本文選題：創(chuàng)業(yè)板　切入點：公司估值　出處：《浙江大學》2012年碩士論文　論文類型：學位論文

【摘要】：市盈率(每股市價/每股收益,P/E)是衡量公司價值時,使用最多的相對估值指標之一。不同國家、地區(qū)的各個企業(yè)市盈率之間往往存在著較大的差異。中國創(chuàng)業(yè)板市場自2009年設立以來,上市公司市盈率水平及波動幅度均明顯高于主板及中小板市場。本文使用2009-2011年的數(shù)據(jù),對我國創(chuàng)業(yè)板上市公司市盈率的決定因素進行了理論剖析和實證分析,試圖分析創(chuàng)業(yè)板上市公司高市盈率是否合理,以及除了經(jīng)典模型所揭示的因素外,哪些創(chuàng)業(yè)板上市公司特有的因素或市場結構對于中國股市的高市盈率起到了支撐作用。 文章首先探索了經(jīng)典理論模型以及其他公認的市盈率影響因素對于中國創(chuàng)業(yè)板市場的市盈率的解釋力度,并為公司成長性、風險大小、盈利能力、杠桿率水平等選定了相應的度量指標。然后,本文重點關注了行業(yè)平均市盈率水平、公司規(guī)模和公司治理結構等因素對于市盈率的影響,以期建立解釋度較高的創(chuàng)業(yè)板上市公司市盈率決定因素模型。 本文對可能影響市盈率的因素分別進行了相關分析和回歸分析,區(qū)分了(1)僅包括經(jīng)典理論所揭示的變量的模型,與(2)加入了創(chuàng)業(yè)板上市公司特征的變量模型,并對不同的回歸結果進行了比較分析。 文章發(fā)現(xiàn),經(jīng)典理論所揭示的因素對于創(chuàng)業(yè)板上市公司市盈率的影響是顯著的。將市場環(huán)境下的成長性作為經(jīng)典理論中的考慮因素之一,可能更好的解釋創(chuàng)業(yè)板上市公司市盈率的水平及其變化。
[Abstract]:The price earnings ratio (per share price / earnings per share, P/E) is a measure of the value of the company, one of the most used indicators of relative valuation. In different countries, between the area of each enterprise earnings have great difference. Since the Chinese GEM listed companies since 2009 to set up, the level of earnings and volatility were significantly higher than the motherboard and the small and medium-sized market. This paper used 2009-2011 years of data on the earnings of listed companies on GEM determinants are the theoretical analysis and empirical analysis, tries to analyze the listed companies on the gem high price earnings ratio is reasonable, and the factors in addition to classical model reveals, what unique GEM listed companies or market factors the structure for high earnings Chinese stock market rate has played a supporting role.
This article first explores the classical theory model and other recognized earnings factors for the explanation of China gem market price earnings ratio, and growth for the company, the size of the risk, profitability, leverage level selected the appropriate measurement indicators. Then, this paper focuses on the industry average price earnings ratio, the company the scale and structure of corporate governance and other factors affect the price earnings ratio, in order to establish a high degree of interpretation of the GEM listed company earnings determinants model.
In this paper, the influencing factors of earnings were correlation analysis and regression analysis, the distinction between the (1) includes only revealed by the classical theory of variables in the model, and (2) joined the variable model of companies listed on GEM characteristics, and the different regression results are compared and analyzed.
The paper finds that the factors revealed by classic theories have significant impact on earnings per share of GEM listed companies. Taking market growth as a consideration in classical theory, it may better explain the level and change of price earnings ratio of GEM listed companies.

【學位授予單位】：浙江大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

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本文編號：1568049