摘要
在比较分析国际创业板的市场定位与融资功能的基础上,选择我国创业板28家首批上市公司的2009年财务数据,并以相应的所属行业与会计期间都相同的中小企业板上市公司作为配对样本,将传统会计比率指标和现金流量指标相结合来构建两板上市公司的财务状况评价指标体系。通过差异性、相关性和因子分析法计算各公司的财务状况综合得分,据此比较分析两板上市公司的财务状况。实证结果表明:目前我国创业板上市公司整体财务状况较为乐观,普遍具有高盈利性与高成长性特点,大多具备了在中小企业板上市的资格。这说明创业板市场没有完全发挥好为成长潜力巨大的中小企业提供融资平台的功能,对其原因进行了探讨,并据此提出了规范与完善创业板的发展战略及政策建议。
This paper chooses the 2009 financial data of 28 listed companies of the first batch on GEM based on comparative analysis of international financing GEM market position and function,and builds a combined index system of the traditional accounting ratio indicators and the cash flow indicators with paired samples about the corresponding period of their industry and the same accounting in the SME board.Through analysis of difference,correlation and factor,it calculates the composite score of the financial position and compares the financial situation.Empirical results show that： at present,overall financial condition of Chinese listed companies are optimistic,generally with high profit and high-growth characteristics,most of which have the qualification of listed SMEs board.It shows that GEM board did not fully play the financing function for SMEs.The reasons were discussed,and development strategy and policy recommendation are provided.
出处
《软科学》
CSSCI
北大核心
2011年第5期124-130,共7页
Soft Science
基金
教育部人文社科基金规划项目(10YJA630131)
关键词
创业板
中小企业板
上市公司
财务状况
融资功能
growth enterprise market board（GEM board）
small and medium-size enterprise board（SMEs board）
listed company
financial situation
financing function
