基于PEP-H四要素模型的科技型企业遴选方法研究——以国内A股上市企业为例

Research on the Selection Method of Science and Technology Enterprises based on the PEP-H four-element model: Taking Domestic A-share Listed Companies as an Example

摘要:

本研究以相关政策文件和事实数据为基础构建了一种基于PEP-H四要素模型的科技型上市企业遴选方法,并以全部A股上市企业为遴选样本,借助企业市场竞争力评估模型进行实证研究发现,相较于非科技型上市企业,本方法所遴选的科技型上市企业整体上具备相对更高的收益水平、更快的资产增长速度,以及更强的财务稳定性和抗风险能力,但仍然与国家级高新技术上市企业存在一定差距。在国家级高新技术企业中,又以通过核心要素遴选的企业具备更强的综合市场竞争力。以上研究结果均表明,本研究所提出的科技型上市企业遴选办法是简单、科学且有效的。

Abstract:

Based on relevant policy documents and factual data, this research constructs a selection method of technology-based listed companies based on the PEP-H four-factor model, and takes all A-share listed companies as the selection sample, and uses the enterprise market competitiveness evaluation model to conduct empirical research. It is found that, the technology listed companies selected by this method have relatively higher return levels, and faster asset growth rates, as well as stronger financial stability and anti-risk capabilities compared with non-tech listed companies, but there is still a certain gap compared with national high-tech listed companies. Among the national high-tech enterprises, the enterprises selected through the three core elements(PEP) have stronger comprehensive market competitiveness. The above research results show that the selection method of technology-based listed companies proposed by this research is simple, scientific and effective.