本文關(guān)鍵詞：創(chuàng)業(yè)板上市公司的投資價(jià)值研究　出處：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板 投資價(jià)值 財(cái)務(wù)綜合分析 因子分析

【摘要】：我國(guó)于2009年10月底建立創(chuàng)業(yè)板,至今該板塊已有300多家上市公司。許多投資者的對(duì)創(chuàng)業(yè)板的投資充滿熱情,主要是因?yàn)閯?chuàng)業(yè)板上市公司具有高度成長(zhǎng)性,投資者對(duì)其未來(lái)經(jīng)營(yíng)情況高度期許,這也是造成創(chuàng)業(yè)板上市公司平均市盈率大大高出滬深兩市的重要原因。創(chuàng)業(yè)板上市公司平均發(fā)行市盈率60倍左右,2011年新股“破發(fā)潮”使得眾多投資者血本無(wú)歸。這也使得很多投資者對(duì)創(chuàng)業(yè)板的投資望而卻步,不敢輕易投資。但是在創(chuàng)業(yè)板市場(chǎng)中確實(shí)不乏經(jīng)營(yíng)良好、治理完善的具有高度投資價(jià)值的公司。因此如何正確引導(dǎo)投資,優(yōu)化市場(chǎng)中資本資源配置效率,實(shí)現(xiàn)投資者與上市公司的共贏,使創(chuàng)業(yè)板達(dá)成其成立之初的目的—扶持優(yōu)秀的中小企業(yè)成長(zhǎng),是關(guān)系到證券市場(chǎng)與社會(huì)經(jīng)濟(jì)穩(wěn)定與發(fā)展的一個(gè)非常重要的問(wèn)題。本文第一章對(duì)本文研究的背景進(jìn)行了概要分析,說(shuō)明為什么要做上市公司的投資價(jià)值研究,為什么要基于企業(yè)投資價(jià)值進(jìn)行研究,并且為何選擇創(chuàng)業(yè)板的上市公司作為研究對(duì)象的問(wèn)題。 隨著我國(guó)證券市場(chǎng)迅速發(fā)展壯大,相關(guān)法律法規(guī)不斷完善,價(jià)值投資理念逐漸被投資者所推崇。本文第二章通過(guò)對(duì)企業(yè)投資價(jià)值和企業(yè)投資價(jià)值評(píng)估的相關(guān)理論進(jìn)行了梳理,對(duì)各種投資價(jià)值評(píng)估方法的使用條件、使用方法和優(yōu)缺點(diǎn)進(jìn)行了論述,并指出一些評(píng)估方法在對(duì)我國(guó)創(chuàng)業(yè)板上市公司投資價(jià)值研究中的不適應(yīng)性。另外還概括介紹了我國(guó)目前對(duì)創(chuàng)業(yè)板上市公司投資價(jià)值的相關(guān)研究現(xiàn)狀,并在此基礎(chǔ)上提出本文擬采用的研究方法。 通過(guò)參考已有研究和結(jié)合我國(guó)創(chuàng)業(yè)板市場(chǎng)特征,本文第三章以創(chuàng)業(yè)板上市公司為研究對(duì)象,選取了175家創(chuàng)業(yè)板上市公司2011年的數(shù)據(jù)為樣本進(jìn)行研究。在第二章所綜述的企業(yè)投資價(jià)值以及評(píng)估方法的基礎(chǔ)上,共選擇了營(yíng)業(yè)毛利率、資產(chǎn)報(bào)酬率、凈資產(chǎn)收益率、成本費(fèi)用利潤(rùn)率、凈利潤(rùn)增長(zhǎng)率、營(yíng)業(yè)利潤(rùn)增長(zhǎng)率、應(yīng)收賬款周轉(zhuǎn)率、流動(dòng)資產(chǎn)周轉(zhuǎn)率、總資產(chǎn)周轉(zhuǎn)率、資產(chǎn)負(fù)債率、流動(dòng)比率、速動(dòng)比率、高管持股比例、第一大股東持股比例等14個(gè)財(cái)務(wù)指標(biāo)建立一個(gè)財(cái)務(wù)指標(biāo)綜合評(píng)價(jià)體系對(duì)我國(guó)創(chuàng)業(yè)板上市公司進(jìn)行企業(yè)投資價(jià)值進(jìn)行評(píng)估,選擇的時(shí)候參考他人已有的選擇方法和研究結(jié)果,同時(shí)結(jié)合深圳創(chuàng)業(yè)板市場(chǎng)的實(shí)際情況側(cè)重選取。 本文第四章對(duì)這14個(gè)指標(biāo)進(jìn)行因子分析,共提取出4個(gè)公共因子：盈利及成長(zhǎng)能力、抗風(fēng)險(xiǎn)能力、運(yùn)營(yíng)能力、公司治理情況,并對(duì)這4個(gè)方面進(jìn)行了詳細(xì)闡述。另外通過(guò)與創(chuàng)業(yè)板上市公司的上市條件要求進(jìn)行對(duì)比分析,認(rèn)為這4個(gè)方面正是創(chuàng)業(yè)板上市公司的幾個(gè)重要特征,因此認(rèn)為本文所選擇的指標(biāo)變量在判斷企業(yè)投資價(jià)值上是非常有效的。因子分析的結(jié)果得出了14個(gè)原始指標(biāo)變量在這4個(gè)公共因子上的得分,進(jìn)而計(jì)算出本文所選取的全部樣本公司的公共因子得分,將其加總后每個(gè)樣本公司得到一個(gè)總分,這便是對(duì)該樣本公司企業(yè)投資價(jià)值的評(píng)分,評(píng)分高則投資價(jià)值高,反之則相反。 