创新型企业成长性、企业价值及其关系研究

成长性是衡量企业发展状况和潜力的重要指标，也是影响企业价值的决定性因素。对创新型企业成长性、企业价值及其关系的研究不仅能帮助投资者更好地识别投资风险、制定投资决策，也能给管理层了解企业运营状况、制定发展战略提供参考。采用突变级数和实物期权方法，对作为创新型企业典型代表的创业板上市公司的成长性和企业价值进行分析和评估，并在此基础上实证考察它们之间的关系。研究结果显示：创新型企业成长性较高，但它们个体之间差异较大；整体而言创新型企业价值偏小，但成长性较高的公司的企业价值则相对较大；创新型企业成长性与期权价值之间存在关联，且盈利能力、发展能力和创新能力成长性越高的企业的期权价值越大，而偿债能力成长性越高的企业的期权价值越小；不同行业的创新型企业的成长性与企业价值之间的关系互有差别。

A Study on the Growth, the Enterprise Value and their Relationship of Innovative Enterprises

Enterprise growth is an important index for measuring the enterprise''s development and potentials, and it is also the decisive factor that affects the enterprise value. The study of the enterprise growth and enterprise value and their relationship can not only help investors to better identify investment risks and make investment decisions, but also provide a reference for the formulation of long-term development strategy for managers to understand the operation of enterprises. This paper uses the Catastrophe Progression Theory and the Real Option Theory to evaluate the growth and the enterprise value of the Growth Enterprise Market-listed companies which is a typical representative of innovative enterprises. And on this basis, the relationship between the growth and the enterprise value is examined empirically. The results show that: (i) the growth of the innovative enterprises is attractive, which meets the requirements of the GEM, but there is a big difference between individuals; (ii) overall, innovative enterprises do not have large enterprise value, but the companies with better growth have larger enterprise value; (iii) there is a correlation between the growth and the enterprise option value of innovative enterprises, and the higher the growth of profitability, development ability, innovation ability, the greater the enterprise option value, and the higher the growth of solvency, the smaller the enterprise option value; (iv) each industry has its own particularity, so the relationship between the growth and the enterprise value in the different industry is different.