重庆市上市公司股权融资效率分析

发布时间：2018-05-18 08:43

本文选题：上市公司 + 股权融资效率　；参考：《西南大学》2012年硕士论文

【摘要】：自改革开放以来,中国证券市场迅猛发展。证券行业已经成长为关乎中国经济命脉,关乎社会发展的大问题。随着证券市场的筹资功能的体现,通过股权融资方式,上市公司可以获得大量生产发展所需要的资金,支持企业的快速发展。股权融资股东可按持股比例分享公司经营成果,同时以出资额为限与其他股东共同承担公司风险。这样融资得来的资金既是公司的初始资本,又是进一步增资扩股的有利的资金保障,可以说股权融资方式大大提高了公司抗风险的能力。股权融资具有其自身的优势和特点,在现阶段成为了非常重要的融资方式。关于股权融资效率的研究逐步也逐步深入,学者们希望通过对股权融资的理论研究为经济实际运行提供相关政策支持。重庆从1987年股份制改革到1993年第一只股票上市,发展至今在中国上市的有34家上市公司。重庆市上市公司股票2010市价总值2645亿元,较前年增长近一倍。根据目前的统计资料,重庆上市企业共募得资金215.91亿元。平均每家企业募资4.41亿。然而不可忽视的是,重庆市上市公司在股权融资发展过程中,也出现了这样或者那样的问题。主要表现在上市公司盈利能力不强,融资效率不高,甚至因为多方原因部分公司被迫被多次收购重组,严重制约了上市公司健康稳定发展。本文的目的是研究以重庆市上市公司为例研究股权融资效率问题。本文在查阅大量文献资料的基础上,对国内外学术界关于融资效率的理论和研究文献进行了一个回顾和梳理。总结归纳出上市公司股权融资方式的特点。以重庆市上市公司为调研对象,通过调查统计以及相关资料搜集,客观描述重庆市上市公司股权融资的现状。为了更深入的挖掘重庆市上市公司股权融资过程中影响融资效率的因素,本文选取了重庆市24家上市公司作为研究样本,借用对多投入多产出对效率进行评价的DEA模型,确定该模型中对应的输入和输出指标,并且从相关上市公司年报中搜集所需要的数据,进行实证分析。根据DEA实证研究得到结论：从整体上看,重庆市24家上市公司样本的融资效率单位数偏低,大多数公司都是非效率的,因此具有较大的上升空间,应当征对性的进行融资布局调整。根据行业分布的研究结果而言,医药生物行业的融资效率明显高于其他行业。有效融资的公司大多分部在医药生物和制造业两大行业中,房地产行业、公用事业、石化塑胶、机械设备行业融资效率相对较低。由此可见股权融资效率具有一定的行业分布性。再考察随时间序列分布的实证结果,选取的重庆市的24家样本上市公司中,在所考查的时间序列周期中,融资效率并没有随时间的推进有明显的提高。其中还有数家企业甚至呈现出技术效率随时间增加递减的情况,这样的情况说明企业后续的融资没有跟上,没有最大程度的发挥股权融资的效用。最后,根据以上的研究与分析,征对性的提出符合重庆市上市公司融资特点的相关对策与改进意见。认为应该从公司治理机制、企业融资渠道、股权融资范围以及监管力度等四方面着手,提高股权融资效率。希望通过本次研究指出重庆市上市公司股权融资中存在的问题,提出建设性的意见,从而提高重庆市上市公司的融资效率水平,进而通过重庆市上市公司的健康稳定发展促进西部地区的经济繁荣发展。
[Abstract]:Since the reform and opening up, China's securities market has developed rapidly. The securities industry has grown into a big problem about the lifeblood of China's economy and the development of the society. With the embodiment of the financing function of the securities market, the listed companies can obtain a large amount of funds needed for the production and development by means of equity financing, and support the rapid development of the enterprises. The financing shareholders can share the results of the company's management according to the shareholding ratio. At the same time, the financing amount is limited to the risk of the company with the other shareholders. The financing is not only the initial capital of the company, but also the favorable financial guarantee for the further increase of capital and expansion. It can be said that the equity financing method greatly improves the company's ability to resist risk. Financing has its own advantages and characteristics, and it has become a very important financing mode at the present stage. The research on the efficiency of equity financing has gradually deepened. The scholars hope to provide relevant policy support to the actual operation of the economy through the theoretical research on equity financing.
Chongqing has been listed in 1987 from stock reform to the first stock market in 1993. There are 34 listed companies listed in China. The total value of 2010 market shares of Listed Companies in Chongqing is 264 billion 500 million yuan, nearly doubling from the previous year. According to the current statistics, the listed companies in Chongqing raised a total of 21 billion 591 million yuan. An average of 441 million. However, it is not to be ignored that in the process of equity financing development of the listed companies in Chongqing, there are such problems. The main performance is that the profitability of the listed companies is not strong, the financing efficiency is not high, and even the companies are forced to be reorganized for many reasons, which seriously restricts the healthy and stable development of the listed companies.
The purpose of this paper is to study the issue of equity financing efficiency in the case of Listed Companies in Chongqing. On the basis of consulting a large number of documents, this paper reviews and reviews the theory and literature on financing efficiency at home and abroad and summarizes the characteristics of equity financing in the listed companies. The listing of the listed companies is listed in the market of Chongqing. The company objectively describes the status of equity financing in Chongqing listed companies through investigation and statistics and relevant data collection. In order to dig deeper into the factors affecting the financing efficiency in the stock financing process of the listed companies in Chongqing, this paper selects 24 listed companies in Chongqing as research samples and borrow more investment and more production. The DEA model, which evaluates the efficiency, determines the corresponding input and output indicators in the model, and collects the required data from the annual reports of the related listed companies and carries out an empirical analysis. According to the DEA empirical study, the conclusion is that the number of financing efficiency units of the 24 listed companies in Chongqing is low and the majority of the companies are in the whole. According to the research results of the industry distribution, the financing efficiency of the pharmaceutical and biological industry is obviously higher than that of other industries. Most of the companies in effective financing are in the two major industries of pharmaceutical and biological and manufacturing industries, the real estate industry, utility, stone. The financing efficiency of the plastic and mechanical equipment industry is relatively low, which shows that the equity financing efficiency has certain industry distribution.
The empirical results of the distribution of the time series are examined. In the selected 24 listed companies in Chongqing, the financing efficiency has not been significantly improved in the time series period of the examination. There are several enterprises even showing a decline in the technological efficiency with time. Follow up financing did not keep pace with, and did not maximize the effectiveness of equity financing.
Finally, according to the above research and analysis, this paper puts forward the relevant countermeasures and improvement opinions in accordance with the financing characteristics of the listed companies in Chongqing. It is believed that the efficiency of equity financing should be improved from four aspects, such as corporate governance mechanism, enterprise financing channels, equity financing scope and supervision strength. This study hopes to point out Chongqing city through this study. The problems existing in the equity financing of the listed companies and put forward constructive suggestions, thus improving the level of financing efficiency of the listed companies in Chongqing, and further promoting the economic prosperity and development of the western region through the healthy and stable development of the listed companies in Chongqing.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.6;F224

【参考文献】