我国创业板上市公司股权融资效率的实证研究

发布时间：2017-12-31 16:20

本文关键词：我国创业板上市公司股权融资效率的实证研究　出处：《沈阳理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：近年来，国家提出了一系列产业结构调整和鼓励自主创新的方针政策，具有高科技含量特点的创业板上市公司在国民经济中的地位日益重要。自创业板成立以来，截止2012年5月23日先后有319家上市公司在创业板进行融资，创业板的成立为这些高科技中小企业股权融资及持续发展提供了支持性平台，但是股权融资效率低制约着这些上市公司的良好发展，，浪费社会资源，损害投资者利益。因此提高股权融资效率对创业板上市公司健康发展及整个社会资源的良好配置有着深远意义。本文在梳理了国内外关于融资结构理论和融资效率的研究成果上，界定了股权融资效率的定义。对我国创业板的相关概念和当前我国创业板的整体发展现状进行阐述，并以创业板上市公司股权融资现状和影响股权融资效率的各因素为依据，建立了股权融资效率的评价体系；在此基础上选取2009-2010年153家创业板上市公司为研究对象，运用数据包络分析方法对创业板上市公司股权融资效率进行计算分析，得出我国创业板上市公司的股权融资效率较低的结论。最后基于实证分析及西方发达国家成功的创业板管理机制和公司治理制度，从宏观政府政策和微观企业个体观念提出提高我国创业板上市公司股权融资效率的建议和对策。
[Abstract]:In recent years, the state has put forward a series of industrial structure adjustment and encourage independent innovation principles and policies. With the characteristics of high-tech gem listed companies have become increasingly important in the national economy. Since the establishment of the gem. As of May 23rd 2012, there are 319 listed companies financing in the gem. The establishment of the gem provides a supporting platform for the equity financing and sustainable development of these high-tech SMEs. However, the low efficiency of equity financing restricts the good development of these listed companies and wastes social resources. Therefore, improving the efficiency of equity financing is of great significance to the healthy development of gem listed companies and the good allocation of social resources. This paper reviews the domestic and foreign research on the theory of financing structure and financing efficiency. The definition of equity financing efficiency is defined. The related concepts of gem and the overall development status of gem in China are expounded. Based on the current situation of equity financing of listed companies and the factors affecting the efficiency of equity financing, the evaluation system of equity financing efficiency is established. On this basis, 153 gem listed companies in 2009-2010 were selected as the research object, and the efficiency of equity financing of gem listed companies was calculated and analyzed by using the method of data envelopment analysis. Finally, based on empirical analysis and successful gem management mechanism and corporate governance system in western developed countries. This paper puts forward some suggestions and countermeasures to improve the efficiency of equity financing of listed companies in the gem from the macro government policies and the individual concept of micro enterprises.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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