中小企业在“新三板”挂牌对经营绩效影响的实证研究

发布时间：2018-03-05 16:36

本文选题：新三板　切入点：中小企业　出处：《华中科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：在社会主义市场经济的背景下，随着我国资本市场结构的日益完善，作为我国经济发展的新生力量，中小高新技术企业正不断发展壮大。但是，由于有着与生俱来的高风险和高不确定性等特征，中小企业很难在证券市场和债券市场上进行外部融资。而“新三板”的运营恰恰为中小企业提供了一个很好的融资平台。“新三板”市场有着挂牌条件宽松，没有财务和规模条件限制等特点，其形成与发展对于改善中小企业和高科技技术企业经营绩效，助力中小企业与高新技术产业的发展有着非常重要的意义。本文在前人研究的基础上，采用实证研究的方法，考察中小企业在新三板挂牌后经营绩效的改善效果。首先，本文根据国内外学者对传统财务指标与经营绩效关系的研究基础上，新增了各高新区或各区域政府的扶持鼓励政策为解释变量，，提出了本文研究新三板市场的目的、意义以及主要内容。其次，通过比较研究新三板与主板市场以及新三板与各国（地区）场外市场，分析新三板目前的发展情况以及未来的发展动向。再次，本文通过描述性统计、多元回归模型等手段进行实证研究。最后，在研究结论的基础上，发现中小企业在新三板挂牌后仍存在问题，因此针对问题提出了改善经营绩效的对策和建议。本文得出的主要结论包括：第一，中小企业在新三板挂牌后，获利能力、成长能力以及综合能力有所提升；第二，中小企业在新三板挂牌后，企业的获利能力越高，经营绩效越好；第三，中小企业在新三板挂牌后，企业的成长能力越高，经营绩效越好；第四，各高新区或各区域政府的扶持鼓励政策对经营绩效的影响不显著。
[Abstract]:Under the background of socialist market economy, with the increasingly perfect structure of capital market in our country, as a new force of economic development in our country, small and medium-sized high-tech enterprises are developing continuously. Because of its inherent characteristics of high risk and high uncertainty, It is very difficult for small and medium-sized enterprises to make external financing in the securities market and the bond market. And the operation of the "new third board" provides a very good financing platform for small and medium-sized enterprises. The "new third board" market has loose listing conditions. Without financial and scale constraints, its formation and development can improve the business performance of small and medium-sized enterprises and high-tech enterprises. It is of great significance to promote the development of small and medium-sized enterprises and high-tech industries. On the basis of previous studies, this paper investigates the improvement effect of the management performance of small and medium-sized enterprises after the listing of the new three boards by using the method of empirical research. Firstly, based on the domestic and foreign scholars' research on the relationship between traditional financial indicators and business performance, this paper adds the support and encouragement policies of various high-tech zones or regional governments as explanatory variables, and puts forward the purpose of this paper to study the new third board market. The significance and main content. Secondly, through the comparative study of the new third board and the main board market and the new third board and the countries (regions) over the market, the paper analyzes the current development situation and the future development trend of the new third board. Again, In this paper, descriptive statistics, multiple regression model and other means to carry out empirical research. Finally, on the basis of the conclusions of the study, it is found that small and medium-sized enterprises still have problems after the listing of the new third board. Therefore, some countermeasures and suggestions are put forward to improve the performance. The main conclusions of this paper are as follows: first, after the listing of the new third board, the profitability, growth ability and comprehensive ability of SMEs are improved; second, after the listing of the new third board, the profitability of SMEs is higher. The better the operating performance; the third, the higher the growth ability of the small and medium-sized enterprises in the new three boards, the better the business performance; 4th, the support and encouragement policies of the high-tech zones or regional governments have no significant impact on the business performance.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F276.3;F275

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