我国中小企业股权融资效果的影响因素分析

发布时间：2018-05-08 22:23

本文选题：中小企业 + 股权融资　；参考：《东北大学》2012年硕士论文

【摘要】：中小企业是一国经济的重要组成部分,对于一国的经济发展有着不可或缺的作用。我国中小企业不仅仅推动我国经济不断发展,还吸收了在我国城市化进程中出现的大量剩余劳动力,如果中小企业不能够健康持续发展,不仅仅会影响我国的经济发展,还会影响到我国的社会稳定,但在我国中小企业的发展中存在的资金缺口和企业的融资难问题,却严重阻碍我国中小企业的发展。通过理论和实证相结合的方法,对我国中小企业的融资难问题进行分析,希望能给解决我国中小企业融资难问题,提供一定的借鉴。首先对现代企业融资理论进行了回顾,并在现代企业融资理论的基础上,对我国中小企业的融资现状进行了理论上的分析。由于我国中小企业多为劳动力密集型企业,应对市场风险的能力有限,在市场竞争日益激烈的情况下,迫切的需要增强自身的竞争力,这就导致了中小企业对资金的大规模需求,而中小企业自身融资能力的相对较弱,又进一步造成了企业发展过程中的资金缺口。在全社会的资金供给不会发生大规模变化的前提下,提高融资效率,特别是股权融资效果是解决我国中小企业融资难问题最现实可行的途径。在理论分析后,以在中小板上市的中小企业为研究对象,采用面板回归方法,用企业的股东权益比作为衡量企业股权融资效果的指标,将目标企业的股东权益比对企业的净利润率、净资产收益率、总资产、实际税率、无形资产占总资产的比重和营业成本占营业收入的比重为影响因素,在经过时点固定效应回归和显著性检验后,对回归方程进行调整,在对调整后的回归方程进行回归后,可以发现股东权益比与企业内部特征的各个解释变量间的关系。最后,根据对我国中小企业现状的分析和利用实际数据做出的实证分析结果,对提高我国股权融资效果,提出相应的政策建议。
[Abstract]:As an important part of a country's economy, SMEs play an indispensable role in the economic development of a country. China's small and medium-sized enterprises not only promote the continuous development of our economy, but also absorb a large number of surplus labor in the process of urbanization in our country. If small and medium-sized enterprises cannot develop healthily and sustainably, it will not only affect the economic development of our country. It will also affect the social stability of our country, but in the development of small and medium-sized enterprises in our country, the capital gap and the financing difficulties of enterprises seriously hinder the development of small and medium-sized enterprises in our country. Through the combination of theory and empirical method, this paper analyzes the financing difficulties of small and medium-sized enterprises in China, hoping to provide some reference for solving the financing difficulties of small and medium-sized enterprises in China. Firstly, this paper reviews the financing theory of modern enterprises, and on the basis of the financing theory of modern enterprises, analyzes the current financing situation of SMEs in China theoretically. Because most of the small and medium-sized enterprises in China are labor-intensive enterprises, the ability to deal with market risks is limited. Under the increasingly fierce competition in the market, there is an urgent need to enhance their competitiveness. This leads to the large-scale demand for funds of small and medium-sized enterprises, and the relatively weak financing ability of small and medium-sized enterprises, which further leads to the financing gap in the process of enterprise development. Under the premise that the capital supply of the whole society will not change on a large scale, improving the financing efficiency, especially the effect of equity financing, is the most realistic and feasible way to solve the financing difficulty of the small and medium-sized enterprises in our country. After theoretical analysis, taking the small and medium-sized enterprises listed on the small and medium-sized board as the research object, adopting the panel regression method, using the stockholder's equity ratio of the enterprise as the index to measure the effect of the enterprise's equity financing, Comparing the shareholders' equity of the target enterprise with the net profit margin, the rate of return on net assets, the total assets, the effective tax rate, the proportion of intangible assets to total assets and the proportion of operating costs to operating income are the influencing factors. After the time point fixed effect regression and significance test, the regression equation is adjusted, and after the adjusted regression equation, the relationship between the shareholders' equity ratio and the various explanatory variables of the internal characteristics of the enterprise can be found. Finally, according to the analysis of the current situation of the small and medium-sized enterprises in China and the empirical analysis results made by using the actual data, the paper puts forward the corresponding policy recommendations to improve the effect of equity financing in China.
【学位授予单位】：东北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F276.3;F832.51;F224

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