作　　者： ; ;

机构地区： 中山大学岭南学院

出　　处： 《经济管理》 2011年第7期45-49,共5页

摘　　要： 创业板上市公司IPO后普遍出现的成长性下降的问题,给创业板的健康发展带来了挑战,引起了广泛的关注。本文针对我国创业板上市公司IPO后成长性下降的现象,从统计上严格检验了净利润增长率的变化,然后对净利润增长率进行分解并检验其财务驱动因素的变化,运用PEG估值法分析创业板上市公司估值的合理性。结果表明,中国创业板上市公司IPO后净利润增长率显著下降;总资产周转率和权益乘数显著下降;创业板上市公司的估值水平显著高于中小企业板,存在一定的泡沫。 The growth of the companies listed on China GEM decline significantly after IPO. It brings a challenge problem to the healthy development of the GEM and it has attracted wide attention. In this paper, we focus on the phenomenon of the growth decline after the IPO about the companies listed on China GEM. Firstly,we use statistical methods to rigorously test the change in the net profit growth. Then we decompose the net profit growth rate and examine its financial drivers of the Changes. We also use the PEG valuation method to analyse the reasonable value of the GEM listed company. The results show that： the post-IPO companies listed on GEM has the following facts： The net profit growth rate decreased signifi the valuation of companies listed on GEM the valuation of the GEM companies. cantly;total asset turnover and equity multiplier decreased significantly; was significantly higher than the SME board, there are some bubbles in

关 键 词： 创业板 成长性 估值

领　　域： [经济管理]