企业财务指标对科创板上市公司成长性影响的实证分析

AN EMPIRICAL ANALYSIS OF THE IMPACT OF CORPORATE FINANCIAL INDICATORS ON THE GROWTH OF LISTED COMPANIES IN SSE SCITECH INNOVATION BOARD

胡沛

11849163

硕士

金融

何佳

2020-05-28

2020-06-30

哈尔滨工业大学

深圳

中小型企业与生俱来有着高成长性，所以在经济学和金融学的原理看来，他们应该本能的可以吸引资本对其进行注资投资并进行相应的生产活动。但实际上，在许多国家和地区，现实的情况却是，中小企业融资难是一个普遍存在的问题。中国的银行业在改革开放以来初期阶段对国家的发展起到了规模上促进增长的作用，但是在中小企业的发展中所起到的作用就显得较为苍白无力。尤其是在我国当下特殊的。经济阶段，我们国家的经济发展模式已经由高增长转化为高质量的发展的范式。中小企业是我国经济发展的转型的主力军，尤其是科技创新型的企业。因此我国对资本市场资金进行合理的导流，使他们流向更有朝气更加有潜力的企业将会有助于我国资本市场进一步的繁荣和经济的进一步发展。在这种情势下，兼顾国内外复杂的经济环境，科创板应运而生。有相当多的学者研究和理论成果都显示，成长性是中小科技创新企业长远发展的重点所在。故，我们需要对成长性给予关注，这便是本篇论文选题的原因所在。 我们回顾了资本市场的运作方式和创业资本的发展相关理论，并且在企业成长性的方面探讨了相关的现状。我们详细研读了许多组织和机构报告，发现在世界上广泛的国家和地区经济体中都存在着大量的融资缺口。相关学者总结了中小企业在经济发展中的扮演的重要角色和不可或缺的作用。我们研讨了财务结构资本结构对于一个企业，尤其是科创板企业发展的相关影响。我们还引用了Modigliani-Miller定理和其他学者对于该定理的各种支持和驳斥的观点。 我们对于科创板这一全新的市场板块给予了高度的关注，探讨了科创板的市场定位、成立的原因、相关改革创新举措以及目前存在的问题。在分析了科创板的相关特点后，结合已有的研究对于企业成长性的分析和论述，我们也对企业成长性作了相关的实证分析。我们实证分析的过程包括了对于科创板企业成长性综合指标的选取和确立，以及用企业的资本结构解释这一综合性的成长性评判指标两个过程。我们发现企业资本结构中流动资产的占比、固定资产的占比以及企业整体的规模这三个因素，对于解释企业综合成长性有着很好的拟合优度。该统计学分析结果验证了我们的猜想，也就是科创型企业应该关注自身资产的结构是否符合长远发展的需要，企业的资产组成结构对于企业的长远发展和成长性有着重要的作意义。

Small and medium-sized enterprises (SMEs) are born with high growth, so according to the principles of economics and finance, they should instinctively attract capital to invest in them and carry out corresponding production activities. But in fact, in many countries and regions, it is the fact that the financing difficulty of small and medium-sized enterprises is a universal problem. Since the beginning of reform and opening up, China's banking industry has played a role in promoting the growth of the scale of the country's development, but the role played in the development of small and medium-sized enterprises is relatively weak. Especially in our country for this very moment. In the economic stage, China's economic development model has been transformed from high growth to high-quality development paradigm. Small and medium-sized enterprises are the main force in the transformation of China's economic development, especially for the technological innovation enterprises. Therefore, the reasonable diversion of capital market funds in our country will help the further prosperity of capital market and the further development of economy. In this situation, considering the complex economic environment at home and abroad, Science and Technology Innovation Board came into being. There are quite a lot of scholars' research and theoretical results show that growth is the key to the long-term development of small and medium-sized technological innovation enterprises. Therefore, we need to pay attention to the growth, which is the reason for choosing this thesis. We reviewed the operation mode of capital market and the development theory of venture capital, and discussed the current situation of enterprise growth. We have studied many reports of organizations and institutions in detail and found that there are a large number of financing gaps in a wide range of countries and regional economies in the world. Relevant scholars summarized the important role and indispensable role of SMEs in economic development. We discussed the influence of financial structure and capital structure on the development of an enterprise, especially the Science and Technology Innovation Board enterprise. We also cite Modigliani Miller's theorem and other scholars' opinions on its support and refutation. We pay high attention to the new market sector of Science and Technology Innovation Board, and discuss its market positioning, the reasons for its establishment, relevant reform and innovation measures and the existing problems. After analyzing the relevant characteristics of Science and Technology Innovation Board, combined with the existing research on the analysis and discussion of enterprise growth, we also made a relevant empirical analysis of enterprise growth. The process of our empirical analysis includes the selection and establishment of the comprehensive growth indicators of Science and Technology Innovation Board enterprises, and the explanation of the comprehensive growth evaluation indicators with the capital structure of enterprises. We find that the proportion of current assets, the proportion of fixed assets and the overall scale of the enterprise in the capital structure of the enterprise have a good fit for explaining the comprehensive growth of the enterprise. The statistical analysis results verify our conjecture, that is, scientific and technological enterprises should pay attention to whether their asset structure meets the needs of long-term development, and the asset composition structure of enterprises has an important significance for the long-term development and growth of enterprises.

科创板 上市公司 资产结构 财务指标 成长性

SSE STAR market listed companies asset structure financial indicators growth of firms

中文

联合培养

南方科技大学

胡沛. 企业财务指标对科创板上市公司成长性影响的实证分析[D]. 深圳. 哈尔滨工业大学,2020.