【摘要】：隨著我國(guó)改革開放進(jìn)程逐步深化,社會(huì)主義市場(chǎng)經(jīng)濟(jì)的不斷向前發(fā)展,中小企業(yè)對(duì)于我國(guó)經(jīng)濟(jì)發(fā)展的貢獻(xiàn)越來(lái)越突出。然而,我國(guó)的中小企業(yè)的自身特性決定了其在復(fù)雜經(jīng)濟(jì)環(huán)境中,面臨著受經(jīng)濟(jì)波動(dòng)影響大、自身管理水平差、融資困難等問(wèn)題,成為其進(jìn)一步發(fā)展的瓶頸。要走出發(fā)展的困境,中小企業(yè)必須實(shí)現(xiàn)從傳統(tǒng)制造加工向自主科技創(chuàng)新的轉(zhuǎn)型,在這條轉(zhuǎn)型之路上,資本市場(chǎng)是促進(jìn)中小企業(yè)自身發(fā)展的有力杠桿。對(duì)于創(chuàng)新創(chuàng)業(yè)型的中小企業(yè),直接融資相對(duì)于銀行信貸等間接融資方式更加實(shí)用與合適,隨著全國(guó)中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)的推出,我國(guó)多層次資本市場(chǎng)建設(shè)的逐漸完善,這些有一定規(guī)模的中小企業(yè)迎來(lái)了發(fā)展的良好機(jī)遇。 通過(guò)對(duì)已經(jīng)在全國(guó)中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)掛牌的公司進(jìn)行財(cái)務(wù)分析,將幫助市場(chǎng)各主體,尤其是增加投資者對(duì)于全國(guó)股轉(zhuǎn)掛牌公司的了解,對(duì)這些公司的財(cái)務(wù)狀況、經(jīng)營(yíng)成果、現(xiàn)金流量、科技創(chuàng)新投入、發(fā)展?jié)摿Φ刃纬梢粋�(gè)初步的判斷。在此基礎(chǔ)上對(duì)全國(guó)股轉(zhuǎn)掛牌公司的價(jià)值評(píng)價(jià),將會(huì)判斷這個(gè)市場(chǎng)是否有發(fā)展的前景,讓市場(chǎng)主體能夠有充足的準(zhǔn)備來(lái)面對(duì)這些公司已經(jīng)暴露和即將面臨的問(wèn)題。 本文以全國(guó)股轉(zhuǎn)掛牌公司為研究對(duì)象,在對(duì)掛牌公司概況、特征進(jìn)行介紹的基礎(chǔ)上,針對(duì)其資本結(jié)構(gòu)、盈利狀況、研發(fā)投入、市場(chǎng)潛力等方面進(jìn)行了財(cái)務(wù)分析。本文通過(guò)對(duì)掛牌公司的描述性統(tǒng)計(jì)發(fā)現(xiàn),掛牌公司平均資產(chǎn)負(fù)債率較低,大部分企業(yè)沒(méi)有銀行借款,資產(chǎn)流動(dòng)性較強(qiáng),流動(dòng)比率較高,但是存貨和應(yīng)收款項(xiàng)占比較大；其次,掛牌企業(yè)盈利能力差別很大,總體來(lái)看,毛利較高但是凈利潤(rùn)較低,企業(yè)管理成本壓力大。通過(guò)與創(chuàng)業(yè)板上市公司作對(duì)比,可以發(fā)現(xiàn),全國(guó)股轉(zhuǎn)掛牌公司自身的發(fā)展?jié)摿εc財(cái)務(wù)風(fēng)險(xiǎn)并存,雖然在公司規(guī)模和盈利能力上與創(chuàng)業(yè)板上市公司有差距,但是掛牌公司發(fā)展的包袱更小,資產(chǎn)質(zhì)量更高。只要在自身的細(xì)分市場(chǎng)上占據(jù)主動(dòng),就能夠?qū)崿F(xiàn)企業(yè)的經(jīng)營(yíng)目標(biāo)。 本文從行業(yè)特征、營(yíng)運(yùn)水平、研發(fā)能力、融資成果等方面構(gòu)建成適合全國(guó)股轉(zhuǎn)掛牌公司發(fā)展特點(diǎn)的成長(zhǎng)性評(píng)價(jià)體系,運(yùn)用綜合評(píng)價(jià)方法對(duì)于已經(jīng)掛牌的部分公司進(jìn)行了成長(zhǎng)性的分類評(píng)價(jià),提出了促進(jìn)全國(guó)股轉(zhuǎn)掛牌公司進(jìn)一步發(fā)展的具體措施,以期望企業(yè)能夠提高自己實(shí)力,增強(qiáng)市場(chǎng)競(jìng)爭(zhēng)力,實(shí)現(xiàn)企業(yè)自身經(jīng)營(yíng)目標(biāo)。在成長(zhǎng)性上,針對(duì)全國(guó)股轉(zhuǎn)這個(gè)市場(chǎng)的特點(diǎn),已經(jīng)定向發(fā)行成功的企業(yè)成為研究的重點(diǎn),本文對(duì)于其進(jìn)行了整體的分析,并對(duì)幾家發(fā)行次數(shù)較多的企業(yè)進(jìn)行了案例分析,從融資的效果為出發(fā)點(diǎn)評(píng)價(jià)企業(yè)的成長(zhǎng)性是本文的創(chuàng)新點(diǎn)。對(duì)于企業(yè)的成長(zhǎng)性評(píng)價(jià)應(yīng)該是一個(gè)長(zhǎng)期的過(guò)程,但是全國(guó)股轉(zhuǎn)成立時(shí)間太短,其掛牌公司的歷史數(shù)據(jù)不能夠滿足研究的需求,研究的結(jié)果僅體現(xiàn)在短期內(nèi)的狀態(tài),未來(lái)的成長(zhǎng)性還需要長(zhǎng)期的觀察。
[Abstract]:With the deepening of China's reform and opening up process and the continuous development of socialist market economy, the contribution of small and medium-sized enterprises to China's economic development is becoming more and more prominent. However, the characteristics of small and medium-sized enterprises in our country decide that in the complex economic environment, they are faced with the problems of great influence of economic fluctuation, poor management level, difficulty in financing and so on, which become the bottleneck of their further development. In order to get out of the predicament of development, small and medium-sized enterprises must realize the transition from traditional manufacturing and processing to independent scientific and technological innovation. On this transition road, capital market is a powerful lever to promote the development of small and medium-sized enterprises themselves. For innovative and entrepreneurial SMEs, direct financing is more practical and appropriate than indirect financing methods such as bank credit. With the introduction of the national small and medium-sized enterprises share transfer system, the