基于DEA数据包络分析法的陕西新三板挂牌企业融资效率研究

发布时间：2018-02-14 18:57

本文关键词： 中小企业新三板融资效率数据包络分析　出处：《西安外国语大学》2017年硕士论文　论文类型：学位论文

【摘要】：中小企业是国民经济和社会发展的重要组成力量,对于中小企业而言,融资难、融资贵一直是制约自身发展的瓶颈,而新三板的出现无疑给中小企业开拓了一个新的融资渠道。从挂牌企业数量上来看,新三板已经发展成为我国最大的基础性证券市场,一方面企业挂牌新三板市场情况火爆,另一方面新三板市场的流动性却严重不足,而目前对新三板挂牌企业融资效率的相关研究也比较少,本文基于这一背景应运而生。本文在回顾和梳理了融资效率的定义、融资效率的影响因素、融资效率的评价方法等方面的文献和企业融资理论、企业效率理论等理论的基础上,选取了陕西省在新三板挂牌的企业为研究对象,分析了陕西省新三板市场的发展概况和融资现状,明确了陕西省挂牌企业在融资中存在的问题。基于现有相关文献的研究,并结合本文对陕西省新三板挂牌企业融资现状及问题的分析,确定了以资产总额、资产负债率、主营业务成本为投入指标,以净资产收益率、总资产周转率、主营业务收入增长率、每股收益为产出指标构建了指标体系,利用DEA分析方法,对60家样本企业的融资效率进行了测度,通过CCR模型和BCC模型测算出样本企业的综合技术效率、纯技术效率和规模效率。根据实证结果显示,虽然陕西省新三板挂牌企业纯技术效率值整体水平较高,但大多数企业都处于规模报酬递增阶段,融资规模不足,规模效率低下,从而导致综合效率值偏低,大多数企业都没有达到DEA有效的状态,在现有投入水平下的产出与相对最优产出尚有差距,整体融资效率偏低,融入的资金没有得到有效的利用。最后,针对实证分析得出的结论,分别从企业本省和政府管理层面两大角度提出提升陕西省新三板挂牌企业融资效率的措施与建议。
[Abstract]:Small and medium-sized enterprises are an important component of the national economy and social development. For small and medium-sized enterprises, the difficulty of financing and the high cost of financing have been the bottlenecks restricting their own development. And the emergence of the new third board has undoubtedly opened up a new financing channel for small and medium-sized enterprises. In terms of the number of listed enterprises, the new third board has developed into the largest basic securities market in China. On the one hand, the situation of enterprises listing the new third board is very hot. On the other hand, the liquidity of the new third board market is seriously insufficient, and the current research on the financing efficiency of the new third board listed enterprises is also relatively few. Based on this background, this paper emerges as the times require. This paper reviews and combs the definition of financing efficiency. On the basis of the influencing factors of financing efficiency, the evaluation methods of financing efficiency and the theory of enterprise financing and enterprise efficiency, the enterprises listed on the new three boards in Shaanxi Province are selected as the research objects. This paper analyzes the development situation and financing status of Shaanxi new third board market, and clarifies the existing problems in financing of listed enterprises in Shaanxi Province. Based on the analysis of the present financing situation and problems of Shaanxi new third board listed enterprises, this paper determines the total assets, the ratio of assets and liabilities, the cost of main business as the input index, the net asset return rate and the total assets turnover ratio. The main business income growth rate and earnings per share are the output indicators to build an index system. The financing efficiency of 60 sample enterprises is measured by using DEA analysis method. The comprehensive technical efficiency of the sample enterprises is calculated by CCR model and BCC model. Pure technical efficiency and scale efficiency. According to the empirical results, although the overall level of pure technical efficiency of Shaanxi new third board listed enterprises is relatively high, most enterprises are in the stage of increasing returns of scale, the financing scale is insufficient, and the scale efficiency is low. As a result, the comprehensive efficiency is on the low side, most enterprises have not reached the effective state of DEA, there is still a gap between the output and the relative optimal output at the existing input level, and the overall financing efficiency is on the low side. Finally, according to the conclusion of the empirical analysis, the measures and suggestions to improve the financing efficiency of Shaanxi new third board listed enterprises are put forward from the two aspects of enterprises' local province and government management level.
【学位授予单位】：西安外国语大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F224;F832.51

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