创业板上市公司的价值悖论  

The Paradox of Listed Companies'Value on GEM

作　　者：叶会[1] 谢诗蕾[1] 

机构地区：[1]浙江工商大学财务与会计学院,浙江杭州310018

出　　处：《广东金融学院学报》2012年第3期43-52,63,共11页Journal of Guangdong University of Finance

基　　金：教育部人文社会科学青年项目(09YJC630203);国家自然科学基金项目(71072137);教育部人文社会科学研究项目(10YJC630015)

摘　　要：对创业板公司的成长性、盈利性与价值创造之间的关系进行研究,结果表明,创业板公司的成长性带来盈利能力的提升,但并不总是创造价值,处于相对低速增长状态的公司的成长性能够为公司创造价值,而处于相对高速增长状态的公司的成长性不利于公司价值的提升;公司价值脱离了基本业绩面,与盈利性呈反向关系,2010年在成长性和盈利性显著下降的情况下,公司价值仍逆势上涨。This paper investigates the relationship between growth, profitability and val- ue creation of listed companies on growth enterprise market. The main results of this paper are as follows：the growth of listed companies on GEM can bring increasing of profitability, but can＇ t bring increasing of firm values always ; growth can create value for companies with relatively slow speed but decrease value for companies with relatively rapid speed;firm val- ue deviates from firm＇ s basic performance, specifically, it negatively correlates with profit- ability and significantly increase in 2010 although firm＇ s growth ,profitability both decrease.

关 键 词：创业板 成长性 盈利性 价值创造 

分 类 号：F830.9[经济管理—金融学]