新三板企业财务绩效异质性研究

Research on the Heterogeneity of the Financial Performance of NEEQ Firms

运用2005—2015年在新三板挂牌企业的数据,发现样本企业整体上具有较高的偿债能力、盈利能力和发展能力,但是不同企业之间差别较大。区分企业类型来看,经营规模较大的企业、董事长和总经理两职合一的企业、创新层企业、做市交易企业的财务绩效优于其他企业,各类企业财务绩效的差异与企业自身的特点有相关性。新三板企业普遍发展时间较短、经营规模尚小、多为高科技及新兴产业等乃制约财务绩效的主要因素。

Based on the National Equities Exchange and Quotations(NEEQ)firm’s financial data by the end of 2015,we found that the NEEQ firms have a better solvency,profitability and development capacity,but difference exists among firms.From the point of view of the type of the enterprise,the financial performance is better for those firms with larger scale of operation,the chairman and general manager is the same person,at innovation level of NEEQ,or adopting market making trading.The characteristics of the financial performance of NEEQ firms are in accordance with the characteristics of NEEQ firms basically.The NEEQ firms generally develop a relatively short time,the scale is still small,coupled with these companies are mostly high-tech and emerging industries,which have restricted their financial performance.