我国创业板上市公司股权融资效率研究

发布时间：2018-05-30 01:41

本文选题：创业板 + 股权融资效率　；参考：《吉林财经大学》2012年硕士论文

【摘要】：创业板于2009年10月30日正式推出，这极大改善了科技型中小高新技术企业的融资现状。上市后上市公司是对于募集的资金是否达到了有效使用，在上市后企业是否达到了最优的产出规模，社会各方都很关注，但是目前对于创业板上市公司股权融资效率的研究不多，本文研究创业板上市公司的股权融资效率具有一定的理论意义和现实意义。本文通过对融资效率以及股权融资研究文献的回顾，以及对DEA（数据包络分析）方法的学习、研究，发现DEA方法研究股权融资效率具有可行性。而创业板刚刚推出不久，相关据可以获得，这为我们研究创业板上市公司股权融资效率提供的条件。本文建立股权融资效率的DEA模型，选取了募集资金净额、股权集中度、资产负债率作为输入指标，以净资产收益率、主营业务收入增长率、每股收益指标作为输出指标，利用DEA方法，以截止到2010年1月31日在我国创业板发行上市的50家上市公司为研究对象，对其股权融资效率进行DEA综合评价。通过DEAP2.1软件得出创业板上市公司股权融资效率评价结果的相关数据，并进行综合评价分析、规模报酬分析、行业分类分析和投影分析，分析了创业板上市公司的规模报酬状况，行业股权融资效率差异情况，并对股权融资效率无效的企业的数据进行投影分析以达到股权融资效率有效。最后得出我国创业板上市公司股权融资效率偏低的结论，，并对提高我国创业板上市公司的股权融资效率提出相关建议。
[Abstract]:Gem was officially launched on October 30, 2009, which greatly improved the financing status of small and medium-sized high-tech enterprises. After listing the listed companies are concerned about whether the funds raised have been used effectively and whether the enterprises have reached the optimal output scale after listing. However, there are few researches on the equity financing efficiency of gem listed companies. This paper has some theoretical and practical significance to study the equity financing efficiency of gem listed companies. Based on the review of the research literature on financing efficiency and equity financing and the study of data Envelopment Analysis (DEA), this paper finds that the DEA method is feasible to study equity financing efficiency. The gem has just been launched, the relevant information can be obtained, which provides conditions for us to study the equity financing efficiency of gem listed companies. In this paper, the DEA model of equity financing efficiency is established. The net raised funds, equity concentration, asset-liability ratio are selected as input indexes, and the net assets return rate, the growth rate of main business income, and the earnings per share index are taken as the output indicators. By using the DEA method, 50 listed companies listed on the gem as of January 31, 2010 are taken as the research objects, and their equity financing efficiency is evaluated comprehensively by DEA. Through the DEAP2.1 software to obtain the gem listed companies equity financing efficiency evaluation results related data, and comprehensive evaluation analysis, scale reward analysis, industry classification analysis and projection analysis, analyzed the gem listed companies scale reward situation. In order to achieve the efficiency of equity financing, the difference of the efficiency of equity financing in the industry is analyzed, and the data of enterprises with invalid efficiency of equity financing are analyzed. Finally, we draw the conclusion that the equity financing efficiency of gem listed companies is on the low side, and put forward some relevant suggestions to improve the equity financing efficiency of gem listed companies.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

【参考文献】