中国创业板上市公司成长持续性的实证分析

An Empirical Study of the Growth Sustainability of China GEM Companies

摘要: 由于高科技、高成长的定位，创业板公司的成长性一直是市场关注的焦点。本文选择对入选过创业板指数的221家成份公司进行研究，以上市后第n年为时间轴，统计分析了收入、净利润及归母净利润的增长情况。研究表明，在创业板公司上市后，普遍能够维持一段时间的持续增长，但内生增长的贡献是逐年下降的，许多企业会转而逐渐通过外延并购以维持业绩的增长。作为典型案例，本文还对依赖内生业务实现持续高速增长的碧水源，和通过外延并购实现持续增长的利亚德做了剖析。

Abstract: The growth sustainability of China GEM listed companies has long been a focus of market participants. By using the nth year after-listing as the timeline, this author explored 221 constituent companies of the GEM Index, analyzing the growth patterns of revenue, net income and net profit attributable to shareholders of parent company. This study concludes that, GEM listed companies, after IPO, would generally keep growing for years, but the contribution from endogenous growth gradually declined, and many companies chose to maintain growth through M & A. Two companies, one maintained growth from endogenous capability, another maintained growth mainly from M & A were discussed further.