技术创新型企业上市融资绩效分析

【作者】 王宇；

【导师】 宁钟；

【作者基本信息】 复旦大学 ， 技术经济及管理， 2008， 硕士

【摘要】 在知识经济条件下,技术创新已成为企业竞争力的核心,是企业获取利润与发展的源泉。技术创新型企业对经济发展、贸易增长及国家转型都起着积极作用,它的发展成为我国获取竞争优势的重要途径。本文分析了技术创新型企业的发展特点及其上市融资的动因,认为上市融资是技术创新型企业实现跨越式发展的必然选择。本文选取深沪两市A股市场1999年到2005年间的255家样本企业,采用盈利能力、成长能力、运营能力和偿债能力四个方面十一项财务指标,通过因子分析方法对样本企业上市前后绩效予以考察。同时,本文还根据对技术创新型企业特点的分析,按照企业所在地为长三角地区、东北地区或西部地区分组,分别采用了配对样本t检验和方差F检验比较它们在上市融资前后各项指标及综合指标存在的差异;同样,根据企业是否处于国家高新技术产业开发区对样本企业上市融资进行分组研究;并通过横截面回归模型来解释地区差异和集群差异对上市融资前后业绩变化的影响。结果表明,整体上技术创新型企业并未摆脱普通企业上市融资后绩效下降的命运,盈利能力显著下降,而成长能力并无显著性差异,运营能力基本无差异,仅总资产周转率有所下降,偿债能力显著提升。东北地区企业上市融资对盈利能力产生的影响好于长三角地区和西部地区;长三角地区企业上市融资对运营能力产生的影响好于西部地区;对于成长能力和偿债能力,长三角地区、东北地区与西部地区均无显著性差异。而且,技术创新型企业是否处于高新技术产业开发区上市融资的效果并无显著差异。最后,在定量研究的基础上,本文结合相关理论对实证研究的结果予以解释,认为不同地区间产业基础、经济发达程度及管理能力等方面的差异会影响企业上市融资效果,国家对东北等产业基础较好的地区应加大力度促进资本市场的发展,为企业提供融资便利,由企业带动地区高速发展;对西部等经济基础较差的地区应加强财政支持,增强产业基础建设,促进企业进入良性发展;企业是否处于高新区上市效果无差异也表明目前我国国家高新技术产业开发区距离更高层次的创新集群还存在一定差距,仍具有很大的升级空间和潜力。更多还原

【Abstract】 In the knowledge-based economy, technical innovation has become the core competitiveness of enterprises and the source of development and profits. Technical innovation oriented enterprises have played an important role in the development of China.This paper analyzed the characteristics and the listing motivation, which is the inevitable choice of technical innovation company. We did an empirical analysis using 255 sample enterprises form A-share market. Through factor analysis of samples, we compared the performance before and after going to public. Then we divided the samples according to the region and the cluster to analyze the differences. We also used the cross-section regression model to explain the performance changes with regional and cluster differences.The results showed that the overall technical innovation-oriented enterprises did not shake off the general decline of performance during financing. Profit-earning ability droped significantly, and the ability to grow and operate showed no significant. The solvency significantly improved. And there was performance difference between different regions, but this difference don’t exist between listed or not in the High-Tech Industrial Development Zone.At last, we analyzed the above results and concluded that different developing level regions will affect the performance of going to public and at present, high-tech zones will make no effects on the listing. We suggest that for different regions should apply different policy to promote enterprises to enter the healthy developing track and China’s national high-tech industry development zones should be updated to higher level innovation clusters. There still has a lot of space and upgrade potential.更多还原