管理评论

管理评论 ›› 2021, Vol. 33 ›› Issue (4): 283-294.

• 会计与财务管理 • 上一篇    下一篇

创业板上市公司财务绩效、经营多元化与股票流动性的相关性研究

童元珂1, 魏云捷1,2,3   

  1. 1. 中国科学院大学经济与管理学院, 北京 100190;
    2. 中国科学院数学与系统科学研究院, 北京 100190;
    3. 中国科学院预测科学研究中心, 北京 100190
  • 收稿日期:2018-05-11 出版日期:2021-04-28 发布日期:2021-05-06
  • 通讯作者: 魏云捷（通讯作者），中国科学院数学与系统科学研究院助理研究员
  • 作者简介:童元珂，中国科学院大学经济与管理学院硕士研究生。
  • 基金资助:
    国家自然科学基金青年项目（71801213）；国家自然科学基金应急管理项目（71642006）。

Study on the Relationship among Financial Performance, Business Diversification and Individual Stock Liquidity of Companies Listed on the Growth Enterprise Market

Tong Yuanke1, Wei Yunjie1,2,3   

  1. 1. School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190;
    2. Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing 100190;
    3. Center for Forecasting Science, Chinese Academy of Sciences, Beijing 100190
  • Received:2018-05-11 Online:2021-04-28 Published:2021-05-06

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摘要： 本文选取我国290家创业板上市公司作为研究对象。首先，针对资产负债率等11个评价企业财务绩效的二级指标，运用因子分析法从中提取出六个财务绩效特征因子，包括：偿债水平、盈利能力、营运状况、现金流量水平、发展潜力和创新能力。其次，以提取的六个财务绩效特征因子作为解释变量，以股票流动性作为被解释变量，以经营多元化程度作为调节变量，构建多元回归模型来研究创业板上市公司财务绩效、经营多元化与股票流动性的相关性。实证结果表明：创业板上市公司的资产总额、流通股股数、创新能力、现金流量水平均显著影响股票流动性；经营多元化程度能够有效增强财务绩效特征对股票流动性的影响效应；创业板上市公司的财务绩效指标蕴含着价值信息。投资者在进行投资决策时应重视并有效利用企业的财务信息，而创业板上市公司则可以通过改变财务绩效状况和经营多元化程度来改善股票流动性表现。

关键词: 财务绩效特征, 股票流动性, 经营多元化程度, 创业板上市公司, 调节效应

Abstract: This paper employs factor analysis to extract six characteristics of financial performance from 11 financial indicators, such as debt service level, profitability, operating status, cash flow, development potential, innovation ability based on the database including 290 GEM listed companies. The six characteristics of financial performance are utilized as independent variables, individual stock liquidity is used as dependent variable, and the degree of business diversification is used as moderator to develop multiple regression models. The empirical study shows that the size of assets, the number of shares outstanding, the ability to innovate, and the level of cash flow of GEM listed companies can significantly affect the liquidity of individual stock. And the degree of business diversification can enhance the effect of the financial performance characteristics on the liquidity of individual stock effectively. And listed companies’ financial performance indicators contain value information. Investors should pay more attention to companies’ financial information and use it effectively when making investment decisions. GEM listed companies can improve the level of individual stock liquidity by changing their financial performance and the degree of business diversification.

Key words: financial performance characteristics, stock liquidity, degree of business diversification, GEM listed companies, regulatory effect