中小企业私募债券融资效率研究

发布时间：2018-01-01 16:00

本文关键词：中小企业私募债券融资效率研究　出处：《云南师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：萨缪尔森说过：“到目前为止，我们一直暗含着这样的假定，即经济是处在生产可能性边缘上的，经济运行是有效率的。”中小企业私募债券作为最新金融创新产品，扩大了中小企业的融资渠道，解决了部分企业的融资难题，但部分中小企业因为各种原因付出了巨大的融资成本才得以顺利发行债券，中小企业私募债券的融资效率是他们要关注的问题。另一方面，中小企业私募债券融资效率的高低关乎着其未来的发展，只有提高融资效率，才能吸引更多的企业运用这一金融工具，增强中小企业私募债券的生命力。本文采用理论与实证，，定性与定量相结合的方法，首先界定“融资”与“融资效率”的概念，对中小企业融资理论，中小企业私募债券融资效率的理论以及中小企业私募债券进行了介绍，其次分析了中小企业私募债券融资效率的主要影响因素，包括融资成本、资金利用率、融资风险、融资机制的规范程度、融资主体的自由度以及资金清偿能力。然后构建了中小企业私募债券融资效率的评价模型，并根据对融资效率影响因素的分析建立了融资效率的评价指标体系，接着选取了30家发行中小企业私募债券的公司，运用DEA模型对中小企业私募债券融资效率进行实证分析，从纯技术效率和规模效率两个角度得出中小企业私募债券融资效率不高的结论。最后给出提高中小企业私募债券融资效率的对策建议，通过控制融资成本、健全企业管理制度、完善中小企业信用担保体系、建立良好的融资环境等方面来提高中小企业私募债券的融资效率，以促进中小企业私募债券更好的发展。
[Abstract]:Samuelson said: "so far, we have implied the assumption, that the economy is on the edge of production possibilities curve, economic operation is efficient." the SME private bonds as a new financial product innovation, expand the financing channels for SMEs, to solve the financing problem of the enterprise, but some small enterprise for various reasons to pay the huge cost of financing to smooth the issuance of bonds, the financing efficiency of private SMEs bonds is that they should pay close attention to the problem. On the other hand, the efficiency of private bond financing of small and medium-sized enterprises directly relates to its future development, only to improve the financing efficiency, in order to attract more enterprises to use the financial instruments small and medium-sized enterprises, enhance private bond vitality.
This paper uses theoretical and empirical, qualitative and quantitative method, defines the concept of "financing" and "financing efficiency, financing theory of small and medium-sized enterprises, the efficiency of private SMEs bond financing theory and the SME private bonds are introduced, secondly analyzes the main influencing factors of the efficiency of private bond financing of small and medium sized enterprises, including financing cost, fund utilization, financing risk, standardization of financing mechanism, financing subject freedom and financial solvency. Then construct the evaluation model of the efficiency of private bond financing of small and medium-sized enterprises, and based on the analysis of the factors influencing the financing efficiency of established financing efficiency evaluation index system, and then selected 30 the issue of small and medium sized enterprise private bond company, using the DEA model empirical analysis on the efficiency of private bond financing of small and medium-sized enterprises, from the pure technical efficiency and scale Two angles of efficiency that small and medium-sized enterprises private bond financing efficiency is not high. Conclusion the final suggestions are given to improve the efficiency of private bond financing of small and medium-sized enterprises, through the control of financing costs, improve enterprise management system, improve the credit guarantee system of small and medium-sized enterprises, establish a good financing environment to improve the financing efficiency of small and medium-sized enterprises to private bonds. To promote the development of private SMEs bonds better.

【学位授予单位】：云南师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F276.3;F832.51

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