科技型中小企业上市融资能力影响因素研究  

Study of high-tech SME IPO financing capacity factors

作　　者：李红霞[1] 孙卓[2] 

机构地区：[1]上海海关学院管理系,上海201204 [2]哈尔滨理工大学经济学院,黑龙江哈尔滨150080

出　　处：《科技与管理》2010年第6期96-99,共4页Science-Technology and Management

摘　　要：随着我国中小板和创业板的启动,科技型中小企业上市融资问题得到更多关注。为了探究影响其上市能力的主要因素,以截止目前在我国创业板上市的科技型中小企业作为研究对象,选取2009年10月至2010年8月期间44家上市融资的企业作为样本,搜集整理其上市过程中信息披露的相关数据,建立反映科技型中小企业IPO能力影响因素的指标体系及计量标准,应用因子分析对各指标变量进行统计分析。研究结果表明影响企业上市融资能力的因素主要有企业的研发能力、企业规模、盈利能力和发行价格确定、募集资金运用能力、公司治理情况、所选择承销商资质等。With the establishment of domestic small and medium-sized board and growth enterprise market, there is much more attention paid to the listing financing of high-tech SMEs. In order to probe into the key factors affecting the listing financing capacity, this paper chooses ChiNext listed companies as the research object; we select 44 financing high-tech SMEs from Oct 2009 to Agu 2010 as samples and collect the relevant data published listing and during the process of listing. Then we construct the index system evaluating the IPO financing capacity of high-tech SMEs and analyze the variables in application of factor analysis. It has been found that there are several factors playing an important role on influencing the listing financing capacity： research and development capabilities, enterprise scale, profitability and issuing price, operating capacity of raising capital, corporate governance, underwriter qualifications, etc.

关 键 词：科技型中小企业 上市融资能力 因子分析 

分 类 号：F832.5[经济管理—金融学]