导　　师： 李红松

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 武汉科技大学

摘　　要： 持续高成长是企业投资者、管理者共同追求的目标。本文意在通过分析高成长企业所具有的财务特征，并在此基础上对高成长企业进行准确预测研判，不仅可以为企业管理者加强管理、实现企业高成长提供一种思路，还可以为投资者的投资决策提供参考。 本文首先回顾和总结企业生命周期、资源、创新等与企业成长相关的理论，明确了成长企业、高成长企业的相关概念及高成长企业的界定标准，在确定高成长企业财务特征分析指标选取原则的基础上，从盈利能力、偿债能力、营运能力、发展能力、现金流量、股权结构和或有事项七个方面共选取21个指标构成分析高成长企业财务特征的指标体系，选取深交所中小板42家高成长公司和38家非高成长比对公司作为样本，采用t检验方法，对21个分析指标进行了检验，结果表明，高成长公司在其中的13个财务指标上与非高成长公司存在显著区别，进一步使用因子分析法对42家高成长样本公司进行因子分析，从这13个财务特征指标中抽取了5个主要因子，以最低综合因子得分值作为判断高成长公司的标准，最后从三个方面对研判效果进行了检验，检验结果表明，上述研判方法具有较理想的研判效果。 It is a common goal that the investors and managers of enterprises pursueSustained high growth.This dissertation aims to not only analyze the financial featuresof high growth enterprises but also forecast analysis the high growth companies,whichprovide reference and guidance of the growth enterprises. The theories that are associated to the growth of enterprise are reviewed andsummarized in this paper first,such as the life cycle of enterprise,the relatedresources,innovation.This paper shows us the overview of the growing enterprises andhigh-growth enterprises and a clear definition standard of high-growth companies.Onthe basis of analyzing the principle of index selection about high-growth enterprisefinancial characteristics,This paper abstracts21analyzing indicators to establish thecharacteristic of the high-growth enterprise financial index system on considering7aspects,such as the debt paying ability,operation ability,profitability and developmentcapacity,cash flow,equity structure and contingencies.The paper selects42high-growthcompanies from Shen zhen that are small and medium-sized and38the Nonhigh-growth sample companies as samples,these21indicators has been carried by usingT test method,the results show that there is a significant difference between thehigh-growth companies and the Non high-growth firms in13financial indicators.Thepaper uses factor analysis method to analyze42samples of high-growthcompanies,abstracts five main factors from the13financial characteristicindexes,considers the lowest comprehensive factor score values as a standard of judginghigh-growth companies,finally,according to three aspects judges the analytic effect,thetest results show that the analysis effect is ideal comparatively.

关 键 词： 高成长企业 财务特征 因子分析 研判 中小板

分 类 号： [F275]

领　　域： [经济管理] [经济管理]