中小企业在新三板市场融资效果实证研究

发布时间：2018-01-21 05:06

本文关键词： 中小企业新三板融资效果　出处：《西安科技大学》2017年硕士论文　论文类型：学位论文

【摘要】：长期以来中国的资本市场重心过度集中于大企业,呈现出一种“倒三角”的结构,致使中小企业融资难的问题始终没有妥善解决,而中小企业每年为国家贡献50%以上的税收、60%以上的GDP、提供80%以上的城镇就业岗位,是最重要的企业群体。全国中小企业股份转让系统(新三板)是目前国内唯一针对中小企业股权融资的全国性平台,它的出现使得“资本市场多层次化、资本市场品种多样化,资本市场主体多元化”的规划构想迈出了重要一步,成为打破当前沪深两家交易所垄断资本市场的关键。但在实际运行中,新三板市场暴露出诸多问题,因此研究中小企业在新三板的融资效果,是探讨新三板市场未来发展方向的基础,有助于新三板市场的规范和完善。本文根据现有文献资料,梳理了融资效果的影响因素和评价方法,从新三板的挂牌企业、市场分层、市场流动性、定向增发以及转板情况等方面总结了发展现状,得出新三板市场存在交易不够活跃、直接融资乱象多、转板机制不完善、挂牌企业不规范等问题。利用DEA模型,建立了融资效果评价体系,在2012年前挂牌的企业中选取100家样本进行实证分析,结果显示:新三板融资效果整体并不理想,但历年有所上升。通过对不同地区、行业、层级的企业在新三板融资效果的对比,发现各地区、各行业差距明显,融资效果排名依次为上海、北京、湖北、天津地区,其中互联网和相关服务业的融资效果最好,制造业的融资效果最差,基础层企业的融资效果反而超过创新层。结合实证结果分析上述问题的原因,认为主要是新三板发展时间短,各项制度尚未完善;监管层监管水平与迅速发展的市场并不配套;中小企业自身没有做好进入资本市场的准备。本文针对以上原因提出了完善新三板市场制度建设、提高监管水平、加强企业建设等对策建议。
[Abstract]:For a long time, the center of gravity of China's capital market has been excessively concentrated on large enterprises, showing a kind of "inverted triangle" structure, resulting in the difficulty of financing SMEs has never been properly resolved. The small and medium-sized enterprises contribute more than 50% tax revenue to the country each year and provide more than 80% urban employment jobs. It is the most important enterprise group. The National small and Medium-sized Enterprises share transfer system (new three boards) is the only national platform for small and medium-sized enterprises' equity financing at present, its appearance makes the "capital market multi-level". The plan of diversification of capital market and diversification of main body of capital market has taken an important step forward and has become the key to break the monopoly capital market of Shanghai and Shenzhen exchanges, but it is in practice. The new third board market exposed many problems, so the study of the financing effect of small and medium-sized enterprises in the new third board market is the basis to explore the future development direction of the new third board market. According to the existing literature, this paper combs the influence factors and evaluation methods of financing effect, from the new third board listed enterprises, market stratification, market liquidity. This paper summarizes the current situation of the development of the new third board market, such as directional additional issuance and the situation of the transfer board, and points out that the new third board market is not active enough, the direct financing is chaotic, and the mechanism of the transfer board is not perfect. Using the DEA model, the evaluation system of financing effect is established, and 100 samples are selected for empirical analysis in the listed enterprises before 2012. The results show that the overall financing effect of the new three boards is not ideal, but has increased over the years. Through the comparison of the financing effects of different regions, industries and levels of enterprises in the new three boards, it is found that there are obvious differences between different regions and industries. The order of financing effect is Shanghai, Beijing, Hubei, Tianjin, among which the Internet and related services have the best financing effect, and the manufacturing industry has the worst financing effect. On the contrary, the financing effect of the basic level enterprises is better than that of the innovation level. Based on the empirical results, the reasons for the above problems are analyzed, and the main reasons are that the development time of the new three boards is short, and the systems are not yet perfect. The level of supervision is not matched with the rapidly developing market; The small and medium-sized enterprises themselves are not ready to enter the capital market. In view of the above reasons, this paper puts forward some countermeasures and suggestions, such as perfecting the system construction of the new third board market, raising the level of supervision and strengthening the construction of enterprises.
【学位授予单位】：西安科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F276.3

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