我国上市中小企业版上市公司融资效率实证研究

发布时间：2018-10-29 09:13

【摘要】：作为市场经济体系中最活跃、发展前景最好的企业类型，中小企业的发展程度对一国国民经济起到了至关重要的作用。纵观世界各国中小企业的发展历史，特别是新技术革命促成信息时代来临之后，中小企业在支持各国经济增长、解决就业等方面都发挥着举足轻重的作用。但是，在中小企业成长过程中面临着很多困难，其中最关键的是面临着巨大的融资困境。中小企业融资问题是一个世界性的难题，，已成为中小企业发展的瓶颈，并严重地制约了经济社会的发展。本文试图通过对我国中小企业板上市公司的融资效率进行实证研究，剖析我国中小企业板上市公司的融资规模、融资结构及融资方式，分析影响我国中小企业板上市公司融资效率的因素，为提高中小企业融资效率提供有效的对策和建议。本文在梳理国内外学者关于融资效率相关研究文献成果的基础上，依据融资效率的相关理论，对我国中小企业板上市公司进行了分析和研究。利用DEA方法，以截止2010年12月31日在深圳证券交易所中小企业板上市的524家公司（扣除5家ST股和2家金融、保险行业的特殊股票）为研究对象，对我国中小企业板上市公司的融资效率进行综合分析，得出了我国中小企业上市公司融资效率低的结论，并分析效率低的原因，给出了适合我国中小企业融资方式的相关改进措施和建议。论文主要包括六部分。第一部分是引言，主要介绍了研究背景、研究意义、国内外研究现状、创新点和不足之处；第二部分是关于中小企业融资效率相关理论的分析，主要有资本结构理论、融资优序理论、金融成长周期理论、信贷配给理论和关系借贷理论；第三部分是关于我国中小企业板上市公司融资效率的描述性统计学分析，包括我国中小企业发展历程、划分标准、融资规模、融资结构分析；第四部分是对影响我国中小企业板上市公司融资效率的因素进行分析，可以总结为企业规模、资本结构、资金成本、资金利用率、资金的清偿能力、融资主体的自由度和融资机制的规范度；第五部分是对我国中小企业板上市公司的融资效率进行实证分析，主要包括指标选择、样本选取、数据来源和实证分析，并对实证研究进行了总结；最后一部分是对策建议。
[Abstract]:As the most active and promising type of enterprises in the market economy system, the development of small and medium-sized enterprises plays a vital role in a country's national economy. Throughout the history of the development of small and medium-sized enterprises in the world, especially after the new technological revolution brought about the information age, small and medium-sized enterprises play an important role in supporting the economic growth of various countries, solving employment and so on. However, there are many difficulties in the growth of SMEs, the most important of which is the huge financing dilemma. The financing problem of small and medium-sized enterprises is a worldwide problem, which has become the bottleneck of the development of small and medium-sized enterprises, and has seriously restricted the development of economy and society. This paper attempts to analyze the financing scale, financing structure and financing mode of Chinese SME board listed companies through empirical research on the financing efficiency of Chinese SME board listed companies. This paper analyzes the factors that affect the financing efficiency of Chinese SME board listed companies, and provides effective countermeasures and suggestions for improving the financing efficiency of SMEs. Based on the literature of domestic and foreign scholars on financing efficiency, based on the theory of financing efficiency, this paper analyzes and studies the listed companies of SME board in China. By using DEA method, 524 companies listed on the SME board of Shenzhen Stock Exchange as of December 31, 2010 (including 5 ST shares and 2 special stocks in the financial and insurance industries), were selected as the research objects. This paper makes a comprehensive analysis of the financing efficiency of Chinese SME board listed companies, draws the conclusion that the financing efficiency of Chinese SMEs listed companies is low, and analyzes the reasons for the low efficiency. The improvement measures and suggestions for the financing mode of small and medium-sized enterprises in China are given. The thesis mainly includes six parts. The first part is the introduction, mainly introduces the research background, the research significance, the domestic and foreign research present situation, the innovation point and the insufficiency; The second part is about the SMEs financing efficiency related theory analysis, mainly includes the capital structure theory, the financing priority theory, the financial growth cycle theory, the credit rationing theory and the relational loan theory; The third part is a descriptive statistical analysis of the financing efficiency of Chinese SME board listed companies, including the development of SMEs in China, classification criteria, financing scale, financing structure analysis; The fourth part is to analyze the factors that affect the financing efficiency of Chinese SME board listed companies, which can be summed up as the scale of enterprises, capital structure, capital cost, capital utilization rate, liquidity. The degree of freedom of the financing subject and the normative degree of the financing mechanism; The fifth part is the empirical analysis of the financing efficiency of Chinese SME board listed companies, including the selection of indicators, sample selection, data sources and empirical analysis, and the empirical research is summarized; the last part is the countermeasures and suggestions.
【学位授予单位】：山东农业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51;F224

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