我国上市中小企业成长性评价研究

【作者】 彭佳；

【导师】 陈晓红；

【作者基本信息】 中南大学 ， 金融学， 2005， 硕士

【摘要】 经过十几年的发展,我国资本市场的发展取得了举世瞩目的成就。但是,资本市场结构单一的缺陷已成为制约资本市场进一步发展的瓶颈。构建多层次的资本市场,推出中小企业板市场,将对我国资本市场的发展起到不可估量的作用。在这样的背景下,研究上市中小企业的重要性和必要性就凸显出来了。因为,不论是对投资者而言还是对我国资本市场的发展而言,上市中小企业的成长性都是关键的因素,研究上市中小企业的成长性非常必要。 目前学术界对企业成长性的研究已较多,但是专门针对上市中小企业成长性的研究在国内还几乎没有。因此,本文试图从研究我国上市中小企业的成长性理论入手,建立一套合理科学的上市中小企业成长性评价指标体系。并根据该指标体系,运用突变级数法建立成长性评价模型,对选取的59家2002年上市中小企业进行成长性排名的实证研究,通过对该59家企业的最终排名与其成长性指数与市场回报率、样本2003年基本情况等因素的对比分析,检验所设计的上市中小企业成长性评价模型的有效性。在证实模型的有效性后,再运用该评价模型对选取的2003年82家上市中小企业成长性进行排名,并从企业的业绩、所处行业、管理层素质、科研创新能力以及营销能力和公司治理结构等几个对方面上市中小公司的成长性的影响进行了分析。论文的最后提出了该评价模型的不足和缺陷以及今后的研究方向。更多还原

【Abstract】 After more than ten years of development, the capital market of our country have made the great achievement .However, the defect with single structure of capital market has already become the bottleneck restraining the capital market from developing further. Structure the multi-level capital market, put out the board markets of small and medium-sized enterprises will play an inestimable role to the development of the capital market of our country. Under the background of fact that likes this, the importance and necessity of studying listing small and medium-sized enterprises come out prominently. Because, no matter for investor or for development of the capital market of our country, growth of listing small and medium-sized enterprises is all key factors, it is very essential to study the growth of listing small and medium-sized enterprises.The academia is already study on enterprise’s growth at present, but does not specially direct against the research of the listing growth of small and medium-sized public enterprises. So, this thesis attempts to start with the growth theory of studying the growth of small and medium-sized enterprises of our country, set up the growth evaluation index system of small and medium-sized enterprises of a set of rational science. And according to this index system , use the progression law of sudden change to set up the appraisal model of growth, listing small and medium-sized enterprises carried on the positive research of the growth rank to 59 2002s when chose, through the final rank and its growth indexand such the comparing and analyzing of the factor as the basic situation ,etc. of 2003 of market payback , sample to this 59 enterprises, examine the validity of the listing growth appraisal model of small and medium-sized enterprises. After examining validity of model, is it should appraise between model and 2003 not choosing 82 listing growth of small and medium-sized enterprises rank to use, and from the achievement of enterprises, live in the trade, such impacts on growth of the small and medium-sized enterprises while listing of several respects as administration and supervision authorities’ quality , scientific research innovation ability and marketing ability and company’s administration structure ,etc. have been analyzed . At the end of the thesis we have put forward the deficiency, defect and research direction in the future that should appraise the model.更多还原