创业板上市公司融资结构对其绩效的影响研究

发布时间：2018-03-21 01:10

本文选题：创业板　切入点：上市公司　出处：《湖南科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：创业板市场作为新兴崛起的资本市场，目前来说还未受到国内经济学家的广泛关注，经济学家们更倾向于对主板市场和中小板市场的研究。但就目前的研究成果来看，创业板市场发展迅速，由起步时的28家上市公司发展到现今的300多家，遍布国内近30个省市，80多个城市。创业板市场作为建立多层次资本市场的重要组成部分，其主要目标是对于中小型新兴发展的高新技术企业的资本运作给予扶持。目前，中国正处在经济转型的重要时期，具有创新性的新兴成长型中小企业注定要在我国发展国民经济的道路上扮演十分重要的角色，但是就客观事实来看，我国先如今资本结构并不完善，还有不够健全的诱导机制，缺少资本退出机制，所以这些问题使得高成长中的新兴中小企业存在普遍融资困难的问题，所以说，研究我国创业板上市公司融资结构对其业绩的影响关系，对于创业板市场发展的推动，资本市场体制健全及完善，具有举足轻重的意义。本文主要将我国创业板上市公司融资结构对其业绩的影响关系作为主要的研究对象，首先以绪论的方式阐述了文章的研究背景、目的及意义，同时简要地结合了研究方法与内容，并根据国内外相关资本结构和公司绩效的理论及文献资料按照时间顺序进行系统综述。接着就是根据国外创业板上市公司的特点，对中国创业板市场进行客观分析，界定融资结构的定义并介绍具有中国特色的创业板上市公司的融资以及公司绩效的相关理论。在第三章里面通过因子分析法简单说明了我国上市公司的综合绩效水平以及利用SPSS１８.０统计软件，研究样本选择在2011年1月1日之前上市的公司，财务指标所在报告期为2012年12月31日，，并剔除数据不全的公司样本，经过上述操作之后,我们的研究样本包括154个公司年度观测值。根据这154加上市公司作为研究样本进行实证分析，以期证实创业板市场下融资结构与公司绩效的关系。最后根据实证结果，提出个人的问题与建议，期望能为创业板企业融资难、结构合理化寻找一些切实可行的帮助。
[Abstract]:As a newly rising capital market, the gem market has not been widely concerned by domestic economists. Economists are more inclined to study the main board market and the small and medium-sized market. However, according to the current research results, The gem market has developed rapidly, from 28 listed companies at the beginning to more than 300 at present, and has spread over 80 cities in nearly 30 provinces and cities in China. As an important part of establishing a multi-level capital market, the gem market is an important part of the establishment of a multi-level capital market. Its main goal is to support the capital operation of high-tech enterprises with small and medium-sized emerging development. At present, China is in an important period of economic transformation. Innovative new growth SMEs are destined to play a very important role in the development of our national economy, but from the objective facts, our capital structure is not perfect, and there is not a sound induction mechanism. Lack of capital exit mechanism, so these problems make the emerging SMEs in high growth have general financing difficulties, so, we study the relationship between the financing structure of listed companies on the gem and their performance. It is of great significance to promote the development of gem and perfect the system of capital market. In this paper, the main research object is the relationship between the financing structure of listed companies on the gem and its performance. Firstly, the background, purpose and significance of the article are described in the way of introduction. At the same time, it briefly combines the research methods and contents, and makes a systematic review according to the theory of capital structure and corporate performance at home and abroad and literature data according to the time order. Then, according to the characteristics of foreign gem listed companies, An objective analysis of the gem market in China, Define the definition of financing structure and introduce the financing and corporate performance theory of gem listed companies with Chinese characteristics. In the third chapter, we simply explain the comprehensive performance of listed companies in our country by factor analysis. Level and use of SPSS18.0 statistical software, The study sample selected companies listed before January 1st 2011, the financial indicators for the reporting period was December 31st 2012, and after removing the sample of companies with incomplete data, after the above operation, Our research sample includes 154 company annual observations. According to the 154 listed companies as a sample of empirical analysis, in order to verify the relationship between financing structure and corporate performance in the gem market. Finally, according to the empirical results, This paper puts forward personal problems and suggestions, hoping to find some practical help for the financing of gem enterprises and the rationalization of structure.
【学位授予单位】：湖南科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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