基于DEA模型的中印两国股权融资效率比较研究

发布时间：2018-04-23 18:37

本文选题：股票市场 + 中印上市公司　；参考：《山东财经大学》2012年硕士论文

【摘要】：资金是企业的血液和生命力，企业融资是一个经久不衰的话题。到目前为止，我国的证券市场已经经过了二十多年的发展。在这过程中，虽然也曾几经波折，但总体上取得了令人瞩目的成就。通过证券市场，我国企业可以融得公司发展所需要的资本，特别的股权融资为我国上市公司提供了非常重要的融资渠道。但是近几年来，证券市场上也传来了许多不和谐的声音，反映证券市场中股权融资效率的不足，使得我们不得不重新回头审视我们现在的股票市场，去看看我国上市公司的股票融资效率是否正常。印度与中国同为金砖国家，又同是发展中国家的佼佼者，在股票市场的发展也有许多相似性，这些都为中国和印度的股权融资效率比较提供了坚实的基础。为此，本文以中印两国股票市场为基础，运用理论和实证分析方法，深入比较研究两国上市公司股权融资效率之间的差距。本文共分为六章，各章内容紧紧围绕我国和印度股权融资效率展开，首先对国内外研究股权融资效率的相关理论方法进行回顾；其次概括了中印两国股票市场的发展现状及特点，分析了造成目前两国股票市场现状的原因；再次通过构建研究股权融资效率的DEA模型，选取相应样本与指标对中印两国股权融资效率进行实证分析及比较，，得出我国目前上市公司融资效率不及印度的结论；最后通过中印两国股权融资效率的对比提出了提高我国股权融资效率的政策建议。
[Abstract]:Capital is the blood and vitality of enterprises, enterprise financing is an enduring topic. Up to now, the stock market of our country has been developed for more than 20 years. In this process, although there have been several ups and downs, but overall has made remarkable achievements. Through the securities market, Chinese enterprises can finance the capital needed for the development of the company, especially the equity financing provides a very important financing channel for the listed companies in our country. However, in recent years, there have been many discordant voices in the securities market, reflecting the inefficiency of equity financing in the securities market, which makes us have to look back at our stock market now. Go and see if the stock financing efficiency of listed companies in China is normal. India is both a BRICS and a leader in developing countries. There are also many similarities in the development of the stock market, which provide a solid basis for the comparison of equity financing efficiency between China and India. Therefore, based on the stock market of China and India, this paper makes a deep comparative study of the gap between the efficiency of equity financing of listed companies in China and India by means of theoretical and empirical analysis. This paper is divided into six chapters. Each chapter focuses on the efficiency of equity financing in China and India. Firstly, it reviews the relevant theories and methods of equity financing efficiency at home and abroad. Secondly, it summarizes the current situation and characteristics of the stock market in China and India, analyzes the reasons for the present situation of the stock market in China and India, and constructs the DEA model to study the efficiency of equity financing. Select the corresponding samples and indicators to analyze and compare the equity financing efficiency of China and India, and draw the conclusion that the financing efficiency of China's listed companies is not as good as that of India. Finally, through the comparison of the equity financing efficiency between China and India, the paper puts forward some policy suggestions to improve the equity financing efficiency in China.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F833.51;F224

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