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中小板上市企业成长性与成长环境实证分析

An Emprical Analysis on the Growth and Growing Environment of Sme Listed Enterprises

【作者】 金慧英

【导师】 池仁勇;

【作者基本信息】 浙江工业大学 , 技术经济及管理, 2012, 硕士

【摘要】 中小板上市企业是在我国深圳证券交易所中小企业板上市的具有良好成长性和较高科技含量的中小企业,大多为行业龙头或标杆,对其它中小企业的成长有着良好的典范作用;同时上市后的中小企业成长好坏关系着普通投资者的收益与财富,关系着地区经济的推动与发展。因此,对这些中小板上市企业成长问题的研究就显得尤为必要,政府、企业及投资者只有在客观、全面把握企业成长状况,正确认识企业所处成长环境的基础上才能进行科学的决策。本文在借鉴国内外相关理论研究成果和大量文献资料的基础上,界定了我国中小板上市企业成长问题的研究内容---成长性和成长环境。文章通过理论结合实际,在明确中小板上市企业成长性与成长环境内涵的基础上,结合前人研究分别构建了评价我国中小板上市企业成长性与成长环境的两套指标体系,并以中小板502家上市企业为样本,利用突变级数法和ZWSJRSCK分析法得到30个省市地区的实证评价结果。但文章并不局限于对两者的单独评价分析,而是利用相关分析及多元回归模型对两者间的具体影响关系进行深入探究,然后得出实证分析结论。继而根据地区中小板上市企业成长性得分排名划分出成长性较高与较低的两组地区,通过分析重要环境因素对成长性影响的实际情况,验证实证模型结论的有效性。最后,针对本文研究成果提出一些提升我国中小板上市企业成长性的环境政策建议。

【Abstract】 SME listed enterprises have good growth potential and high sci-tech content. They are almost the flagship of the industry and the models of others. So it’s important for the government, enterprise and investor to know the growth and growing environment of the SMEs objectively and accurately, so that they could make scientific decisions.Based on the relevant theories and lots of researches home and aboard, the thesis points out the research content of Chinese SME listed enterprises---growth and growing environment. Integrating theory with practice and based on the definition of the growth and growing environment about Chinese SME listed enterprises, we build two sets of indicators to evaluate and analyze them independently, taking 502 SME listed companies as samples, using the Catastrophe Progression Method and ZWSJRSCK analysis method get the empirical evaluation and analysis results of 30 provinces and cities. It’s not only a simple independent evaluating analysis, but also does a deep research on the detail relationship between them, using Correlation Analysis and Multivariate Regression Model get the empirical influence conclusion between the growing environment factors and growth of these SME listed enterprises. Then according to growth scores of SME listed enterprises list a high growth and a low growth areas group, by analyzing the actual influences between environment factors with the growth, in order to verify the empirical model conclusion validity. Finally, proposes some environment policy and recommendations to promote SME listed enterprises growth.

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