本文第五章選取了在前述排名中靠前的東軟載波進(jìn)行案例研究,通過(guò)對(duì)其進(jìn)行行業(yè)層面和公司層面的深入分析對(duì)其進(jìn)行了投資價(jià)值的評(píng)估。其中,行業(yè)層面分析遵循了東軟載波的產(chǎn)品特征,按其主要產(chǎn)品所處的細(xì)分行業(yè)分別進(jìn)行了分析,主要從宏觀經(jīng)濟(jì)、國(guó)家政策、細(xì)分行業(yè)競(jìng)爭(zhēng)者情況等方面指出了它的產(chǎn)品所處行業(yè)的特征和發(fā)展機(jī)會(huì)。公司層面的分析主要分兩部分,一部分是對(duì)東軟載波的競(jìng)爭(zhēng)優(yōu)勢(shì)進(jìn)行全面分析,分別得出其具有技術(shù)優(yōu)勢(shì)、盈利模式優(yōu)勢(shì)、管理優(yōu)勢(shì)、客戶優(yōu)勢(shì)、區(qū)位優(yōu)勢(shì)五方面的優(yōu)勢(shì),并對(duì)每一方面分別進(jìn)行了詳細(xì)的論述；另一部分是對(duì)東軟載波進(jìn)行了簡(jiǎn)要的財(cái)務(wù)分析,通過(guò)選取公司近五年的重要財(cái)務(wù)指標(biāo)對(duì)公司進(jìn)行了縱深角度的分析。財(cái)務(wù)分析結(jié)果也印證了前文分析得出的衡量企業(yè)投資價(jià)值原始變量的4個(gè)公共因子所代表的4個(gè)方面的能力。本文對(duì)東軟載波行業(yè)分析和公司層面分析的結(jié)果認(rèn)為：1)該公司是其所處細(xì)分行業(yè)龍頭企業(yè),技術(shù)壁壘高,符合產(chǎn)業(yè)升級(jí)趨勢(shì)特點(diǎn)；2)該公司的主營(yíng)業(yè)務(wù)屬于國(guó)家的重點(diǎn)產(chǎn)業(yè)政策支持領(lǐng)域,且在未來(lái)幾年存在可預(yù)見(jiàn)的大量政府項(xiàng)目來(lái)源；3)該公司的競(jìng)爭(zhēng)優(yōu)勢(shì)突出,尤其是其具有可持續(xù)的自主研發(fā)能力；4)該公司的商業(yè)模式為其帶來(lái)較強(qiáng)的話語(yǔ)權(quán)和定價(jià)權(quán),且這種積累性優(yōu)勢(shì)在短期內(nèi)難以被模仿和超越。 最后得出本文結(jié)論,這就是第六章�；谇拔牡难芯�,本文主要結(jié)論有：1)因子分析方法能夠?qū)ι鲜泄就顿Y價(jià)值進(jìn)行較好的分析,它不能直接給出具備絕對(duì)好的投資價(jià)值的對(duì)象,但能定量的綜合評(píng)價(jià)結(jié)果在一定程度上推出可能具有較高投資價(jià)值的對(duì)象組別。投資者能夠按其排名判斷越靠前的公司越可能具備較高的投資價(jià)值,為進(jìn)一步深入研究某家公司的投資價(jià)值提供了基礎(chǔ)。2)本文對(duì)創(chuàng)業(yè)板上市公司所構(gòu)造的綜合財(cái)務(wù)指標(biāo)評(píng)價(jià)體系可以較為客觀的反映上市公司的經(jīng)營(yíng)狀況,比較科學(xué)地評(píng)價(jià)其企業(yè)的投資價(jià)值。對(duì)該板塊上市公司投資價(jià)值的研究可主要考慮幾個(gè)方面：盈利和成長(zhǎng)能力,營(yíng)運(yùn)能力、抗風(fēng)險(xiǎn)能力以及公司治理。3)通過(guò)本文綜合分析,300183東軟載波,300146湯臣倍健,300182捷成股份,300174元力股份,300171東富龍,它們都具有較高的因子綜合得分,相對(duì)來(lái)說(shuō)具有較高投資價(jià)值,投資者可適當(dāng)參考之。 因此本文是先從金融學(xué)和財(cái)務(wù)學(xué)的角度對(duì)所有樣本公司進(jìn)行了投資價(jià)值分析,根據(jù)分析結(jié)果,再?gòu)墓芾韺W(xué)的角度對(duì)一家具體的企業(yè)進(jìn)行投資價(jià)值的研究。管理學(xué)角度對(duì)投資價(jià)值的研究是對(duì)從金融學(xué)和財(cái)務(wù)學(xué)角度建立的財(cái)務(wù)綜合分析指標(biāo)體系研究結(jié)果的一個(gè)印證,驗(yàn)證所建立的財(cái)務(wù)綜合分析指標(biāo)體系和因子分析方法是否能夠?qū)ξ覈?guó)創(chuàng)業(yè)板上市公司投資價(jià)值進(jìn)行有效的評(píng)估。經(jīng)過(guò)本文的研究探尋,認(rèn)為本文所建立的財(cái)務(wù)綜合分析指標(biāo)體系和所采用的研究方法在一定程度上能較好的判斷我國(guó)創(chuàng)業(yè)板上市公司的投資價(jià)值,且按照這一方法所得出的具有投資價(jià)值的股票—東軟載波確實(shí)具有投資價(jià)值,另外按照本文對(duì)樣本公司的投資價(jià)值排名,排名靠前的公司也是具有相對(duì)較好的投資價(jià)值的公司,投資者可以作為參考。這也是本文的主要結(jié)論。因此本文的主要貢獻(xiàn)也在于對(duì)于我國(guó)創(chuàng)業(yè)板上市公司投資價(jià)值的評(píng)估方法的探尋,并得出了一個(gè)可供參考的和因子分析方法相結(jié)合的財(cái)務(wù)指標(biāo)評(píng)價(jià)體系。
