我国创业板上市公司融资效率实证研究

发布时间：2018-01-15 05:10

本文关键词：我国创业板上市公司融资效率实证研究　出处：《山东农业大学》2014年硕士论文　论文类型：学位论文

【摘要】：企业运营的“血液”是资金，资金的作用体现在引导资源和调控其他资源上，融资选择问题是一个企业运营生产所要首先面临的。在经济问题高频的现代社会，企业融资也作为一个热门的经济话题每每提上例案。一方面，股权融资方式是上市公司获取资金的一种方式，这种方式也对整个社会经济发展有着不可小视的作用。另一方面，我国上市公司对股权融资这种获取资金的渠道有着强烈的依赖和偏好。资金闲置就成为上市公司筹集资金过多所带来的一大弊端，不明确的资金投向，，会降低资金的使用效率。在我国，企业融资特点在高新技术企业与传统企业中不同，存在许多像融资风险高，资金需求大等融资特性。然而，在中小高新技术企业中，经常因为资金短缺，融资困难而阻碍其发展。在2009年10月23日我国创业板市场的正式开板，为中小高新技术企业阻碍其发展的融资难问题提供了直接融资渠道。资金融入效率，资金融入的利用率，整体的融资效率在创业板市场的体现成为了我们所要关注的要点。选取168家在深交所创业板上市的高新技术企业2010年的财务数据作为本文研究所需要的样本，通过CSMAR数据库查找其涉及的财务指标，选用数据包络分析法（DEA模型）这种发展较为成熟的方法，检测168家高新技术企业的融资效率。经研究表明，在融资效率的问题上，我国创业板上市公司的融资效率仍然不够理想。结合融资理论以及效率理论，并通过回顾企业融资的文献，对影响创业板上市公司融资效率的因素进行分析归纳，作为本文实证研究选取投入产出变量的基础。最后应用DEA的方法来分析验证样本的融资效率，提出本文的结论和建议。
[Abstract]:The "blood" of enterprise operation is capital, and the function of capital is to guide resources and control other resources. The problem of financing choice is the first one that an enterprise faces in operation and production, and in the modern society with high frequency of economic problems. Corporate financing is also a hot economic topic. On the one hand, equity financing is a way for listed companies to obtain funds. This approach also plays an important role in the development of the whole society and economy. On the other hand. Listed companies in our country have strong dependence and preference on equity financing which is the channel of obtaining funds. Idle funds have become a major drawback brought by the excessive amount of funds raised by listed companies and the investment of funds is not clear. In our country, the characteristics of enterprise financing are different from the traditional enterprises in high-tech enterprises, there are many financing characteristics such as high risk of financing, large demand for funds, etc. However. In the small and medium-sized high-tech enterprises, often because of the shortage of funds, financing difficulties and hinder its development. In October 23rd 2009, China's gem market officially opened. It provides the direct financing channel, the efficiency of capital integration and the utilization rate of capital integration for small and medium-sized high-tech enterprises which hinder their development. The overall financing efficiency in the gem market has become the focus of our attention. In 2010, the financial data of 168 high-tech enterprises listed on the gem of Shenzhen Stock Exchange are selected as the samples needed for this study, and the financial indicators involved are found through the CSMAR database. Data Envelopment Analysis (DEA) is a mature method to detect the financing efficiency of 168 high-tech enterprises. The financing efficiency of China's gem listed companies is still not ideal. Combined with the financing theory and efficiency theory, and by reviewing the literature of enterprise financing, the factors affecting the financing efficiency of gem listed companies are analyzed and summarized. As the basis of selecting input-output variables in this paper, we use the DEA method to analyze the financing efficiency of the validation sample, and put forward the conclusions and recommendations of this paper.
【学位授予单位】：山东农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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