新三板挂牌企业股权融资效率研究

发布时间：2018-02-05 01:57

本文关键词： 新三板 DEA模型股权融资效率　出处：《贵州财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：作为提升我国经济发展水平的一支重要推手,中小企业发展状况在一定程度上影响我国经济社会不断向前迈进。然而由于中小企业自身存在一些缺陷,加上我国相关制度建设不健全,融资困难一直困扰着我国中小企业快速健康成长。随着多层资本市场构建工作铺展开来,新三板市场的崛起,为中小企业的融资带来一次全新尝试。但新三板市场目前正处在摸索初建阶段,相关服务机制与制度建设并未完善,实际运行中往往会带来一些问题,实际效果与预想效果可能存在差异。本文在对已有文献归纳分析基础之上,首先对新三板市场发展现状以及挂牌企业融资效率进行一定理论分析;其次运用DEA模型与Malmquist指数从静动两个不同层面分别测算挂牌企业的股权融资效率大小,根据测算出来的效率值,整理并分析新三板挂牌企业股权融资效率情况。研究结果显示,企业进入新三板市场前后的融资效率并未出现明显提高的趋势,而且整体市场总体的融资效率也处在较低的状态。结合前人对于主板市场、创业板和中小板市场的上市公司股权融资效率研究发现,均呈现出融资效率不高的特点。由于股权融资成本具有非强制性的特点,加上公司治理和制度因素的考虑,我国企业在进行融资方式的选择时,会把效率不高的股权融资列在优先地位。据此,建议我国企业应当根据自身的情况选择最适合自身发展的融资方式。同时对于新三板市场挂牌企业的融资困难问题,建议新三板市场的制度设计进行进一步的完善,提高中小企业综合竞争水平,致力于金融服务体系的全方位建设,多措并举助力中小企业走出融资窘境。
[Abstract]:As an important driving force to improve the level of economic development of our country, the development of small and medium-sized enterprises (SMEs) to a certain extent affects our economic and social progress. However, there are some defects in SMEs themselves. In addition, the construction of relevant institutions in China is not perfect, financing difficulties have been puzzling the rapid and healthy growth of small and medium-sized enterprises in China. With the expansion of the multi-tier capital market construction work, the rise of the new third board market. For the financing of small and medium-sized enterprises to bring a new attempt. But the new third board market is currently in the initial stage of construction, the related service mechanism and system construction is not perfect, the actual operation will often bring some problems. There may be differences between the actual effect and the anticipated effect. Based on the analysis of the existing literature, this paper firstly analyzes the current situation of the new third board market and the financing efficiency of listed enterprises. Secondly, DEA model and Malmquist index are used to calculate the equity financing efficiency of listed enterprises from static and dynamic aspects, according to the calculated efficiency. Collate and analyze the stock financing efficiency of the new three boards listed enterprises. The results show that the financing efficiency of enterprises before and after entering the new third board market has not been significantly improved. And the overall financing efficiency of the overall market is also in a low state. Because of the non-mandatory characteristics of equity financing costs, combined with the consideration of corporate governance and institutional factors, Chinese enterprises in the choice of financing methods. Will give priority to inefficient equity financing. It is suggested that Chinese enterprises should choose the most suitable financing mode for their own development according to their own situation. At the same time, the financing difficulties of listed enterprises in the new third board market should be solved. It is suggested that the system design of the new third board market should be further improved, the level of comprehensive competition of SMEs should be improved, the all-round construction of financial service system should be devoted to, and more measures should be taken to help small and medium-sized enterprises out of the financing dilemma.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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