[Abstract]:China at the end of October 2009 the establishment of the gem, the sector has more than 300 listed companies. Many investors of gem investment enthusiasm, mainly because of the GEM listed companies with high growth, investors in the future operation of high expectations, which is caused by the listed companies on the gem average price earnings ratio is much higher than the important the reason the two stock markets. Companies listed on GEM average price earnings ratio of 60 times, 2011 New "broken damp" makes many investors lose everything. It also makes a lot of investors in the gem investment prohibitive, not dare to invest. But in the GEM market there are good business, with high investment value of governance company. So how to correctly guide investment, optimize the capital allocation efficiency of resources in the market, the investors and the listed companies win-win, make Entrepreneurship The board of small and medium-sized enterprises at the beginning of the establishment of the objective - to support outstanding growth is related to the securities market and the social economic stability and development is a very important problem. In the first chapter, the background of this research are analyzed, explaining why to do research on the investment value of the listed companies, why to carry out research on Enterprise Based on the investment value, and why the GEM listed companies as the research object.
With the rapid development of China's securities market expands, relevant laws and regulations continue to improve, the idea of value investment by investors gradually respected. Relevant theories in the second chapter, through assessment of investment value and investment value are summarized, on a variety of investment value evaluation method using conditions, the use of methods and the advantages and disadvantages are discussed, and some evaluation methods on China's gem research value of investment in listed companies is not adaptive. Also introduces the current research on investment value of companies listed on gem of the present situation, and puts forward the research methods used in the paper.
