我国创业板上市公司融资能力的影响因素研究

发布时间：2018-05-26 12:33

本文选题：创业板上市公司 + 融资能力　；参考：《山东大学》2014年硕士论文

【摘要】：当前,创业板上市公司是我国经济社会的重要组成部分,是缓解就业压力,促进社会稳定的重要因素。随着创业板上市公司逐渐发展壮大,仅仅依靠企业内部积累无法满足自身资金的需求,融资问题成为创业板上市公司需要迫切解决的问题。只有有效解决融资困难,才能促进企业长远稳定发展。一方面,国家通过政策引导和金融体系创新拓宽融资渠道,另一方面企业的自身因素也影响创业板上市公司的融资能力。本文以创业板上市公司为研究样本,采用定量分析和定性分析相结合方法,从企业规模、成长性、盈利能力、偿债能力和资产担保价值方面,对创业板上市公司融资能力进行深入探讨,以期为创业板上市公司融资问题提供有效的解决对策。本文共包括六部分。第一部分提出了本文选题目的和意义,本文的研究内容、研究方法和技术路线,并对研究范围进行了界定。第二部分分析了企业融资的基本理论,主要包括信息不对称理论、关系型借贷理论、MM理论、代理成本理论、优序融资理论等,论述了这些理论对企业融资的意义；并且对企业融资问题的国内外文献进行了梳理,提出了论文研究的价值。论文的第三部分对创业板上市公司融资能力进行了分析。首先指出了我国创业板上市公司的特点以及融资能力的现状,然后依据企业融资理论,从企业规模、成长性、盈利能力、保障能力、银企关系和流动性等因素对创业板上市公司融资能力进行了分析,指出了这些因素与融资能力的相互关系。第四部分对创业板上市公司融资能力的影响因素进行实证分析。以创业板上市的公司为研究对象,提出研究假设,采用多元统计与回归分析方法,建立了线性回归模型,对创业板上市公司的融资能力进行了实证检验。结果表明盈利能力、偿债能力、企业规模、企业发展能力、投资收益是影响创业板上市公司融资能力的重要因素。第五部分提出了改进创业板上市公司融资能力的对策和建议。一方面提高企业自身的持续发展能力和竞争力,建立合理的内部积累制度；另—方面加强银企合作,积极引导风险投资基金参与创业板上市公司发展管理,真正发挥融资担保制度在企业融资过程中的作用。第六部分对全文进行总结。本文认为要解决创业板上市公司融资问题,需要从外部环境和企业内因方面共同发挥作用。从企业自身来看,企业需提高市场应对能力,降低经营风险,建立核心竞争力。从外部环境来看,要充分发挥政府职能,建立健全信用担保体系,切实改善企业融资的宏观环境。
[Abstract]:At present, gem listed companies are an important part of China's economy and society, which is an important factor to relieve employment pressure and promote social stability. With the growth of gem listed companies, only relying on the internal accumulation of enterprises can not meet the needs of their own funds, the financing problem has become an urgent problem to be solved by gem listed companies. Only by effectively solving financing difficulties, can we promote the long-term and stable development of enterprises. On the one hand, the state broadens the financing channels through policy guidance and financial system innovation, on the other hand, the enterprises' own factors also affect the financing ability of listed companies on the gem. This paper takes the gem listed company as the research sample, adopts the quantitative analysis and the qualitative analysis unifies the method, from the enterprise scale, the growth, the profit ability, the repayment ability and the asset guarantee value aspect, This paper probes into the financing ability of gem listed companies in order to provide effective solutions to the financing problems of gem listed companies. This paper consists of six parts. The first part puts forward the purpose and significance of this paper, the research content, research methods and technical route, and defines the scope of the research. The second part analyzes the basic theories of enterprise financing, including information asymmetry theory, relational lending theory and MM theory, agency cost theory, priority financing theory and so on, and discusses the significance of these theories to enterprise financing. At the same time, the domestic and foreign literature on corporate financing is combed, and the value of the thesis is put forward. The third part of the thesis analyzes the financing ability of gem listed companies. Firstly, the paper points out the characteristics of the listed companies in gem and the current situation of their financing ability. Then, according to the theory of enterprise financing, from the aspects of enterprise size, growth, profitability and guarantee ability, The relationship between banks and enterprises and liquidity is analyzed, and the relationship between these factors and financing ability is pointed out. The fourth part makes an empirical analysis on the influencing factors of the financing ability of gem listed companies. Taking the companies listed on the gem as the research object, this paper puts forward the research hypothesis, establishes the linear regression model by using the method of multivariate statistics and regression analysis, and makes an empirical test on the financing ability of the listed companies on the gem. The results show that profitability, solvency, enterprise size, enterprise development ability and investment income are the important factors that affect the financing ability of listed companies in gem. The fifth part puts forward the countermeasures and suggestions to improve the financing ability of gem listed companies. On the one hand, to improve the sustainable development ability and competitiveness of enterprises, and to establish a reasonable internal accumulation system; on the other hand, to strengthen cooperation between banks and enterprises and actively guide venture capital funds to participate in the development and management of listed companies on the gem. Give full play to the role of financing guarantee system in the financing process of enterprises. The sixth part summarizes the full text. This paper argues that to solve the financing problem of gem listed companies, we need to play a joint role from the external environment and internal factors. From the point of view of the enterprise itself, it is necessary to improve the market response ability, reduce the management risk and establish the core competitiveness. From the external environment, we should give full play to the functions of the government, establish and improve the credit guarantee system, and improve the macro environment of enterprise financing.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F276.6

【参考文献】