CAJ | 학술논문

随着2009年创业板挂牌，创业板公司业绩受到学术界和业界的广泛关注。基于EVA理论，以2009年上市的36家公司为样本，对其公司业绩进行分析。结果表明，其中25％的公司实现盈利，63．89％的公司正处于成长期。同时，重点对制造业进行了实证研究，回归结果表明：制造业的销售净利率、存货周转率及开发支出对EVA影响较大，其中开发支出起关键作用。
수착2009년창업판괘패，창업판공사업적수도학술계화업계적엄범관주。기우EVA이론，이2009년상시적36가공사위양본，대기공사업적진행분석。결과표명，기중25％적공사실현영리，63．89％적공사정처우성장기。동시，중점대제조업진행료실증연구，회귀결과표명：제조업적소수정리솔、존화주전솔급개발지출대EVA영향교대，기중개발지출기관건작용。
With the establishment of Growth Enterprises Market （GEM） in 2009, more and more attention has been focused on the performance of GEM listed companies. Based on this, it is of both theoretical and practical meaning to introduce Economic Value Added （EVA） indicator to analyze GEM companies. In this paper, the performance of 36 listed companies in 2009 is analyzed based on the theory of EVA. And the conclusion is 25 % of GEM companies have gained real benefits while 63.89 % of them are still in the stage of growth. Meanwhile, manufacturing industry is analyzed separately and the regression result shows that net profit margin, inventory turnover and development expenditure are critical to its EVA.