宁夏新三板上市公司融资效率分析

发布时间：2018-02-17 01:51

本文关键词： 宁夏新三板上市公司融资效率数据包络分析　出处：《北方民族大学》2017年硕士论文　论文类型：学位论文

【摘要】：推进供给侧结构性改革,是我国经济发展进入新常态的必然选择,在这次市场深化改革中,中小企业的重要性凸现出来。中小企业的数目在不断地增长,他们对资金的需求也在日益增加,资金的筹集逐渐成为中小企业进一步发展的瓶颈。党的十八届五中全会曾指出,建立多层次的资本市场来满足企业的融资需要这一重要决定,从政府出发开始关注并扶持中小企业解决融资问题,解决中小企业融资渠道单一、信息不对称和融资效率低的现状。2014年,“新三板”企业上市如雨后春笋般破土而出,在政策上开始向全国范围内的中小企业扩张,这一全国性的中小企业股转平台的运营对于国内资本市场,尤其是场外市场的建设方面是重要的标志性意义。新三板市场相当于美国的纳斯达克交易市场,一方面是众多中小企业实现权益融资、股份转让的重要平台,另一方面也是投资者参与企业股权投资的重要交易场所,作为沪深交易所的有益补充,新三板市场正逐渐成为中小企业实现资本结构优化的重要渠道。随着全国中小企业股份转让系统的不断普及,吸引了众多中小企业和投资者的目光,近年来全国中小企业股份转让系统无论是在挂牌企业数量方面、市场规模方面,还是在交易活跃度等方面均取得了跨越式的发展。然则正因为新三板相对主板市场而言进入门槛较低,同样是宁夏区域的中小企业,经济发展环境相对东部沿海较落后,对企业资金运用和管理能力无疑提出更高水平的要求。本文首先介绍了当前全国新三板市场融资情况,对“新三板”基本情况及发展趋势与宁夏地区中小企业融资现状进行相关介绍;在实证分析部分,抽取宁夏地区19家“新三板”挂牌企业,以2014和2015两年财务报表数据为基础,构建投入和产出体系指标,采用数据包络分析法和BCC模型,以数据作为支撑结合宁夏地区中小企业融资现状和企业自身经营情况来对宁夏地区“新三板”企业的融资效率进行分析,以此凸显“新三板”在中小企业融资方面对于企业的重要战略意义。最后,对全文进行总结,分别从企业自身角度、新三板市场和政府管理者角度出发,提出相关建议和对策。
[Abstract]:The promotion of supply-side structural reform is an inevitable choice for China's economic development to enter the new normal. In this market deepening reform, the importance of small and medium-sized enterprises (SMEs) is highlighted. The number of small and medium-sized enterprises (SMEs) is constantly increasing. Their demand for capital is also increasing, and the raising of funds has gradually become a bottleneck for the further development of small and medium-sized enterprises. The Fifth Plenary session of the 18 CPC Central Committee pointed out the important decision of establishing a multi-level capital market to meet the financing needs of enterprises. Starting from the government, the government began to pay close attention to and support the small and medium-sized enterprises to solve the financing problem, to solve the situation that the financing channel of the small and medium-sized enterprises is single, the information asymmetry and the financing efficiency are low. In 2014, the listing of the "new third board" enterprises sprang up like bamboo shoots out of the ground. In terms of policy, it began to expand to small and medium-sized enterprises throughout the country. The operation of the national small and medium-sized enterprises' stock conversion platform is of interest to the domestic capital market. In particular, the construction of the over-the-counter market is an important landmark. The new third-board market is equivalent to the NASDAQ market in the United States. On the one hand, it is an important platform for many small and medium-sized enterprises to achieve equity financing and share transfer. On the other hand, it is also an important trading place for investors to participate in the equity investment of enterprises, as a useful supplement to the Shanghai and Shenzhen exchanges. The new third board market is gradually becoming an important channel for SMEs to realize the optimization of capital structure. With the continuous popularization of the national small and medium-sized enterprises (SMEs) share transfer system, it has attracted the attention of many small and medium-sized enterprises and investors. In recent years, whether in terms of the number of listed enterprises, the market size, the national small and medium-sized enterprises share transfer system, Or they have made leaps and bounds in terms of transaction activity and so on. However, precisely because the new third board has a relatively low entry threshold relative to the main board market, the same small and medium-sized enterprises in Ningxia region have a relatively backward economic development environment relative to the eastern coastal areas. There is no doubt that a higher level is required for the use and management of enterprise funds. This paper first introduces the current financing situation of the new three boards in China. This paper introduces the basic situation and development trend of "New third Board" and the present financing situation of small and medium-sized enterprises in Ningxia region. In the part of empirical analysis, 19 "new three boards" listed enterprises in Ningxia region are selected, which are based on the data of financial statements in 2014 and 2015. The index of input and output system is constructed, and the data envelopment analysis and BCC model are used. Based on the data, the paper analyzes the financing efficiency of the "new three board" enterprises in Ningxia region by combining the current financing situation of the small and medium-sized enterprises in Ningxia region and the enterprise's own management. In order to highlight the "new three boards" in the financing of small and medium-sized enterprises for the important strategic significance. Finally, the full text is summarized, respectively from the perspective of the enterprise itself, the new third board market and government management perspective, put forward relevant suggestions and countermeasures.
【学位授予单位】：北方民族大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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