本文關(guān)鍵詞： 創(chuàng)業(yè)板 限售股 解禁 績效　出處：《山東大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：創(chuàng)業(yè)板的設(shè)立宗旨是服務(wù)高科技、創(chuàng)新性企業(yè)。因此創(chuàng)業(yè)板的上市標(biāo)準(zhǔn)不同于成熟的主板市場。同時(shí)由于企業(yè)的初生性和未來發(fā)展模式的不確定性,投資創(chuàng)業(yè)板企業(yè)的風(fēng)險(xiǎn)更高。所以,在創(chuàng)業(yè)板首發(fā)限售股解禁之后,普通投資者會(huì)面臨更大的風(fēng)險(xiǎn)。本文分析了創(chuàng)業(yè)板首發(fā)股解禁對(duì)企業(yè)業(yè)績的影響,并對(duì)創(chuàng)業(yè)板今后的改進(jìn)方向進(jìn)行了討論。 我國創(chuàng)業(yè)板成立的時(shí)間不長,學(xué)術(shù)界一般以主板市場為研究對(duì)象,而研究創(chuàng)業(yè)板則受到成立周期短、樣本有限等客觀條件的限制。根據(jù)文獻(xiàn)搜索結(jié)果,目前的學(xué)術(shù)界研究集中在兩個(gè)方面：1、研究限售股解禁對(duì)股票市場股價(jià)的影響；2、國企股份改制對(duì)公司績效的影響。很少有人研究的首發(fā)限售股解禁對(duì)創(chuàng)業(yè)板公司的業(yè)績影響。在本文中,我們基于市場的統(tǒng)計(jì)數(shù)據(jù),研究創(chuàng)業(yè)板“首發(fā)限售股”解禁對(duì)“企業(yè)績效的影響”。通過分析財(cái)務(wù)指標(biāo),讓大家對(duì)創(chuàng)業(yè)板的金融服務(wù)體系有一個(gè)全面的、清晰的認(rèn)識(shí)。并就如何增強(qiáng)上市公司的治理能力,提高公司的績效展開了討論。 本文的特點(diǎn)是從實(shí)證的角度來研究首發(fā)限售股解禁對(duì)企業(yè)績效的影響。其中的研究對(duì)象包括財(cái)務(wù)指標(biāo)、主成分和企業(yè)綜合績效。先用配對(duì)樣本T檢驗(yàn)對(duì)財(cái)務(wù)指標(biāo)進(jìn)行對(duì)比分析,比較了上市前后的財(cái)務(wù)指標(biāo)是否有顯著性變化。再用對(duì)十幾個(gè)財(cái)務(wù)降維,提煉出盈利能力、償還能力、成長能力、營運(yùn)能力等幾個(gè)主成分,最后得到主成分權(quán)重系數(shù)表達(dá)的綜合績效表達(dá)式。其中采用配對(duì)樣本T檢驗(yàn)各項(xiàng)指標(biāo)的前后顯著性變化,總結(jié)出解禁前后企業(yè)的整體運(yùn)營狀況。全文分為以下部分： 第一章闡述了研究的背景、意義、思路、框架及創(chuàng)新點(diǎn)。 第二章系統(tǒng)地介紹了委托代理理論、控制權(quán)理論、產(chǎn)權(quán)理論等基礎(chǔ)理論,以及學(xué)術(shù)界在大小非解禁、公司治理、股價(jià)影響等方面的著作。 第三章是論文的主體部分。包括研究方法綜述、指標(biāo)的選取、主成分降維、綜合績效分析。 第四章先分析了解禁對(duì)公司的財(cái)務(wù)指標(biāo)及綜合績效造成影響的原因,再針對(duì)如何增強(qiáng)上市公司的治理,提高公司的績效進(jìn)行了討論。并對(duì)下一步的研究進(jìn)行了展望。
[Abstract]:The purpose of establishment of gem is to serve high-tech and innovative enterprises. Therefore, the listing standard of gem is different from that of mature main market. At the same time, due to the incipient nature of enterprises and uncertainty of future development mode. The risk of investing in gem enterprises is higher. Therefore, after lifting the ban on the IPO of gem, ordinary investors will face greater risk. This paper analyzes the impact of the release of gem IPO shares on the performance of enterprises. The improvement direction of gem in the future is also discussed. The establishment of gem in our country is not long, the academic circles generally take the main board market as the research object, but the research gem is limited by the objective conditions such as short period of establishment, limited sample and so on. The current academic research focuses on two aspects: 1, to study the impact of the release of restricted shares on the stock market stock price; 2, the influence of state-owned enterprise stock reform on the performance of the company. Few people study the impact of the release of the initial restricted share on the performance of gem companies. In this paper, we based on the market statistics. Through the analysis of financial indicators, we can have a comprehensive view of the financial service system of gem. It also discusses how to strengthen the governance ability and improve the performance of listed companies. The characteristics of this paper is to study the impact of the release of restricted shares on corporate performance from the perspective of empirical research, including financial indicators. Principal component and comprehensive performance of the enterprise. First, using paired sample T-test to compare the financial indicators before and after the listing, compared whether there are significant changes in the financial indicators. Then used to reduce the financial dimension of more than a dozen. Extract several principal components, such as profitability, repayment ability, growth ability, operating ability, etc. Finally, the comprehensive performance expression of the principal component weight coefficient is obtained, in which the paired sample T is used to test the significant changes of the indexes before and after. The whole operation of the enterprise before and after the lifting of the ban is summarized. The full text is divided into the following parts: The first chapter describes the background, significance, ideas, framework and innovation of the research. The second chapter systematically introduces the principal-agent theory, control theory, property rights theory and other basic theories, as well as academic works on the size of non-lifting, corporate governance, stock price impact and so on. The third chapter is the main part of the thesis, including research methods, selection of indicators, principal component dimension reduction, comprehensive performance analysis. Chapter 4th first analyzes the reasons for the impact of lifting the ban on the financial indicators and comprehensive performance of the company, and then aims at how to strengthen the governance of listed companies. The improvement of the company's performance is discussed, and the future research is prospected.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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