【作者】 张力；

【导师】 穆林娟；

【作者基本信息】 北京工商大学 ， 会计学， 2010， 硕士

【摘要】 2009年10月30日,创业板首批28家公司正式上市,这意味着内地创业板在经过长期的酝酿和准备后正式上市。在创业板上市的公司多为中小企业中的佼佼者,具有良好的成长潜力和发展前景。因此,研究这些公司成长性的影响因素,一方面可以为后续关于创业板的研究提供一定的理论和数据支持,另一方面也可以为后续上市的创业板公司的成长提供借鉴,具有一定的理论和现实意义。本文以截止到2010年1月底上市的50家创业板公司为研究对象,基于财务视角,采用理论分析与实证检验相结合的方法,研究了影响创业板公司成长性的因素。全文共分为六章,首先介绍了本文的研究背景意义、研究方法、创新点、局限性并进行了相关文献的回顾;其次对创业板公司的基本情况进行了简要概述;再次对公司的成长性进行了界定,并对我国创业板公司的成长性进行了总体描述,然后回顾了基于规模经济的企业成长理论、企业规模与企业成长理论、生命周期理论以及企业内在成长理论等关于成长性影响因素的经典理论和现有的研究成果,并以此作为实证研究的理论基础;再然后采用相关性分析和因子分析对样本进行了实证检验,最后,对创业板公司的未来成长提出相应的建议,并且指出了本研究的不足和下一步的研究方向。通过理论和实证分析,本文得出盈利及抗风险能力因子、偿债能力因子、研发与管理费用因子都会对一个公司的成长产生显著的影响,而成本费用控制能力因子、营运能力因子、资产规模并不显著的影响创业板公司的成长。这一结果将有助于我们认识创业板公司成长性的影响因素,并为其他后续上市的创业板公司的未来成长与发展提供借鉴。更多还原

【Abstract】 On October 30, 2009, the first 28 companies went public in the GEM, which means that the GEM appears in the mainland over a long-term deliberation and preparation. GEM-listed companies are in leading position among small and medium enterprises and they have good growth potential and development prospects. Therefore, the study on the impact factors of the company’s growth, on the one hand, can provide some theoretical and data support for the follow-up studies on the GEM. On the other hand, it can also provide reference to other GEM-listed companies. So it has a certain theoretical and practical significance.The object of the study is 50 GEM-listed companies before the end of January 2010. We studied the impact factors of GEM-listed companies’ growth based on the financial perspective, using a method of combination of theoretical analysis and empirical tests. Full-text is divided into six chapters. Firstly, it introduced the background and significance of this research, research methods, innovative point, limitations and carried out a review of relevant literature; Secondly, it gave a brief overview of GEM and 50 GEM-listed companies; Thirdly, it gave definition of the company’s growth and descript the general situation of 50 GEM-listed companies; Fourthly, it reviewed classical theory about impact factors of the growth of an enterprise, such as the growth theory based on economies of scale, relationship between firm size and enterprise growth theory, life-cycle theory, enterprise endogenous growth theory and we used these as theoretical foundation of the empirical research; Fifthly, we did empirical test using correlation analysis and factor analysis; Finally, it made recommendations to the GEM-listed companies and pointed out the deficiencies of this study and future research directions. Through theoretical and empirical analysis, we discovered profits and anti-risk ability factor, solvency factor, R&D and management cost factor of a company will significantly impact a GEM-listed companies’ growth, while the cost control factor, operating capacity factor, asset size are not significant impact factors. This result will help us to understand the impact factors of GEM-listed companies’ growth, and provide reference for following GEM-listed companies’ growth and development.更多还原