论我国创业板上市公司的成长性——基于微观财务数据的分析

On the Growth Capacity of Listed Companies on Growth Enterprise Market Board based on Analysis of Micro-financial Data

我国创业板企业盈利能力无论同比或环比均呈现下降趋势,且平均每股收益同平均每股经营性净现金流量间表现出巨大的裂口。同中小板企业相比,平均每股净资产、平均每股经营性现金净流量之间差异不大,但平均每股收益显著低于中小板。同国际创业板比较,在四个参照对比的创业市场中,我国创业板的整体发展较为均衡,但较纳斯达克这样成熟且成功的市场相比,还有较大的差距。总体而言,我国创业板企业成长动力相对不足,成长质量还有待进一步提高。

The profitability of GEM has shown a downward trend on both year-on-year and sequential basis. Meanwhile, there comes a big discrepancy between the earnings per share （EPS） and business net cash flow per share. The difference between listed companies on GEM board and SME （small and medium-sized enterprise） board is not remarkable in terms of net asset per share and business net cash flow per share. However, the EPS of growing companies is significantly lower than that of SME. When compared with four listed companies on international GEM board, it is found that the GEM board in China is relatively sound and well balanced in general. However, it can not be comparable to Nasdaq who is sophisticated and successful. Generally speaking, the paper concludes that the growth driving of GEM board is not adequate and the quality of growth remains a challenge to many listed companies.