湖北省新三板制造业融资效率影响因素研究

发布时间：2018-01-18 01:26

本文关键词：湖北省新三板制造业融资效率影响因素研究　出处：《内蒙古大学》2017年硕士论文　论文类型：学位论文

更多相关文章： 新三板 制造业 融资效率 影响因素

【摘要】：融资效率一直是中小企业以及学术界关注的话题,中国不同于西方发达资本市场,资本市场的发展不到三十年,存在诸多制度不健全、信息不对称、投机较多、经验不足等带来的融资成本高、投资回报率低难题。最近,新三板市场的发展,相信大家都有目共睹。新三板已成为我国构建多层次资本市场的重要一环,今年,国家也一直在强调要将新三板打造成中小企业重要的融资平台,虽说目前新三板市场能够在挂牌条件上给予中小企业更大的容纳度,但是由于新三板市场投资者的资格限制及相关政策、制度仍未实施到位,导致市场交易不活跃,缺乏流动性,融资效率普遍低下问题十分突出。由于目前新三板企业已超过万家,研究样本过大,因此,本文主要选取湖北省新三板制造业作为研究对象。湖北省挂牌企业数量居于全国中上水平,挂牌企业数量截止至2016年年底已达到348家。湖北工业从清末就开始发展,它是中国近代工业的发祥地之一,早期的工业基础是任何一个省份都无法代替的,现如今,钢铁、汽车、光纤、生物制造等已成为湖北省前支柱产业。.所以说,制造业不仅是湖北的老牌产业,也是支柱产业,在未来有巨大的发展空间。在湖北省新三板企业中,制造业所占的比重最大。因此,本文以湖北省新三板制造业为最终的研究对象,运用规范分析与实证分析相结合等研究方法,在文中理论分析的基础上提出本文的研究假设,将净资产收益率作为测算企业融资效率的因变量,将研究假设中各指标作为自变量,构建面板模型进行多元回归分析,从而得出各影响因素与融资效率的相关性及影响程度。最后通过前文的结论,提出相应的意见和建议,以提高湖北省新三板制造业的融资效率。
[Abstract]:Financing efficiency has been a topic of concern for small and medium-sized enterprises and academia. China is different from the developed capital markets in the West, the capital market has been developing for less than 30 years, there are many institutional imperfections, asymmetric information, and more speculation. Recently, the development of the new third board market is obvious to all. The new third board has become an important part of the construction of multi-level capital market in our country. This year, the country has been emphasizing that the new third board will become an important financing platform for small and medium-sized enterprises, although the new third board market can give small and medium-sized enterprises a greater degree of accommodation on the listing conditions. However, due to the qualifications of the new market investors and related policies, the system has not been implemented in place, resulting in inactive market transactions and lack of liquidity. Financing efficiency is generally low. Because of the new three board enterprises have more than ten thousand, the research sample is too large, so. This paper mainly selects the new third board manufacturing industry of Hubei Province as the research object. The number of listed enterprises in Hubei Province is in the middle and upper level of the whole country. By the end of 2016, the number of listed enterprises had reached 348. Hubei industry began to develop from the end of Qing Dynasty, and it was one of the birthplaces of modern Chinese industry. The early industrial foundation could not be replaced by any other province. Nowadays, steel, automobile, optical fiber, biological manufacturing and so on have become the former pillar industries in Hubei Province. Therefore, manufacturing is not only the old industry in Hubei. It is also a pillar industry, in the future, there is a huge space for development. In Hubei Province, the manufacturing industry accounts for the largest proportion of the new three board enterprises. Therefore, this paper takes the new three boards manufacturing industry of Hubei Province as the final research object. With the combination of normative analysis and empirical analysis, this paper puts forward the research hypothesis on the basis of theoretical analysis in this paper, taking the return of net assets as the dependent variable to measure the financing efficiency of enterprises. This paper takes each index in the research hypothesis as independent variable, constructs panel model and carries on multivariate regression analysis, thus obtains the influence factor and the financing efficiency correlation and the influence degree. Finally, through the above conclusion. Some suggestions and suggestions are put forward to improve the financing efficiency of the new three-board manufacturing industry in Hubei province.
【学位授予单位】：内蒙古大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F425;F406.7

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