本文關(guān)鍵詞：我國(guó)創(chuàng)業(yè)板上市公司估值研究　出處：《天津師范大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板 市盈率法 剩余收益模型 行業(yè)和概念指標(biāo)

【摘要】：創(chuàng)業(yè)板作為資金融通的渠道存在,為科技型和服務(wù)類的創(chuàng)業(yè)中小企業(yè)提供了便捷的選擇；但是創(chuàng)業(yè)板本身存在時(shí)間短,成熟市場(chǎng)上運(yùn)用有效的估值方法和理論在遷移到創(chuàng)業(yè)板時(shí),需要考慮其自身特征和上市企業(yè)的行業(yè)屬性。本文對(duì)創(chuàng)業(yè)板的發(fā)展歷程和創(chuàng)建基礎(chǔ)做了梳理,對(duì)應(yīng)用成熟估值方法對(duì)創(chuàng)業(yè)企業(yè)估值做出了初步的探討,并且以2013年的股市月度數(shù)據(jù)對(duì)相對(duì)估值法中的市盈率、動(dòng)態(tài)市盈率、市凈率和市銷率等在應(yīng)用中的長(zhǎng)處和局限性做出了討論,對(duì)剩余收益模型進(jìn)行改造使其和估值比率結(jié)合反映創(chuàng)業(yè)板股票價(jià)格波動(dòng)規(guī)律。本文還對(duì)各主要市場(chǎng)及指數(shù)間在市盈率等指標(biāo)間的差異做了描述性統(tǒng)計(jì),得出創(chuàng)業(yè)板自身在生命周期內(nèi)的特色；此外,對(duì)創(chuàng)業(yè)板內(nèi)的行業(yè)市盈率間的差別做了相關(guān)變量統(tǒng)計(jì),認(rèn)為市盈率在公共服務(wù)領(lǐng)域內(nèi)的差別不大,在其他行業(yè)內(nèi)的差別比較明顯尤其是在商業(yè)服務(wù)和科技領(lǐng)域。在對(duì)創(chuàng)業(yè)板發(fā)展歷程的研究中,本文做了比較分析,以國(guó)外創(chuàng)業(yè)板及我國(guó)香港及大陸創(chuàng)業(yè)板的發(fā)展歷程做出劃分,對(duì)主板市場(chǎng)和創(chuàng)業(yè)板的差異、中外創(chuàng)業(yè)板的差異都做了細(xì)致的整理工作,在對(duì)比中主要涉及上市及退市制度和信息披露方面的差別以及指標(biāo)要求的沿革；在對(duì)創(chuàng)業(yè)板建立基礎(chǔ)的分析中,通過(guò)借鑒以往的研究成果,認(rèn)為主要包含交易層面、技術(shù)層面、產(chǎn)業(yè)層面和國(guó)家戰(zhàn)略層面的基礎(chǔ)性變革要求。 本文結(jié)論主要有：(1)成熟市場(chǎng)關(guān)于股票定價(jià)的折現(xiàn)現(xiàn)金流模型并不適用于直接對(duì)創(chuàng)業(yè)板進(jìn)行估值,因?yàn)樵摲椒A(yù)測(cè)現(xiàn)金流穩(wěn)定可預(yù)期不符合創(chuàng)業(yè)板公司的基本事實(shí)；(2)相對(duì)估價(jià)法在實(shí)際應(yīng)用中展現(xiàn)了它的價(jià)值,作為可比公司的選定上,以歷史的公司自身作為比較,雖然可能導(dǎo)致循環(huán)論證的結(jié)果,但是估值的本質(zhì)也并不在于給出精確的數(shù)值：(3)剩余收益模型將會(huì)計(jì)數(shù)據(jù)和公司價(jià)值聯(lián)系起來(lái),利用其思想結(jié)合賬面凈資產(chǎn)可以得到持續(xù)經(jīng)營(yíng)的公司價(jià)值；(4)創(chuàng)業(yè)板的建立有一定的歷史和邏輯基礎(chǔ),在其發(fā)展過(guò)程中人們對(duì)其認(rèn)識(shí)逐漸加深；雖然目前CAPM模型驗(yàn)證其并非有效市場(chǎng),但是作為中國(guó)自主創(chuàng)新行業(yè)資本流動(dòng)的快捷渠道已經(jīng)展現(xiàn)出不同的特征；(5)綜合指標(biāo)對(duì)股價(jià)的解釋能力要低于更為細(xì)化的行業(yè)和概念指標(biāo)。
[Abstract]:The gem as a financing channel, provides a convenient choice for science and technology and service business of small and medium-sized enterprises; but the gem itself exists in a short time, the mature market valuation method and the theory of effective use of the gem in the migration, the need to consider its own characteristics and attributes of the industry. This paper listed enterprise development the course of the gem and create a foundation to do the sort, the application of mature valuation method to make a preliminary study on enterprise valuation, and the stock market in 2013 monthly data on the relative valuation method in earnings, earnings dynamic, strengths and limitations, and the net rate of sales ratio in the application of the discussion on the residual income model to the transformation and combination of the gem valuation ratio can reflect the law of stock price fluctuation. The major market index and between earnings and other indicators of the difference Do different descriptive statistics, the gem itself in the life cycle characteristics; in addition, the difference between the price earnings ratio of the gem in the industry to do the related variables statistics, that earnings in the public service in the field of little difference in other industries the difference more obvious especially in the field of science and technology and business services in the research on the development history of the gem, this paper made a comparative analysis on the development process of overseas gem and Hongkong and Mainland China gem to divide, differences on the main market and gem, gem of the difference between China and foreign countries have done a detailed finishing work, in contrast, mainly related to the listing and delisting system and information disclosure requirements of the difference and the index; in the analysis is based on the gem, by referring to the previous research results, mainly includes the transaction level, technical level, production The basic change requirements of the industry level and the national strategic level.
In this paper, the main conclusions are: (1) the mature market on the stock pricing model of discount cash flow does not apply to direct the valuation of the gem, because this method can be expected to forecast cash does not conform to the basic facts of the gem's steady flow; (2) the relative valuation method in the practical application shows its value as the comparable companies selected, in the history of the company itself as a comparison, although it may lead to circular reasoning results, but also the essence of valuation is not give accurate numerical: (3) the residual income model accounting data and the company value of the link, using the thought of combination of the carrying amount of the net assets value of the company can get sustainable management; (4) the establishment of GEM has a historical and logical basis, in the process of development of the understanding of the people gradually deepened; although the CAPM model to verify its effect but not the market. As a fast way of capital flow in China's independent innovation industry, it has shown different characteristics. (5) the explanatory power of comprehensive index to share price is lower than the more detailed industry and conceptual indicators.

【學(xué)位授予單位】：天津師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51;F276.6

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