我国中小企业板上市公司经营绩效实证分析——基于因子分析和聚类分析

Empirical Analysis of Business Performance Based on SME-board Companies——Based on factor analysis and cluster analysis

从获利能力、经营能力、偿债能力、公司发展能力四个层面构建了我国中小企业板上市公司绩效评价指标体系,运用多元统计的分析方法,对中小企业板上市公司的37组有效样本数据进行经营绩效的分类研究和综合考评。首先进行因子分析,从10个指标中提取出反映四方面能力的三个公共因子;然后对样本公司进行分层聚类分析,利用SPSS社会统计软件聚合成为五类,分析各类公司在各个因子上的平均得分,找到其优势因子和劣势因子,在此基础上进行综合评价,并从公司管理层和中小企业板投资者的角度分别给出政策建议。

This paper constructs an evaluation index system of business performance, based on SME-board companies, from four aspects, which are profitability, operation ability, solvency, company development ability. By using multivariate statistical analysis methods, it conducts a classified research and a comprehensive evaluation of business performance to 37 groups of effective sample data. First is factor analysis. This paper extracts three common factors from 10 indexes, which could reflect abilities of the four aspects. Second, it makes a Hierarchical-cluster analysis to the sample companies. The analyzed results are aggregated to five types with socio-economic statistical software SPSS. By analyzing the average scores on each factor about various companies, the paper comprehensively evaluates the business performance based on their advantage factors and disadvantage factors. Last, from company management and SME-board investor, suggestions are respectively presented.