创业板上市公司的融资偏好与绩效关系研究

发布时间：2018-06-08 19:35

本文选题：创业板上市公司 + 融资偏好　；参考：《辽宁大学》2014年硕士论文

【摘要】：我国的创业板，即指深圳创业板，于2009年10月30日正式开板，刚开始就有28家公司在创业板市场上市，经过几年的发展，在创业板市场上市的公司总数已达到300家以上。我国的创业板上市公司有着强烈的股权融资偏好，在筹集资金时，优先进行股权融资，，然后再进行债权融资，而西方发达国家的资本市场的融资顺序是优先进行债权融资，之后再进行股权融资，这使我们开始考虑我国的创业板上市公司的股权融资偏好对企业的发展是否是有利的，和企业的经营业绩有什么关系。随着中国经济的发展，西方发达国家对中国的投资越来越多，使得国内市场的竞争加强。国内企业迫切需要正确认识自己，了解融资偏好的优点和缺点，不断发展完善自己，扩大经营规模，快速增长，提高企业竞争力。本文通过结合国内外已有的研究成果，从多个方面，以具有说服力的数据，描述我国创业板上市公司的融资偏好与绩效的关系。首先，介绍本文的写作背景和意义，本文以创业板上市公司为研究对象，利用实证分析的方法研究创业板上市公司融资偏好与绩效的关系，并且提出一些建议。其次，对我国创业板上市公司融资偏好以及绩效研究的相关理论进行介绍，分析了我国创业板上市公司的融资情况。接下来又分析了我国的创业板上市公司的融资偏好和公司的经营绩效之间的关系。在实证分析的阶段，以2010到2012三年在深圳证券交易所创业板市场上市的公司的财务数据为样本，选择创业板融资的相关指标利用统计软件进行实证分析。最后，基于实证分析的结论提供了一些对我国创业板上市公司融资的政策建议。创业板于2009年开板，对于创业板的研究尚未成为学者的重点，本文按照创业板上市公司的融资偏好、对绩效的影响及对策来展开，这为我国创业板上市公司融资提供了一些思考以及借鉴。股权融资偏好与公司绩效为负相关关系作为本文的研究假设。本文的实证分析的结论如下：在我国的创业板市场上，上市公司的股权融资偏好现象存在；近年来，创业板上市公司股权融资偏好程度有一定的下降，但在另一方面，股权融资的比例仍然很高；股权融资偏好现象会对公司的业绩产生负面影响。
[Abstract]:The gem of our country, which refers to Shenzhen gem, officially opened on October 30, 2009. At the very beginning, there were 28 companies listed on the gem. After several years' development, the total number of companies listed on the gem has reached more than 300. China's gem listed companies have a strong preference for equity financing. When raising funds, they give priority to equity financing and then debt financing, while the order of financing in the capital markets of western developed countries is to give priority to creditor's rights financing. Then equity financing, which makes us begin to consider whether the preference of equity financing of gem listed companies is beneficial to the development of enterprises, and what is the relationship between the equity financing preference and the performance of enterprises. With the development of Chinese economy, the western developed countries invest more and more in China, which makes the domestic market more competitive. It is urgent for domestic enterprises to understand themselves correctly, understand the advantages and disadvantages of financing preference, develop and perfect themselves, expand the scale of operation, increase rapidly and improve the competitiveness of enterprises. In this paper, the relationship between financing preference and performance of gem listed companies is described in terms of persuasive data. First of all, this paper introduces the background and significance of this paper, taking gem listed companies as the research object, using empirical analysis method to study the relationship between financing preference and performance of gem listed companies, and puts forward some suggestions. Secondly, the financing preference and performance of gem listed companies are introduced, and the financing situation of gem listed companies is analyzed. Then it analyzes the relationship between financing preference and performance of gem listed companies in China. In the stage of empirical analysis, taking the financial data of the companies listed on the gem of Shenzhen Stock Exchange from 2010 to 2012 as samples, we choose the related indicators of gem financing to use statistical software to carry out empirical analysis. Finally, based on the conclusion of empirical analysis, it provides some policy recommendations on financing of listed companies on the gem. The gem opened in 2009, and the research on the gem has not yet become the focus of scholars. According to the financing preference of gem listed companies, the impact on performance and countermeasures are discussed in this paper, which provides some thinking and reference for the financing of gem listed companies in China. The negative correlation between equity financing preference and corporate performance is the hypothesis of this paper. The conclusions of the empirical analysis are as follows: in China's gem market, there is a phenomenon of equity financing preference of listed companies; in recent years, the degree of equity financing preference of gem listed companies has declined to a certain extent, but on the other hand, The proportion of equity financing is still very high; the phenomenon of equity financing preference will have a negative impact on the performance of the company.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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