By reference to existing research and combined with the characteristics of China's GEM market, the third chapter of the GEM listed companies as the research object, selected the 175 companies listed on GEM data in 2011 as the research sample. Based on the second chapter of the enterprise investment value and evaluation methods, choose the operating margin, rate of return on assets, return on net assets, cost profit, net profit growth rate, operating profit growth rate, accounts receivable turnover ratio, current asset turnover, total asset turnover, asset liability ratio, current ratio, quick ratio, the proportion of managerial ownership, the proportion of the first shareholder 14 financial the financial index to build a comprehensive evaluation index system of China's GEM listed company investment value evaluation, selection methods and results to choose when reference to previous, combined with deep The actual situation of the GEM market is focused on.
In the fourth chapter, the factor analysis of the 14 indexes, we extract 4 common factors: profitability and growth ability, anti risk ability, operation ability, corporate governance, and the 4 aspects in detail. In addition with the conditions listed on the GEM listed company requirements were analyzed, think this 4 aspects are the important characteristics of the GEM listed companies, so that the variables chosen in this paper is very effective in judging the investment value of enterprises. The results of factor analysis obtained a score of 14 original variables in the 4 common factors, and then calculate the factor scores of all the public Sample Firms the selected, the collection of each Sample Firms to get a total score, which is the Sample Firms and enterprise investment value of the score, score high, high investment value, and vice versa.
The fifth chapter selects in the rankings on Neusoft carrier before the case study, through in-depth analysis to evaluate the industry level and company level of its investment value on it. Among them, the industry level analysis follow the product feature of Neusoft carrier, according to its main products are industry segments respectively. The analysis, mainly from the macro economy, national policy, industry segments competitors etc. It pointed out that the products of the industry characteristics and development opportunities. Firm level analysis is mainly divided into two parts, one part is a comprehensive analysis of the competitive advantage of Neusoft carrier, then it has the advantage of technology, profit model, management customer advantage, advantage, advantage five advantages, and on each aspect are discussed in detail; the other part is the carrier of Neusoft in the financial Analysis of key financial indicators through the selection of the company nearly five years of perspective on the company. 4 common factors result in financial analysis also confirms the above analysis to measure the investment value of the original variables represent the ability of the 4 areas. Based on Neusoft load analysis and analysis of firm level results in a wave of industry that: 1) the company is the breakdown of the industry leading enterprises, technical barriers, in line with industrial upgrading trend; 2) the field of policy support key industries of the company's main business belong to the state, and in the next few years in a large number of government project is foreseeable; 3) the company's competitive advantage prominent, especially the sustainable ability of independent research and development; 4) the business model of the company have a strong voice and pricing for it, and the accumulation of advantage in the short term is difficult to be imitated and super The more.
Finally the conclusion of this paper, this is the sixth chapter. Based on the above research, the main conclusions of this paper are: 1) factor analysis method can better analysis of the investment value of listed companies, it can not directly give objects with absolute good investment value, but the quantitative comprehensive evaluation results launch may have a higher investment value the target groups to a certain extent. Investors can judge according to their ranking by the company is more likely to have a higher investment value, provides the basis for the further study of the.2 of a company's investment value) comprehensive financial index of the structure of listed companies on the gem evaluation system can reflect objectively the operation of Listed Companies in comparison, the scientific evaluation of the enterprise investment value. Research on the plate of the investment value of listed companies can be considered the main aspects: profitability and growth Ability, operation ability, anti risk ability and corporate governance.3) through comprehensive analysis in this paper, 300183 Neusoft carrier, 300146 health, 300182 Jebsen shares 300174 yuan, 300171 shares, tofflon, factor scores are high, relatively high investment value, investors may be appropriate to reference.
This paper is from the perspective of Finance and finance for all Sample Firms has carried on the analysis of investment value, according to the results of the analysis, research from the perspective of management of a specific enterprise investment value. The investment value of the research on the theory of management is a proof of the finance and financial perspective establishment the comprehensive financial analysis index system research results, verify the comprehensive financial analysis index system and factor analysis method to China's GEM listed company investment value for effective evaluation. Through this research, that comprehensive analysis of financial index system established in this paper and the research methods can be better the judgment of China's gem investment value of the listed company to a certain extent, and according to this method obtained has the investment value of the stock of Neusoft carrier. Has investment value, in accordance with the investment value of the Sample Firms's ranking, ranking the company also has a relatively good investment value of the company, investors can serve as a reference. This is also the main conclusion of this paper. Therefore, the main contribution of this paper is to explore and evaluation methods for companies listed on GEM investment value. And the financial evaluation index system combining a reference and factor analysis method.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F832.51

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