创业融资影响企业成长性的实证研究

发布时间：2018-03-16 10:19

  本文选题：创业企业　切入点：创业融资　出处：《哈尔滨工业大学》2016年硕士论文　论文类型：学位论文

【摘要】：创新是经济发展和社会进步的核心动力,创业作为创新的基础,引领时代的发展趋势。伴随着创业板建立及新三板市场的发展,大批创新型企业源源不断的涌现,为经济增长提供强大的推动力,但是创业企业自身的高风险性必然引起融资困境的出现。论文正是着眼于此,从创业企业的视角研究创业融资对企业成长性的影响作用,为创业企业争取风险资金的注入提供依据。论文总结回顾了国内外关于企业融资、企业成长性及融资与企业成长性关系的研究现状,详尽分析了创业企业成长性的衡量标准及创业融资对企业成长性影响作用机理的相关基础理论,选取2011年至2014年中国新三板市场中1711家创业企业作为研究样本,采用二元Logistics回归、面板数据回归和多元回归分析等多种统计分析方法,运用Stata12.0及SPSS17.0等计量软件,构建包含效率和效能两方面的创业企业成长性的综合衡量体系,继而对创业融资影响企业多维度的成长性进行实证分析。研究结果表明:创业融资的参与能够明显影响企业的成长效率和成长效能,获得创业融资企业的资本扩张能力、盈利能力、偿债能力、营运能力及创新能力均优于未获得创业融资的企业;创业融资的特征变量中,创投经验丰富会显著提升企业的资本扩张能力、盈利能力和偿债能力,联合投资数量能够提高企业盈利能力和创新能力,创投的背景和融资类型也会不同程度影响企业偿债能力和营运能力;但创业融资参与及其特征变量对企业管理能力的影响并不显著;创业融资对企业成长效率的影响具有时间效应,随年份增加其影响效应减弱。实证研究结果更全面、更准确的分析了创业融资对企业成长性的作用,为创业企业争取创业投资、加速企业快速成长提供参考依据。
[Abstract]:Innovation is the core power of economic development and social progress. As the basis of innovation, entrepreneurship leads the development trend of the times. With the establishment of the gem and the development of the new third board market, a large number of innovative enterprises are constantly emerging. It provides a powerful driving force for the economic growth, but the high risk of the enterprise itself will inevitably lead to the emergence of financing difficulties. This paper focuses on this, and studies the impact of venture financing on the growth of the enterprise from the perspective of the venture enterprise. This paper summarizes and reviews the domestic and international research status of enterprise financing, enterprise growth and the relationship between financing and enterprise growth. This paper analyzes in detail the measurement standard of the growth of the venture enterprise and the relevant basic theory of the mechanism of the influence of venture financing on the growth of the enterprise, and selects 1 711 venture enterprises in the new third board market of China from 2011 to 2014 as the research samples. By using the methods of binary Logistics regression, panel data regression and multivariate regression analysis, and using Stata12.0 and SPSS17.0, the paper constructs a comprehensive measurement system of the growth of entrepreneurial enterprises, which includes efficiency and efficiency. The results show that the participation of venture capital can significantly affect the growth efficiency and growth efficiency of the enterprise, and obtain the capital expansion ability of the venture financing enterprises. Profitability, solvency, operating capacity and innovation ability are superior to those without venture capital. Among the characteristic variables of venture capital, the rich experience of venture capital will significantly improve the capital expansion ability, profitability and solvency of the enterprise. The amount of joint investment can improve the profitability and innovation ability of enterprises, and the background and financing type of venture capital will affect the solvency and operation ability of enterprises in varying degrees. However, the impact of venture capital participation and its characteristic variables on enterprise management ability is not significant. The impact of venture capital on enterprise growth efficiency has a time effect, which is weakened with the increase of years. The empirical results are more comprehensive. More accurate analysis of the role of venture financing on the growth of enterprises, for entrepreneurial enterprises to strive for venture capital, accelerate the rapid growth of enterprises to provide a reference basis.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F279.2;F275
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本文编号：1619491