| Growth companies is an important source of the stock market’ charm, but as the companies’ growth has a certain degree of randomness, while there are also many factors affecting the company pricing in the capital market, how to find the companies whose market value have sustained growth has always been a great problem faced by investors."What are the core driving factors for growth companies、what are the typical growth paths, can we design a set of quantitative models to narrow the research scope and improve the research efficiency " are important issues of concern to the investors, but also the main research content of this article.This article uses the market value growth excluding refinancing or restructuring influence as a measure of the growth standard, filters out the50top growth companies in the A‐share market among year2000~2010as the research sample. Through the analysis of the sample, the article summarized seven typical growth pattern in the A‐share market: industry high boom、monopoly scarce resources、the niche market growth、 business model innovation、 continuous optimization of products and channels、 international industrial transfer、 investor’s exception rise, and further conclude that there are two basic growth driving factors behind the business nature: Expansion、Barriers.Further, the article summarized two pointed quantitative indicators"CAPEX/D&A, ROIC-WACC” to describe the two basic driving factors,and also got conclusion that “the portfolio contains companies whoseCAPEX is continued greater than the D&A as well as ROIC is continuedgreater than the WACC in the past three years will have great probabilityto gain excess return in the following year contrast to the main index suchas CSI300”.The above conclusions have realistic referential significance for fundmanagers to enhance the research efficiency, while they want toqualitative analysis the growth pattern of potential investment targets, orquantitative filter the potential growth companies portfolio. |
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