中小企业集合票据融资方式及其效率研究

发布时间：2018-01-20 17:04

本文关键词： 集合票据中小企业融资效率超效率 DEA　出处：《兰州商学院》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的不断发展，中小企业已经成为我国经济体中必不可少的组成部分，在增加就业、促进经济增长、科技创新与社会和谐稳定等方面具有不可替代的作用。但是由于中小企业自身规模小、实力弱、信誉低等特点以及我国融资体系单一、不成熟等原因，，融资难题己成为中小企业发展的“瓶颈”。近年来，我国已经有很多针对中小企业融资难题的解决措施不断出台，例如2004年深圳中小企业版的推出、2007年中小企业集合债券的发行、2008年银行间市场推出中小企业短期融资票据、2009年深圳创业板的推出等措施，但是这些措施的出台对于我国中小企业巨大的融资需求现状仍然是杯水车薪。因而，如何拓宽中小企业融资渠道已成为当下迫切需要解决的难题。随着2009年11月26日，首批中小企业集合票据在我国银行间债券市场成功发行上市，引起了我国各地方政府、金融机构等极大地关注。中小企业集合票据作为我国乃至全球的金融创新产品，为我国中小企业进行债务融资提供了一种新的选择。从2009年至今，我国中小企业集合票据已然取得了快速的发展。截止到2013年12月份，我国银行间债券市场已经累计发行集合票据121支，惠及428家企业，发行量突破291亿元人民币，一定程度上解决了我国中小企业融资难的问题①。然而推出不久的中小企业集合票据本身还存在一定的问题，因此，有必要对中小企业集合票据融资方式进行更深层次的研究。首先，本文在梳理中小企业集合票据理论及其功能的基础上对中小企业集合票据融资方式作了全面系统的陈述。接着，分析了中小企业集合票据融资方式的特征以及集合票据可能具有的融资优势。然后，通过与传统融资方式比较，发现集合票据在融资成本、融资便利性及风险防控等方面具有融资优势，认为其能够有效地解决部分中小企业所面临的融资难问题。最后，基于电子信息行业运用超效率DEA模型对中小企业集合票据的融资效率作了实证分析，通过比较三种融资方式（即集合票据、集合债券、中小板上市）的融资效率，得出集合票据的融资效率高于中小板上市的融资效率,但低于集合债券的融资效率。
[Abstract]:With the continuous development of our economy, small and medium-sized enterprises have become an indispensable part of our economy, increasing employment and promoting economic growth. Science and technology innovation and social harmony and stability play an irreplaceable role, but due to the small scale of SMEs, weak strength, low reputation and so on, as well as the financing system of our country is single, immature and so on. Financing problem has become the bottleneck of the development of small and medium-sized enterprises. In recent years, there have been many solutions to the financing problems of SMEs in China, such as the launch of Shenzhen SME version in 2004 and the issuance of SME collective bonds in 2007. In 2008, the inter-bank market launched short-term financing instruments for small and medium-sized enterprises, and in 2009, the launch of the Shenzhen gem and other measures. However, the introduction of these measures for the huge financing needs of small and medium-sized enterprises in China is still a drop in the bucket. How to broaden the financing channels of SMEs has become an urgent problem to be solved. With November 26th 2009, the first batch of small and medium-sized enterprise aggregate notes in China's inter-bank bond market successfully issued and listed. It has aroused great concern of local governments, financial institutions and so on. Small and medium-sized enterprises aggregate instruments as the financial innovation products of our country and even the whole world. It provides a new choice for the debt financing of small and medium-sized enterprises in China. From 2009 to now, the aggregate bills of small and medium-sized enterprises in our country have made rapid development. Until December 2013. China's interbank bond market has issued 121 aggregate notes, benefiting 428 enterprises, with issuance exceeding 29.1 billion yuan. To some extent, solve the financing difficulties of SMEs in China. 1. However, there are still some problems in the introduction of small and medium-sized enterprise aggregate bills itself, so. It is necessary to do a deeper study on the financing method of small and medium-sized enterprises. First of all, this paper makes a comprehensive and systematic statement on the financing methods of SMEs' collective instruments on the basis of combing the theory and functions of SMEs' collective instruments. This paper analyzes the characteristics of the financing mode of the small and medium-sized enterprises' collective bill and the financing advantages that the aggregate bill may have. Then, by comparing with the traditional financing method, we find that the aggregate bill is in the financing cost. Financing convenience and risk prevention and control and other aspects of the advantages of financing, think that it can effectively solve the financing difficulties faced by some small and medium-sized enterprises. Finally. Based on the super-efficiency DEA model of electronic information industry, this paper makes an empirical analysis on the financing efficiency of small and medium-sized enterprises' collective notes, and compares the three financing methods (that is, collective notes, collective bonds). It is concluded that the financing efficiency of aggregate paper is higher than that of small and medium-sized board listing, but lower than that of aggregate bond.
【学位授予单位】：兰州商学院
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F276.3

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