我国新三板挂牌企业融资效率研究

发布时间：2018-05-11 18:37

本文选题：融资效率 + 新三板　；参考：《上海外国语大学》2017年硕士论文

【摘要】：在国际经济环境严峻、我国推进产业结构改革的背景下,扶持与发展以技术为核心的创新创业型企业是重要且迫切的举措。而新三板市场作为此类企业的聚集地,无疑将是我国多层次资本市场未来发展的重点领域。作为一个新兴市场,在备受瞩目的同时也问题丛生,如何进一步完善市场的制度建设、发挥市场的融资功能、提升挂牌企业的融资效率、使金融更好服务于实体经济都是当前亟待解决的问题。本文选择以企业融资效率为视角,立足于企业本身,分析目前新三板市场的融资功能为企业带来的变化、企业获取资金后的状态以及如何做出改进措施,并以此为据提出有利于企业与市场健康发展的建议。本文由五部分组成,分别为引言、文献综述、我国新三板市场挂牌企业融资效率的现状分析、我国新三板市场挂牌企业融资效率的实证研究,以及国外场外市场的经验借鉴与政策建议。首先,阐述当前国内外的经济环境以及发展新三板市场的重要性与迫切性,通过文献研究理清研究思路,选择以企业融资效率为本文研究视角,以数据包络法为模型,分析企业的变化,从而观测整个市场。其次,在文献综述部分,主要梳理国外重要理论,作为本文模型指标选取与分析的依据,同时罗列前人对相关话题的研究,主要阐述了企业在发展过程中对融资方式的选择以及企业融资后普遍效率降低的客观事实。再次,通过对法律法规和数据的整理归纳,展现新三板市场当前的规模与活跃程度以及挂牌企业的状况,挂牌企业数量的激增带来繁荣的市场表象,但依然表现出例如企业融资差距大、市场流动性差、交易方式单一等问题。在实证研究部分,本文选取333家已融资企业为样本,以资产总额、资产负债率和营业总成本作为投入指标,以净资产收益率和每股收益作为产出指标,通过DEA数据包络方法的两种模型用面板数据和截面数据分别对企业融资前后的效率进行比较分析和非有效性分析。研究发现企业效率对资金融入较敏感,目前新三板企业仍亟待资金的融入,企业通过资金提升技术进步的能力较强,具有投资价值。同时,研究也得出新三板企业存在生产规模与内部管理等问题。最后,通过上述整理与研究,综合优秀样本企业和国外经验,探讨新三板的问题所在,对本文进行总结并提出相应有利于市场完善的政策建议。
[Abstract]:In the severe international economic environment, it is an important and urgent measure to support and develop innovative entrepreneurial enterprises with technology as the core under the background of promoting industrial structure reform in China. As the gathering place of this kind of enterprises, the new three-board market will undoubtedly be the key area of the future development of the multi-level capital market in our country. As an emerging market, there are many problems at the same time, how to further improve the market system construction, give full play to the financing function of the market, and improve the financing efficiency of listed enterprises. It is an urgent problem to make finance serve the real economy better. This paper chooses the enterprise financing efficiency as the angle of view, based on the enterprise itself, analyzes the changes that the financing function of the new three boards market brings to the enterprise, the state of the enterprise after obtaining the funds and how to make the improvement measures. According to this, the paper puts forward some suggestions which are conducive to the healthy development of enterprises and markets. This paper is composed of five parts: introduction, literature review, analysis of the current situation of financing efficiency of listed enterprises in the new third board market in China, and empirical study on financing efficiency of listed enterprises in new third board market of our country. As well as the experience of foreign over-the-counter market experience and policy recommendations. First of all, expound the current domestic and international economic environment and the importance and urgency of developing the new third board market. Through literature research to clear up the research ideas, choose the enterprise financing efficiency as the perspective of this article, data envelopment method as the model. Analysis of changes in the enterprise, thereby observing the entire market. Secondly, in the literature review part, mainly combing the important theories abroad, as the basis of the selection and analysis of the model indicators, at the same time listing the previous research on related topics. This paper mainly expounds the choice of financing mode in the process of development and the objective fact that the general efficiency of enterprise after financing is reduced. Thirdly, through the collation of laws, regulations and data, we can show the current scale and active degree of the new third board market and the status of listed enterprises. The surge in the number of listed enterprises brings about a prosperous market appearance. However, there are still some problems, such as large financing gap, poor market liquidity, single trading mode and so on. In the part of empirical research, 333 companies are selected as samples, taking total assets, asset-liability ratio and total operating cost as input indicators, and taking net asset return and earnings per share as output indicators. Through the two models of DEA data envelopment method, the efficiency before and after financing is analyzed by using panel data and cross-section data respectively. It is found that the efficiency of enterprises is more sensitive to the integration of capital. At present, the new three board enterprises are still in urgent need of capital integration, and enterprises have strong ability to promote technological progress through capital, and have investment value. At the same time, the study also found that the new three-board enterprises have problems such as production scale and internal management. Finally, through the above collation and research, synthesizes the outstanding sample enterprise and the foreign experience, discusses the new three boards problem, carries on the summary to this article and puts forward the corresponding policy suggestion which is advantageous to the market consummation.
【学位授予单位】：上海外国语大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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