北证50指数上市公司投资价值研究——基于XGBoost和SHAP的实证分析  

The Research on the Investment Value of Companies Listed on the BSE 50 Index:An Empirical Analysis Based on XGBoost and SHAP

作　　者：杨有柏[1] 王子鸣 Yang Youbai;Wang Ziming(School of Economics and Management,Qinghai Minzu University,Xining 810000,China)

机构地区：[1]青海民族大学经济与管理学院,青海西宁810000

出　　处：《科技创业月刊》2025年第3期130-136,共7页Journal of Entrepreneurship in Science & Technology

基　　金：青海民族大学研究生创新项目(65M2024084)。

摘　　要：北交所的成立完善了我国多层次资本市场的构成,并且为创新型中小企业发展提供了新的资本环境和发展机遇。基于机器学习模型XGBoost和SHAP模型,对北证50指数上市公司投资价值进行实证分析。结果发现,在众多影响投资价值的因素中,资产总计和研发能力两个因素作用最为明显,证实了北证50指数上市公司专精特新的性质,并基于此提出相应的投资建议,以期为投资者投资决策提供有益参考。The establishment of the Beijing Stock Exchange(BSE)has improved the structure of China’s multi-level capital market and provided a new capital environment for the development of innovative small and medium-sized enterprises(SMEs).This paper analyzes the investment value of companies listed on the BSE 50 Index using the XGBoost machine learning model and SHAP model.The results reveals that among the various factors influencing investment value,total assets and R&D capability have the most significant impact,confirming the“specialized,refined,distinctive,and innovative”nature of the BSE 50 Index companies.Based on the results,corresponding investment recommendations are proposed to provide useful references for investors’decision-making.

关 键 词：北交所 中小企业 XGBoost 投资价值 

分 类 号：F832.5[经济管理—金融学] F832.48F830