创业板公司成长性与债务融资结构研究

发布时间：2018-01-26 18:01

本文关键词： 创业板企业成长性债务水平债务期限结构短期债务来源结构　出处：《山东建筑大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国创业板市场创立于2009年10月30日,虽开板时间不长,但已经成为扶持高新技术企业发展促进经济均衡发展的主要推动力量,成为真正的高新技术企业汇聚之地。借助创业板一方面可以建立多层次融资体系,另一方面可以扩大直接融资的比例,满足众多创业企业迫切的直接融资需求,创业板为流动资金提供流通市场,引导资本的正确流向,创业板的建立对我国经济建设具有十分重要的作用。改革开放以来,企业成长性和债务融资结构之间的关系都备受国内外学者的关注。高成长性企业在发展过程中需要大量的资金支持,不同渠道、不同期限的资金带给企业的融资成本、融资风险等方面各有差异,股东以及债权人对于企业成长促进方面的作用也各有不同。企业选择合理的融资结构对于生产经营和企业战略发展都有益处,企业顺利融资是其做大做强的根本保证。创业板上市中小企业的高成长性是衡量宏观经济良性运行和资本市场健康发展的一个重要指标。对于处于高成长阶段的创业板上市中小企业,合理的股权结构、融资结构有助于其经营活动良性发展和规避诸如无视自身资金和管理能力而盲目扩张、只求规模不顾利润的行为。另外,资本市场是企业投资的风向标,资本市场的不断规范可以促进企业完善融资策略,提高融资效率,以低投入获取最大收益。因此,创业板上市公司不断提高融资效率,调整融资方式和比例,是企业稳健前进健康发展的必然要求。本文立足于我国创业板上市公司的成长性与融资现状,分析影响企业成长性的内因和外因,本文成长性影响因子涵盖盈利能力、运营能力、发展能力和偿债能力四个方面,构建成长性评价指标体系并采用因子分析法得出企业成长性综合得分。在分析了解成长性与融资结构之间的影响机制后,本文主要侧重于债务方向,从比例、期限和来源三个方面进行考察,也分别就这三个方面的内容提出假设。使用统计分析软件对选取的创业板上市公司样本数据进行描述性统计分析、相关性分析、回归分析,实证考察企业成长性与债务融资结构之间关系,通过实证结论提出建议以拓宽企业融资渠道,优化企业融资结构,提高企业竞争能力,促进企业长期稳健成长。本文研究在优化融资结构、提升融资效率、拓宽融资渠道等方面为创业板上市公司提供建议,同时帮助本文结论使用者对于高新技术及创新型企业成长性现状有了客观的理解,对其未来发展判断起到一定的参考作用,但由于条件限制,仍存在诸多不足。
[Abstract]:China's gem market was founded in October 30th 2009, although the opening time is not long, it has become the main driving force to support the development of high-tech enterprises to promote the balanced development of the economy. With the help of gem, we can establish a multi-level financing system, on the other hand, we can expand the proportion of direct financing to meet the urgent direct financing needs of many startups. The gem provides the circulation market for the circulating funds and guides the correct flow of capital. The establishment of the gem plays a very important role in the economic construction of our country. Since the reform and opening up to the outside world. The relationship between corporate growth and debt financing structure has attracted the attention of scholars at home and abroad. High-growth enterprises need a lot of financial support in the process of development, different channels. The financing cost, financing risk and so on are different from each other. The roles of shareholders and creditors in promoting the growth of enterprises are different. It is beneficial for enterprises to choose a reasonable financing structure for the production and operation and the strategic development of enterprises. The successful financing of enterprises is the fundamental guarantee for them to be bigger and stronger. The high growth rate of SMEs listed on the gem is an important index to measure the sound operation of the macro economy and the healthy development of the capital market. Small and medium-sized enterprises listed on the gem. Reasonable equity structure, financing structure is conducive to the sound development of its business activities and avoid such as ignoring their own capital and management capacity and blind expansion, only to ignore the size of the behavior of profit. Capital market is the vane of enterprise investment. The constant standardization of capital market can promote enterprises to improve financing strategy, improve financing efficiency, and obtain the maximum income with low investment. Gem listed companies constantly improve the financing efficiency, adjust the financing method and proportion, which is the inevitable requirement for the steady and healthy development of enterprises. This paper is based on the growth and financing status of gem listed companies in our country. This paper analyzes the internal and external factors that affect the growth of enterprises. This paper covers four aspects: profitability, operational capacity, development capacity and solvency. After analyzing the influence mechanism between growth and financing structure, this paper mainly focuses on the debt direction, from the proportion. The term and source of the three aspects of the investigation, but also on these three aspects of the content of hypothesis. using statistical analysis software to select gem listed company sample data descriptive statistical analysis, correlation analysis. Regression analysis, empirical study of the relationship between corporate growth and debt financing structure, through empirical conclusions put forward suggestions to broaden corporate financing channels, optimize corporate financing structure, improve the competitiveness of enterprises. To promote the long-term steady growth of enterprises. This paper studies on optimizing the financing structure, improving financing efficiency, widening financing channels and other aspects for gem listed companies to provide advice. At the same time, it helps the users to have an objective understanding of the current growth situation of high-tech and innovative enterprises, and to play a certain reference role in judging its future development, but there are still many shortcomings due to the limitations of the conditions.
【学位授予单位】：山东建筑大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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