新三板挂牌企业融资结构与盈利能力研究

发布时间：2018-03-06 00:35

本文选题：盈利能力　切入点：融资结构　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：具有创新性的中小企业能够使经济更加具有活力和吸收就业。全国中小企业股份转让系统(俗称“新三板”)市场是主板和创业板市场这两个主要的股份交易市场之后的一个重要的资本市场补充环节,其建立旨在帮助缓解中小企业融资难问题。目前学术界对新三板的研究还不够重视,已有研究主要关注新三板制度建设,对新三板挂牌企业的财务成长性、融资结构以及盈利能力的研究很少。由于新三板挂牌企业大多分布在高科技行业的中小企业,研究分析这些企业的融资结构和财务能力有助于促进中国高科技制造业产业的发展。探讨新三板挂牌企业盈利能力与融资结构相关性不仅为优化这些企业融资结构提供参考信息,还为提高市场监管效率等方面提供指导意见。本文首先介绍研究背景和研究目的,并对与本文研究主题相关的文献进行综述,简要阐述三个主要理论。然后,本文对新三板的2013-2015年期间的发展情况进行多层面的统计描述。为了验证新三板挂牌企业盈利能力与融资结构相关性,本文选取新三板367家挂牌企业作为样本进行实证分析。实证分析过程包括对所选指标的样本特征进行初步分析;通过F检验和Hausman检验进行模型选择;将营业利润率、净资产收益率和总资产收益率作为因变量分别进行面板数据固定效应回归分析。统计分析结果表明新三板企业流动负债率超过90%,企业股权较集中的企业所占全部企业比例超过80%,存在流动负债率过高,股权过于集中等问题。实证分析结果表明资产负债率与企业盈利能力指标相关性显著,其中,资产负债率与营业利润率、总资产收益率负相关,与净资产收益率正相关。研究结果表明由于新三板企业的独特性,过去的理论无法很好的解释这些企业的资产负债率对盈利能力的影响。另外,本研究还发现新三板企业股权集中度与企业的盈利能力相关性不显著。因此,本文建议政府大力发展新三板债券市场,帮助企业完善债权治理结构;市场监管部门应该健全新三板市场的直接融资政策;新三板企业通过制度政策促进企业融资多样化,提高企业使用融资效率,优化企业股权结构。
[Abstract]:Innovative small and medium-sized enterprises can make the economy more dynamic and absorb employment. The national small and medium-sized enterprises share transfer system (commonly known as the "New third Board") market is the main board and the gem market, the two main stock trading markets. After that, an important capital market supplement link, Its purpose is to help alleviate the financing difficulties of small and medium-sized enterprises. At present, the academic circles have not paid enough attention to the study of the new third board. The existing research has mainly focused on the construction of the new third board system, and on the financial growth of the new third board listed enterprises. Research on financing structure and profitability is rare. Since most of the new third board listed enterprises are located in small and medium-sized enterprises in high-tech industries, The research and analysis of the financing structure and financial ability of these enterprises will help to promote the development of high-tech manufacturing industry in China. The relationship between the profitability and the financing structure of the new three board listed enterprises is not only to optimize the financing knot of these enterprises, but also to promote the development of the high-tech manufacturing industry in China. To provide reference information, It also provides guidance for improving the efficiency of market supervision. Firstly, this paper introduces the background and purpose of the research, summarizes the literature related to the subject of this paper, and briefly expounds three main theories. This paper gives a multi-level statistical description of the development of the new third board during 2013-2015. In order to verify the correlation between the profitability of the new third board and the financing structure, This article selects 367 new three board listed enterprises as the sample for empirical analysis. The empirical analysis process includes the preliminary analysis of the selected indicators of the sample characteristics; through F test and Hausman test model selection; the operating profit rate, The return on net assets and the return on total assets are respectively used as dependent variables in panel data fixed effect regression analysis. The result of statistical analysis shows that the liquidity debt ratio of the new three-board enterprises is more than 90 and the enterprises with concentrated stock rights account for all of them. The proportion of enterprises exceeds 80%, and the current debt ratio is too high. The empirical results show that the asset-liability ratio has a significant correlation with the profitability of the enterprise, among which, the asset-liability ratio is negatively correlated with the operating profit margin, the total return on assets, and so on. The research results show that because of the uniqueness of the new third board companies, the past theories can not explain the influence of the debt ratio of these enterprises on profitability. This study also found that the ownership concentration of the new three boards is not significantly related to the profitability of the new three boards. Therefore, this paper suggests that the government should develop the new three board bond market to help the enterprises to improve the governance structure of creditor's rights; The market supervision department should perfect the direct financing policy of the new three board market, and the new three board enterprises should promote the diversification of enterprise financing, improve the efficiency of using financing and optimize the stock structure of the new third board through the system policy.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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