浙江省中小板上市企业股权融资效率的影响因素研究

发布时间：2018-05-01 14:15

本文选题：中小企业 + 股权融资效率　；参考：《浙江理工大学》2014年硕士论文

【摘要】：浙江省中小板上市企业是省内中小企业中的龙头企业，同时也是浙江省经济发展中最活跃的力量，为浙江省的经济发展贡献了巨大的力量。在为区域经济做出巨大贡献的同时，这批上市中小企业仍然面临着融资难这一国内企业的普遍融资难题，这一难题制约着浙江省支柱中小企业的发展。因此，提高上市中小企业的股权融资效率就显得更加重要。本文在研究了中小企业融资影响因素、融资效率、股权融资效率相关文献的基础上，总结了前人对于股权融资效率问题的研究成果。通过分析整理，本文将股权融资效率的影响因素划分为：企业的基本属性、企业的财务属性、企业的治理属性三个层面。具体指标如下：基本属性层面选取资产规模、资产增长率、年均日换手率、市盈率、收益波动性；企业的财务属性层面选取财务杠杆系数、账面市值比、资产周转率、现金流量比率；治理属性层面选取第一大股东持股比例。本文旨在分析股权融资效率与其影响因素之间的相关性关系和效力大小，筛选出最重要的影响因素，建立股权融资效率的多元线性回归模型。本文选取2004-2012年浙江省在中小板上市企业的样本数据，采用相关性分析，，逐步回归分析，稳定性检验等实证方法。本文研究发现：浙江省中小板上市企业的股权融资效率的主要影响因素是总资产规模、账面市值比、财务杠杆系数、营业收入增长率，收益波动性，并且在稳定性检验之后得出了股权融资效率的多元线性回归方程。最后在理论和实证分析的基础上，从宏观和微观的角度，为浙江省中小板上市企业提高股权融资效率提出政策建议。
[Abstract]:The small and medium-sized board listed enterprises in Zhejiang Province are the leading enterprises in the small and medium-sized enterprises in the province, but also the most active force in the economic development of Zhejiang Province, which has contributed a huge strength to the economic development of Zhejiang Province. While making great contributions to the regional economy, the listed SMEs are still facing the financing difficulty, which restricts the development of SMEs in Zhejiang Province. Therefore, it is more important to improve the equity financing efficiency of listed SMEs. Based on the study of the influencing factors, financing efficiency and equity financing efficiency of small and medium-sized enterprises, this paper summarizes the previous research results on equity financing efficiency. Through analysis and arrangement, this paper divides the influencing factors of equity financing efficiency into three levels: the basic attributes of enterprises, the financial attributes of enterprises, and the governance attributes of enterprises. The specific indicators are as follows: the basic attribute level selects asset size, asset growth rate, average annual daily turnover ratio, price-earnings ratio, return volatility; the financial attribute level of enterprises select financial leverage coefficient, book market value ratio, asset turnover ratio, Cash flow ratio; governance attribute level to select the largest shareholder shareholding ratio. The purpose of this paper is to analyze the relationship between equity financing efficiency and its influencing factors, to screen out the most important factors, and to establish a multivariate linear regression model of equity financing efficiency. This paper selects the sample data of small and medium-sized listed enterprises in Zhejiang Province from 2004 to 2012, and adopts empirical methods such as correlation analysis, stepwise regression analysis, stability test and so on. This paper finds that the main influencing factors of equity financing efficiency of small and medium-sized listed enterprises in Zhejiang Province are total asset size, book market value ratio, financial leverage coefficient, operating income growth rate, income volatility, etc. And after the stability test, the multiple linear regression equation of equity financing efficiency is obtained. Finally, on the basis of theoretical and empirical analysis, this paper puts forward some policy recommendations for Zhejiang small and medium-sized board listed enterprises to improve the efficiency of equity financing from the macro and micro perspectives.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F276.6

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