创业板企业融资效率及影响因素研究

发布时间：2018-01-08 03:14

本文关键词：创业板企业融资效率及影响因素研究　出处：《西南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：进入知识经济时代后,各国对科学技术的发展达到空前的重视程度。但由于中小企业常出现筹资困难、无法获得稳定的资金来源等情况,而使其难以在激烈的市场竞争中生存下来。20世纪70年代设立于美国的纳斯达克市场为众多的中小企业解决了融资难的问题,使其后各国纷纷效仿,设立单独为中小科技企业或新兴行业的创业板(Growth Enterprise Market,简称GEM)企业股票市场。我国自1998年就提出要在证券市场形成高科技板块,直至2009年10月30日首批28家企业在创业板企业的挂牌上市,标志着我国创业板企业的正式运行。创业板企业为中小企业提供了良好的融资平台,从首批上市的28家创业板企业来看,其计划募集资金为70.77亿元,实际募集资金为154.78亿元,超募率达到117.14%,同时,随着创业板企业数量的逐渐增多,高市盈率和高超募率的现象始终存在。因此,面对数额庞大的融资额,对于创业板企业来说,能否将所筹集的资金最大程度的加以利用是当前和未来都十分值得关注的问题,这不仅与企业的经营发展密切相关,也与证券市场的健康发展和社会资本的合理配置和使用密切相关。本文采用定性与定量相结合、理论与实证相结合的方法,首先对融资效率的相关文献进行梳理,然后对有关理论做出适当的解释说明,在确定了输入输出指标后,以在深圳证券交易所2011年1月1日之前上市的153家创业板企业作为研究对象,利用数据包络分析(Data Envelopment Analysis,简称DEA)模型计算出样本企业的相对效率值,再利用受限因变量模型(Tobit模型)对影响样本企业融资效率的因素进行回归分析。最后根据实证结果得出研究结论并提出相关建议。本文的研究结论包括：(1)我国创业板企业的融资效率处于较低水平,大多数企业尚未达到融资有效状态；(2)改变创业板企业融资效率参考集将会改变其融资效率结果,同时样本数量越多,融资效率评价结果将越有效；(3)改变创业板企业融资效率参考集将不会影响对其规模报酬的评价；(4)创业板企业面临日趋严重的融资冗余现象；(5)创业板企业资本结构、成长性、盈利能力、资金利用效率及企业股权集中度是影响其融资效率的重要因素。本文的研究贡献有以下几个方面：(1)利用DEA模型评价创业板企业的融资效率；(2)本文利用DEA模型对创业板企业连续两年的融资效率进行了对比研究；(3)本文对影响创业板企业融资效率的因素进行了分析,并利用受限因变量模型(Tobit模型)进行了研究。本文的研究不足在于：(1)本文所选研究样本的数量可能会在一定程度上影响对创业板企业融资效率评估的准确性；(2)作者自身研究能力的不足可能会在创业板融资效率评价体系的建立及影响因素的选择上存在缺陷和遗漏,有待后续研究和补充。
[Abstract]:After entering the era of knowledge economy, all countries attach great importance to the development of science and technology, but because SMEs often have difficulty in raising funds, they are unable to obtain stable sources of funds and so on. It is difficult to survive in the fierce market competition. In 70s, the NASDAQ market set up in the United States solved the problem of financing difficulties for many small and medium-sized enterprises, which made many countries follow suit one after another. Set up growth Enterprise Market for small and medium-sized technology enterprises or emerging industries. Since 1998, China has proposed to form a high-tech plate in the securities market, until October 30th 2009, the first batch of 28 enterprises listed on the gem. It marks the formal operation of gem enterprises in our country. Gem enterprises for small and medium-sized enterprises to provide a good financing platform, from the first batch of 28 gem enterprises, its plan to raise seven billion seventy-seven million yuan. The actual capital raised is fifteen billion four hundred and seventy-eight million yuan, the over-raising rate reaches 117.14. At the same time, with the increase of the number of gem enterprises, the phenomenon of high price-earnings ratio and superb raising rate has always existed. Faced with the huge amount of financing, for the gem enterprises, whether to maximize the use of the funds raised is a matter of great concern at present and in the future. This is not only closely related to the management and development of enterprises, but also to the healthy development of the securities market and the rational allocation and use of social capital. This paper uses the combination of qualitative and quantitative, theoretical and empirical methods, first of all, to sort out the relevant literature on the efficiency of financing, and then to make an appropriate explanation of the relevant theory. After determining the input and output indicators, 153 gem enterprises listed on Shenzhen Stock Exchange before January 1st 2011 as the research object. The relative efficiency of the sample enterprises is calculated by using the data Envelopment Analysis (DEA) model. Then we use the limited dependent variable model and Tobit model to analyze the factors that affect the financing efficiency of the sample enterprises. Finally, according to the empirical results, we draw the conclusions and put forward the relevant recommendations. The research conclusions of this paper include: (1) the financing efficiency of gem enterprises in China is at a low level, and most enterprises have not reached the effective state of financing; 2) changing the reference set of financing efficiency of gem will change the result of financing efficiency, and the more samples, the more effective the evaluation result of financing efficiency will be; 3) changing the gem enterprise financing efficiency reference set will not affect the evaluation of its scale reward; Fourth, the gem enterprises are facing the increasingly serious phenomenon of financing redundancy; 5) the capital structure, growth, profitability, efficiency of capital utilization and concentration of equity are the important factors that affect the financing efficiency of gem enterprises. The research contributions of this paper are as follows: 1) using DEA model to evaluate the financing efficiency of gem; 2) this paper makes a comparative study on the financing efficiency of gem enterprises for two consecutive years by using DEA model. In this paper, the factors influencing the financing efficiency of gem enterprises are analyzed, and the limited dependent variable model (Tobit model) is used to study the factors affecting the financing efficiency of gem enterprises. The lack of research in this paper is that the number of samples selected in this paper may affect the accuracy of the evaluation of the financing efficiency of gem to some extent; 2) the deficiency of the author's own research ability may have some defects and omissions in the establishment of the evaluation system of gem's financing efficiency and the choice of influencing factors, which should be further studied and supplemented
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F224

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