货币政策对新三板中小企业债务融资成本影响的研究
发布时间：2018-12-29 11:24
【摘要】：国家提出大众创业、万众创新理念,中小企业是我国市场经济体系中不可忽缺的部分,也是创业和创新的重要实践者,融资是中小企业发展过程中不可回避的问题。中小企业的融资困难一直是限制企业发展的障碍。近几年,新三板市场迅速壮大,挂牌企业迅速增加,完善了我国资本市场多级体系,为中小企业融资提供了一条切实可行的道路。新三板市场的作用初步显现,很多中小企业在新三板市场进行了股权融资,但相对而言,债务融资仍然占据着更大的比重。因此,本文梳理了货币政策如何影响债务融资成本,分析了新三板市场的发展现状和融资局面后,通过实证分析货币政策对新三板企业债务融资成本的影响,并分析新三板定向融资如何影响债务融资成本,从而为新三板市场企业以及更多即将挂牌的企业的融资选择提供现实依据。首先,本文总结了前人的研究成果,着重从中小企业融资和宏观货币政策影响融资两方面进行了梳理。同时本文参考了以往研究中小企业融资成本的文献,并在模型中创造性的加入货币政策指标和股权融资,使模型更加契合企业的现实情况,之后选取了新三板市场扩展到全国后4年(2013—2016)805家挂牌企业的数据,将mp作为衡量货币政策的指标并利用面板固定效应模型分析了债务融资成本的影响因素。本文通过实证分析,验证了债务融资成本与解释变量和控制变量的相关关系,新三板挂牌企业债务融资成本受到货币政策的影响非常明显,货币政策的调整会迅速反映到企业的融资上,在货币政策相对较为宽松时,企业可以获得充足的较低融资成本的贷款,债务融资往往能解决中小企业的融资难题,而当货币政策偏紧时,债务融资成本上升,企业会更多的转向股权融资。但当企业通过新三板市场进行定向增发时,货币政策对企业融资的影响程度也被大大削弱,所以新三板挂牌企业要尽可能的进行股权融资,减轻对贷款融资的依赖,也能减轻受到宏观货币政策调整的影响,中小企业的融资也会更稳定。根据实证得出结论,提出应该在分析新三板债务融资成本时纳入宏观因素特别是货币政策,同时股权融资和债务融资的关系也值得重视,这样能根据债务融资成本的变动调整企业的融资结构。
[Abstract]:The state puts forward the idea of mass entrepreneurship and mass innovation. Small and medium-sized enterprises are an indispensable part of the market economy system of our country, and they are also important practitioners of entrepreneurship and innovation. Financing is an unavoidable problem in the development of small and medium-sized enterprises. The financing difficulty of small and medium-sized enterprises is the obstacle that limits the development of enterprises all the time. In recent years, the new third board market has grown rapidly, the listed enterprises have increased rapidly, and the multi-level system of our capital market has been perfected, which provides a feasible way for the financing of small and medium-sized enterprises. The role of the new third board market is preliminary, many small and medium-sized enterprises in the new third board market equity financing, but relatively speaking, debt financing still occupies a larger proportion. Therefore, this paper analyzes how monetary policy affects debt financing costs, analyzes the development status and financing situation of the new third board market, and analyzes the impact of monetary policy on debt financing costs of new three boards through empirical analysis. It also analyzes how the new three boards' targeted financing affects the debt financing cost, thus providing a realistic basis for the financing choices of the new third board market enterprises and more enterprises about to be listed. First of all, this paper summarizes the previous research results, focusing on the financing of small and medium enterprises and macro monetary policy impact financing two aspects. At the same time, this paper refers to the previous literature on the financing cost of SMEs, and creatively adds monetary policy indicators and equity financing to the model to make the model more in line with the actual situation of the enterprise. Then, the data of 805 listed companies in the last four years (2013-2016) of the new third board market are selected. The mp is taken as the index to measure monetary policy, and the influencing factors of debt financing cost are analyzed by using the panel fixed effect model. Through empirical analysis, this paper verifies the relationship between debt financing cost, explanatory variable and control variable. The debt financing cost of new three board listed enterprises is obviously influenced by monetary policy. The adjustment of monetary policy will quickly reflect the financing of enterprises. When monetary policy is relatively loose, enterprises can obtain sufficient loans with lower financing costs, and debt financing can often solve the financing problems of small and medium-sized enterprises. When monetary policy is tight, debt financing costs rise and companies turn more to equity financing. However, when enterprises issue additional shares through the new three boards market, the impact of monetary policy on corporate financing is also greatly weakened. Therefore, the new third board listing companies should make equity financing as far as possible to reduce their dependence on loan financing. Can also mitigate the impact of macro-monetary policy adjustment, the financing of small and medium-sized enterprises will be more stable. According to the empirical conclusion, it is suggested that macro factors, especially monetary policy, should be taken into account in the analysis of the debt financing cost of the new three boards, and the relationship between equity financing and debt financing is also worthy of attention. In this way, the financing structure of enterprises can be adjusted according to the change of debt financing cost.
