我国创业板上市公司投资风险评价

Investment Risk Evaluation on Listed Companies in China's GEM

相对于主板,我国创业板上市公司具有更注重研发、行业发展前景,以及企业规模小、财务数据相对不规范等特征,本研究据此设计了一个全面反映我国创业板企业特征的风险评价指标体系,同时为了弥补客观财务信息失真和主观打分偏向的缺陷,采用综合AHP法和主成分法来对指标进行赋权,对我国创业板公司的投资风险进行了评价,研究结果表明,我国创业板未达到弱势有效特征,且总体投资风险偏高。

Compared with the motherboard, the listed companies in GEM have characteristics like it more focus on R &D and prospects of the industry. small scales and imperfect financial data. Accordingly, this paper designs a risk evaluation index system fully reflecting the characteristics of China's GEM enterprises, also in order to make up the defects of objective financial information distortion and subjective scoring bias, this paper uses both AHP method and principal component method to estimate indexes weight evaluates the investment risk of China's GEM companies and analyses the effectiveness of the GEM. The results show that China's GEM has not reached the weak effect, and the overall investment risk is high.