中韩两国海洋产业上市公司股权融资效率比较研究

发布时间：2018-02-24 06:35

本文关键词： 海洋经济股权融资上市公司　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国是海洋大国,有巨大的资源优势和发展潜力,但还不是海洋强国。进入21世纪以来,伴随中国经济发展和资源需求的增长,政府加大了海洋经济的发展力度,海洋产业已经逐渐成长为我国国民经济新的增长点。在市场经济中,企业要想生存、发展壮大必须要有足够的资金支撑。然而部分企业因为资金短缺必须要考虑资金的来源问题。随着金融行业在广度和深度的发展,企业的融资方式越来越多元化。目前主要的融资方式有使用自有资金、通过发行股票融资、发行债券来融资和海外融资。但是我国的上市公司普遍偏好股权融资。金融资本是任何一个行业发展的血液,在海洋经济中也是必不可少的。它是推动海洋产业发展的主导力量。其中的股权融资是海洋产业公司中非常重要的融资渠道。股权融资所得资金是权益资本,不需要返还股本,更没有必须支付股息的要求,这也就不需要抵押、质押和担保。这增加了公司可使用的现金流,也提高了公司的营运能力；同时公司的抗风险能力也大大增加。公司的决策层可以投资于一些高风险但是未来有高额现金流的项目。但是目前我国股票市场的发展水平还没有达到发达国家的水平,普通投资者投机性比较高,股票融资门槛较高,并且一些企业在股权融资后对资金的使用效率不高。所以本文的研究内容海洋产业股权融资效率是有一定的现实意义。本文首先选取30家韩国海洋产业上市公司,代表性指标为股权融资额、资产负债率、主营业务收入增长率和托宾Q值,同时选取了34家中国海洋产业上市公司,代表性指标为股权融资净总额、股权集中度、股票非流通度、资产负债率、主营业务收入增长率、净资产收益率、托宾Q值。然后采用DEA模型对上述指标进行分析,得出中国相关企业的股权融资效率高于韩国。最后在此基础上比较两国间的股权融资效率以帮助中国企业借鉴韩国企业在股权融资方面的有益经验。近年来,中国海洋经济以持续高于同期国民经济的增速发展,海洋经济总量不断扩大。越来越多的学者参与到海洋产业的研究中。但是对海洋产业股权融资方面的研究并不多见。本文的研究有助于增加对股权融资效率的理解。本文的不足之处有：首先,对于海洋产业还有很多角度需要研究,例如上市公司债券融资效率的比较研究,融资方式的综合比较研究,本文只选取了股权融资效率作为研究对象。其次,由于数据获取的渠道有限,所选取的公司并非完全代表了本国海洋产业。再者,选取韩国作对比研究,而日本、美国等国家在海洋产业方面也非常发达,在以后的研究中应该扩大研究范围。
[Abstract]:China is a large marine country with great resource advantages and development potential, but it is not yet a marine power. Since 21th century, with the growth of China's economic development and resource demand, the government has stepped up the development of the marine economy. The marine industry has gradually grown into a new growth point of our national economy. In the market economy, enterprises want to survive, Development and growth must be supported by sufficient capital. However, some enterprises have to consider the source of capital because of the shortage of funds. As the financial industry develops in breadth and depth, The financing methods of enterprises are becoming more and more diversified. At present, the main financing methods are to use their own funds to raise funds through the issuance of stocks. Issuing bonds for financing and overseas financing. However, listed companies in China generally prefer equity financing. Financial capital is the blood of the development of any industry. It is also essential in the marine economy. It is the leading force to promote the development of marine industry. Equity financing is a very important financing channel in marine industrial companies. Equity financing is equity capital, and no return of equity is required. There is no requirement to pay dividends, which does not require collateral, pledge or guarantee. This increases the cash flow available to the company and improves its operating capacity; At the same time, the ability of the company to resist risks is also greatly increased. The decision makers of the company can invest in projects with high risk but high cash flow in the future. But at present, the level of development of the stock market in our country has not reached the level of the developed countries. Ordinary investors have a high degree of speculation and a higher threshold for stock financing. And some enterprises are not efficient in the use of funds after equity financing. Therefore, the research content of this paper is that equity financing efficiency of marine industry is of some practical significance. Firstly, 30 listed companies of Korean marine industry are selected in this paper. The representative indexes are the amount of equity financing, the ratio of assets and liabilities, the growth rate of main business income and Tobin Q value. At the same time, 34 listed companies in China's marine industry are selected. The representative indicators are the net amount of equity financing, the degree of equity concentration. Stock non-circulation ratio, asset-liability ratio, main business income growth rate, net asset return rate, Tobin Q value. Then DEA model is used to analyze the above indicators. It is concluded that the equity financing efficiency of Chinese related enterprises is higher than that of Korea. Finally, the efficiency of equity financing between the two countries is compared to help Chinese enterprises learn from the beneficial experience of Korean enterprises in equity financing in recent years. China's marine economy continues to grow faster than the national economy in the same period. The total amount of marine economy is expanding continuously. More and more scholars participate in the research of marine industry. However, the research on equity financing of marine industry is rare. The research in this paper is helpful to increase the efficiency of equity financing. The shortcomings of this paper are as follows: first of all, For the marine industry, there are still many angles to be studied, such as the comparative study of the bond financing efficiency of listed companies and the comprehensive comparative study of the financing methods. In this paper, only equity financing efficiency is selected as the research object. Secondly, Because of the limited access to data, the companies selected are not entirely representative of the national marine industry. Furthermore, South Korea is chosen as a comparative study, and Japan, the United States and other countries are also very developed in marine industry. The scope of the study should be expanded in the future.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：P74;F832.51

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