中小企业新三板上市经营绩效研究

发布时间：2018-05-14 07:13

本文选题：中小企业 + 新三板上市　；参考：《安徽财经大学》2017年硕士论文

【摘要】：十八大以来,随着我国经济发展逐步转向新常态,国家不断降低企业登记的门槛,致使我国中小企业的数量进一步增长。如今,中小企业已逐步成为我国经济和社会发展的重要力量,但普遍又面临着融资困境。鉴于此,成立于2006年但一直风平浪静的“新三板”开始成为我国资本市场的新焦点,国内的股份有限公司只要符合一定条件,都可以申请在新三板挂牌上市,进行公开交易和定向融资。当前时期,新三板以惊人的发展速度成为了我国最大的资本市场,对中小企业融资产生的影响也与日俱增,而国内学者对中小企业新三板上市后经营绩效的研究却稍显滞后。因此,深入研究我国中小企业新三板上市后的经营绩效,具有十分重要的意义。本文通过整理国内外相关文献,较为系统地总结了新三板上市与企业经营绩效研究的理论动态;其次,具体展示了我国新三板市场的发展历程和融资状况,并定性分析了新三板上市对中小企业经营绩效产生的正面效应;然后,重点以实证研究和案例研究相结合的方式,分析了企业新三板上市经营绩效的变化;最后,指出了当前我国中小企业发展过程中存在的经营问题,并提出了在新三板市场环境下提高中小企业经营绩效的对策。实证研究发现,企业在新三板上市当年,经营绩效有所提高,但新三板上市后短期内,其经营绩效又出现了下降的现象,虽然企业经营绩效未能在新三板上市后持续增长,但通过分析可以预测新三板上市公司未来将呈现更优的经营绩效;案例研究发现,Y公司在新三板上市当年以及新三板上市后短期内经营绩效均不理想,但最新一年数据显示,企业经营绩效已出现大幅提高,其未来发展前景预期良好。总之,中小企业新三板上市后短期内,经营绩效难以持续增长,但相信随着时间的推移以及中小企业自身经营问题的逐步解决,其长期经营绩效将显著提高。
[Abstract]:Since the 18th National Congress of National Congress, with the economic development of our country gradually turning to the new normal, the state has continuously lowered the threshold of enterprise registration, resulting in the further growth of the number of small and medium-sized enterprises in our country. Nowadays, SMEs have gradually become an important force in the economic and social development of our country, but they are generally faced with financing difficulties. In view of this, the "new third board", which was established in 2006 but has always been calm, has become a new focus of our country's capital market. As long as domestic joint stock limited companies meet certain conditions, they can apply for listing on the new three boards. Conduct public transactions and targeted financing. At present, the new third board has become the biggest capital market of our country with the astonishing development speed, and the influence on the financing of the small and medium-sized enterprises is also increasing day by day. However, the domestic scholars' research on the management performance of the new third board has lagged behind. Therefore, it is of great significance to study the performance of SMEs after listing. This paper systematically summarizes the theoretical trends of the new third board listing and business performance research by sorting out the relevant literature at home and abroad. Secondly, it shows the development process and financing status of the new third board market in China. And qualitative analysis of the new third board listing on the business performance of small and medium-sized enterprises positive effect; then, focusing on the combination of empirical research and case studies to analyze the new third board listing performance changes; finally, This paper points out the management problems existing in the development of small and medium-sized enterprises in our country, and puts forward some countermeasures to improve the management performance of small and medium-sized enterprises under the new market environment. The empirical study shows that the business performance of the new three boards has been improved in the year of listing, but in the short term after the listing of the new three boards, the performance of the new three boards has declined again, although the business performance of the enterprises has not been continuously increased after the listing of the new three boards. But through the analysis, we can predict that the new three boards listed companies will present better operating performance in the future. The case study shows that the operating performance of the company is not ideal in the year of the new third board listing and in the short term after the new third board listing, but the latest year data show that, Business performance has been greatly improved, its future development prospects are expected to be good. In a word, it is difficult for SMEs to increase their business performance in the short term after the listing of the new third Board. However, it is believed that with the passage of time and the gradual solution of SMEs' own management problems, their long-term business performance will be significantly improved.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F276.3;F275

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