新三板交易方式对企业融资能力影响的实证研究

发布时间：2018-01-24 04:44

  本文关键词： 新三板 做市交易 协议交易 融资能力 资本市场　出处：《南京大学》2017年硕士论文　论文类型：学位论文

【摘要】：本文详细介绍了融资相关理论,包括新三板及其相关理论、交易方式、融资相关理论以及对国内外研究现状作了整理,阐述了新三板现阶段的融资现状以及新三板对我国融资市场的意义,指出企业在新三板市场融资面临的问题以及新三板中不同交易方式对企业融资能力影响研究的价值和意义,为本文探究的问题提供了定性分析和理论支撑。文章第三、四两章运用理论分析与研究设计确定了实证所需指标体系,选定了解释变量与被解释变量并解释及其代表的意义,同时对样本的选取和数据的来源做出解释;通过统计分析软件SPSS对做市转让的100家企业和协议转让的100家企业的样本数据进行回归分析,得出Y值表达式,并对结果进行分析,得出本文结论:对于净资产收益率、资产担保价值、企业成立年限这三个指标水平较高的企业来说,选择做市商交易方式会对其融资能力的提高更有帮助。最后,选取了真实案例进一步证实结论的可靠性。本文从定向增资次数及金额、企业总股本数及占比等方面对融资情况进行了详细描述,有大量准确数据做支撑;研究结论具有较强的说服力,可向即将在新三板挂牌的企业提供融资解决方案,具有实际意义。
[Abstract]:This paper introduces the financing theory in detail, including the new third board and its related theory, transaction mode, financing related theory and domestic and foreign research status. This paper expounds the current financing situation of the new third board and the significance of the new third board to the financing market of our country. The paper points out the problems faced by the enterprises in the new three boards market and the value and significance of the research on the influence of different transaction modes on the financing ability of the new three boards. This paper provides qualitative analysis and theoretical support for the problems explored in this paper. Chapter three and two chapters use theoretical analysis and research design to determine the index system needed for empirical research. The explanatory variable and the explained variable are selected, and the meaning of the interpretation and its representative is explained. At the same time, the selection of the sample and the source of the data are explained. Through the statistical analysis software SPSS to make the market transfer 100 enterprises and the agreement transfer 100 enterprise sample data carries on the regression analysis, obtains the Y value expression, and carries on the analysis to the result. This paper draws a conclusion: for the return on net assets, the value of assets guarantee, the establishment of the enterprise these three indicators of the higher level of the level of enterprises. The choice of marketer trading method will be more helpful to improve its financing ability. Finally, select a real case to further verify the reliability of the conclusion. This paper from the number and amount of directed capital increase. The financing situation is described in detail in the aspects of the total share capital and the proportion of shares, which is supported by a large number of accurate data. The conclusion is persuasive and can provide financing solution to the enterprises that will be listed on the new third board. It is of practical significance.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51
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本文编号：1459203