【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;F822.0
，
本文编号：2394765
[Abstract]:The state puts forward the idea of mass entrepreneurship and mass innovation. Small and medium-sized enterprises are an indispensable part of the market economy system of our country, and they are also important practitioners of entrepreneurship and innovation. Financing is an unavoidable problem in the development of small and medium-sized enterprises. The financing difficulty of small and medium-sized enterprises is the obstacle that limits the development of enterprises all the time. In recent years, the new third board market has grown rapidly, the listed enterprises have increased rapidly, and the multi-level system of our capital market has been perfected, which provides a feasible way for the financing of small and medium-sized enterprises. The role of the new third board market is preliminary, many small and medium-sized enterprises in the new third board market equity financing, but relatively speaking, debt financing still occupies a larger proportion. Therefore, this paper analyzes how monetary policy affects debt financing costs, analyzes the development status and financing situation of the new third board market, and analyzes the impact of monetary policy on debt financing costs of new three boards through empirical analysis. It also analyzes how the new three boards' targeted financing affects the debt financing cost, thus providing a realistic basis for the financing choices of the new third board market enterprises and more enterprises about to be listed. First of all, this paper summarizes the previous research results, focusing on the financing of small and medium enterprises and macro monetary policy impact financing two aspects. At the same time, this paper refers to the previous literature on the financing cost of SMEs, and creatively adds monetary policy indicators and equity financing to the model to make the model more in line with the actual situation of the enterprise. Then, the data of 805 listed companies in the last four years (2013-2016) of the new third board market are selected. The mp is taken as the index to measure monetary policy, and the influencing factors of debt financing cost are analyzed by using the panel fixed effect model. Through empirical analysis, this paper verifies the relationship between debt financing cost, explanatory variable and control variable. The debt financing cost of new three board listed enterprises is obviously influenced by monetary policy. The adjustment of monetary policy will quickly reflect the financing of enterprises. When monetary policy is relatively loose, enterprises can obtain sufficient loans with lower financing costs, and debt financing can often solve the financing problems of small and medium-sized enterprises. When monetary policy is tight, debt financing costs rise and companies turn more to equity financing. However, when enterprises issue additional shares through the new three boards market, the impact of monetary policy on corporate financing is also greatly weakened. Therefore, the new third board listing companies should make equity financing as far as possible to reduce their dependence on loan financing. Can also mitigate the impact of macro-monetary policy adjustment, the financing of small and medium-sized enterprises will be more stable. According to the empirical conclusion, it is suggested that macro factors, especially monetary policy, should be taken into account in the analysis of the debt financing cost of the new three boards, and the relationship between equity financing and debt financing is also worthy of attention. In this way, the financing structure of enterprises can be adjusted according to the change of debt financing cost.
【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;F822.0
，
本文编号：2394765
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