construction of the multi-level capital market in China has been gradually improved. These small and medium-sized enterprises of a certain scale ushered in a good opportunity for development. Through the financial analysis of companies that have already been listed in the national small and medium-sized enterprises share transfer system, it will help the main bodies of the market, especially to increase the investors' understanding of the national stock transfer companies, the financial situation of these companies, and the results of their operations. Cash flow, scientific and technological innovation investment, development potential and so on to form a preliminary judgment. On this basis, the evaluation of the value of the national stock exchange companies will determine whether the market has a prospect of development, so that the market main body can be fully prepared to face the problems that these companies have already exposed and are about to face. Based on the introduction of the general situation and characteristics of the listed companies, this paper analyzes the capital structure, profitability, R & D investment, market potential and so on. Through the descriptive statistics of listed companies, it is found that the average asset-liability ratio of listed companies is relatively low, most enterprises do not have bank loans, asset liquidity is strong, the current ratio is high, but inventory and receivables account for a large proportion; Secondly, the profitability of listed enterprises is very different. Overall, gross profit is high but net profit is low, and the pressure of management cost is great. By comparing it with gem listed companies, we can find that the development potential and financial risk of the listed companies in the whole country coexist, although there is a gap between the listed companies and the listed companies in terms of company size and profitability. But listed companies have a smaller burden of development and higher asset quality. As long as they take the initiative in their own market segments, they can achieve their business objectives. In this paper, from the aspects of industry characteristics, operating level, R & D capability, financing results and so on, we construct a growth evaluation system suitable for the development characteristics of national stock conversion and listing companies. By using the method of comprehensive evaluation, the paper evaluates the growth of some listed companies, and puts forward some concrete measures to promote the further development of the listed companies in order to improve their strength and enhance their market competitiveness. To achieve the business objectives of the enterprise itself. In terms of growth, in view of the characteristics of the national stock market, the enterprises that have been issued successfully have become the focus of the research. This article has carried on the overall analysis to it, and has carried on the case analysis to several enterprises which have issued more times. The innovation of this paper is to evaluate the growth of enterprises from the point of view of the effect of financing. The evaluation of the growth of enterprises should be a long-term process, but the national stock conversion period is too short, the historical data of the listed companies can not meet the needs of the research, and the results of the research are only reflected in the state of the short term. Future growth will require long-term observation.
【學(xué)位授予單位】：財(cái)政部財(cái)政科學(xué)研究所
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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