enterprise growing value and the involved factors according to the economic theories available. The first step of the checkout is to set up a multi element regression model of enterprise growing value which is taken as a cause variable with the factors involved the bases of the model are the hypothesis of the enterprise growing value and the involved factors mentioned above. After verifying the already set-up multi element regression model, calculate it with the help of SPSS software and do the verification of the prominence for every variables. Then test the hypothesis mentioned above by checking the coefficient symbols and magnitude in the formula for the variable having passed the verifying and know if the hypothesis is consistent with the scores we have counted out.Finally, the conclusions are reached which go like this: First, at present, the enterprise growing value is positively related with the enteiprise scale and payoff. Second, the enteiprise growing value of the listed enterprises is related with the indebted enterprise capital negatively. Third, the enterprise growing value of the listed enterprises in China bears relationship with the industry which the company belongs to.更多还原