摘要
本文以创业板355家上市公司为研究样本,结合创业板公司自身特点,从基本指标和发展指标视角设计创业板公司发展能力评价模型,基本指标包括营运能力指标、盈利能力及偿债能力指标,发展指标包括创新研发能力、企业管理技术阶层和全体职工基本素质水平,企业发展前景和企业创利能力等。依据所建模型采用因子分析法对创业板公司的发展能力进行综合评价,并根据因子分析结果将样本公司分为发展能力高低两组,分别从所属行业、资本结构、公司业绩因素、公司创新能力影响因素方面对两组样本公司进行对比分析。研究的主要结论:(1)创业板的355家样本公司总体发展能力较弱,主要原因是我国创业板上市公司两级分化现象较为严重,其中创新能力、营运能力和行业发展能力相对较差。(2)我国创业板上市公司中第一大行业信息技术行业集中度较高并且成长持续性效果较好,而第二大行业新材料与新能源行业成长持续性较差,究其原因是我国新材料与新能源是新兴起行业,行业总体水平较差,需要加强研发。
This article takes the gem 355 listed companies as research samples,combined with the characteristics of the gem companies to create from the perspective of basic indicators and development indicators gem companies development research model,basic indicators include operating capacity,profitability and solvency indicators,development index including innovation research and development capabilities,the company management and the overall personnel knowledge ability level,industry development capability and profitability of the industry.On the basis of the model using factor analysis method to the development of the gem companies ability to make a comprehensive evaluation,and according to the result of factor analysis sample firms can be divided into high and low sets of development ability,respectively from the industry,capital structure,company performance factors,factors influencing the innovation ability of two groups of sample companies were analyzed.The main conclusion is：one is the gem of 355 sample companies overall development ability is weak,the main reason is that the gem listed companies in our country polarized phenomenon is relatively serious,the innovation ability,operation ability and industry development ability are relatively poor.The second is the gem listed companies in China in the first big industry information technology industry concentration degree is higher growth and persistent effect is good,and the second largest industry new materials and new energy sustainable growth is poorer,investigate its reason is the new material and new energy is a new emerging industry,industry overall level is bad,need to be strengthened.
出处
《工业技术经济》
北大核心
2016年第12期76-83,共8页
Journal of Industrial Technological Economics
关键词
创业板块
因子分析
发展能力
venture plate
factor analysis
development capacity
