中國大陸股市創業板投資策略之研究

長久以來中國大陸中、小企業資金矛盾突出，無法適應高科技企業快速發展和提升技術創新需求之融資管道，制約了中國高科技產業發展，同時，阻礙了國家高科技產業戰略的實施。直到中國股市創業板設立後，既解決了當前的問題，又給中國風險投資資金提供了一個快速回收投資的渠道，進而促進了風險機構的投資意願，也為一些追求高風險高報酬的投機資金提供了一個天堂。然而對於廣大的投資者，尤其是不具備資金和資訊優勢的投資者來說，創業板是一個全新的投資機會，但其中也蘊藏了巨大的風險。本論文主題以個案分析法針對中國大陸股市創業板之投資策略進行研究。其個案資料經由多重資料蒐集來源取得，並藉由各種資料庫的連結、比較、歸納而來，由於這些資料的來源都與實務相結合，故從中推論出的分析結果也較具有可行性。本文分別針對中國創業板的市場特徵與融資功能、企業發行上市程序、主要風險與監管制度、投資原則、分析方法與投資策略進行探討。最終目的是希望幫助創業板投資者掌握投資方法和技巧並且藉此深入了解創業板市場，做好準備功課，建構自己的投資系統，開發選股模型並做好風險控管，同時堅持自己的能力範圍，以低價買入好股票的投資方法。並於創業板市場順利投資，規避風險，減少損失，創造利潤最大化。

關鍵字

股票投資；創業板；風險；監管制度

並列摘要

Small businesses in China are unable to adapt to the rapid development of the high-tech industry and have the financial channels required for technological innovations because of their obvious long-term funding conflicts. This problem has restricted the development of Chinese high-tech industries and hindered China’s high-tech implementation strategy. This was only resolved after China launched the Growth Enterprise Market (GEM). GEM provides a channel for rapid returns on Chinese venture capital fund investments, contributes to the ventral capital institutions’ willingness to invest, and provides an ideal ground for high-risk and high-reward pursuits by the speculative capital. However, for the majority of investors, especially those without capital and information advantage, GEM is a new investment opportunity with an enormous risk. This study conducts a case-by-case analysis on the investment strategy for China’s GEM. Data were collected through multiple sources from various database links and queries. The analysis results showed high feasibility because the data sources were combined with actual practices. This study explored the market characteristics and the financing function of the GEM, the procedures for corporations to become listed, the main risks of the regulatory system, the investment principles, the analysis methods, and the investment strategies. This study is designed to assist GEM investors in understanding investment methods and techniques; to gain more knowledge of GEM; to properly prepare; to construct their own investment systems; to develop a stock selection and risk control model using their abilities; to develop an investment approach to purchase high-quality stocks at low prices; and to create profit maximization by avoiding risks, reducing losses, and have a solid investment in the GEM.