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基于财务指标创业板市场运行效率分析

时间:2017-11-08 19:51来源:毕业论文
论文从创业板市场的运行现状出发,基于财务指标,一方面选择我国创业板28 家首批上市公司的2010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
摘要历经十年之久的精心准备,2009年l0月23日,备受关注的中国创业板市场正式启动,这是中国多层次资本市场建设的重要里程碑。创业板市场的设立不仅为高科技、高成长性企业的融资开辟新途径,更为创业投资的退出提供了一条绿色通道,加快我国创业投资产业的发展。此外,设立创业板市场有利于丰富和完善我国多层次的资本市场体系。因此,创业板市场的设立具有重要的现实意义和理论意义。
.创业板市场自设立至今已有两年多时间,发展迅速,整体发展态势良好。与此同时,在其实际运行中也暴露出一些问题,如“三高”发行、业绩“变脸”、高管频频出逃等。为了使创业板市场健康持续发展,现阶段迫切需要研究创业板市场运行效率,在此基础上不断完善和优化我国创业板市场,对经济发展起到更好的推进作用。
毕业论文从创业板市场的运行现状出发,基于财务指标,一方面选择我国创业板28 家首批上市公司的2010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,构建财务状况评价指标体系,通过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;另一方面通过创业板与主板财务指标方面的简单分析比较。进而全面分析创业板市场运行效率。然后进一步探讨了我国创业板发展中存在的一些问题及原因。最后,通过借鉴国外创业板经验针对我国实际提出监管建议。14983
关键词:创业板市场  运行效率  财务指标  监管  建议
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毕业论文外文摘要
Title   The Analysis on the Efficiency of GEM Market in China            
   ——Based on Financial Index                                             
Abstract
After ten years of well preparation ,The Growth Enterprise Market (GEM)of China has been established formally on october 23th,2009,which is the important milestone in the construction of multi-level capital market in china . The establishment of the GEM not only opened up new ways of financing for the high-tech,high-growth enterprises,but also provides a green channel for venture capital exit, and promotes the development of venture capital investment in our country.What’s more ,The establishment of the GEM is benefit for our country to construct multi-level capital market, to accelerate the development of China's fast and good economic momentum. Therefore, the establishment of the GEM has important practical and theoretical significance.
GEM has been created for more than two years , develop rapidly,and the overall development trend is good.At the same time , we should also see the problems existing in GEM, such as "three high" problems, performance face-off the "roller coaster" ,a lack of market regulation and so on. In order to make the growth enterprise market(GEM) develop healthily and sustainably, there is an urgent need to study the efficiency of GEM market at this stage.Based on it, we can improve China's growth enterprise market Constantly so that play a better role in promoting the economic development.
This article starts from the present situation of the GEM market in china , bases on Financial Index ,chooses the 2010 financial data of 28 listed companies of the first batch on GEM, and builds a index system of with paired samples about the corresponding period of their industry and the same accounting in the SME board.For one thing through analysis of factor, it calculates the composite score of the financial position and compares the financial situation, for another through simply comparing the GEM and main bord, and buy this way, analyzes the gem market efficiency overall .Then,the problems existing in the development of Chinese GEM and the reasons were discussed further. Finally, by drawing on foreign experience, development strategy and policy recommendation are provided. 基于财务指标创业板市场运行效率分析:http://www.lwfree.cn/kuaiji/20171108/15721.html
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