基于DEA方法的山东省上市公司股权融资效率研究

发布时间：2019-06-11 03:52

【摘要】：资金是公司发展的源泉和动力,融资是获得资金的最有效途径之一。近年来,越来越多的公司选择股权融资的方式获得资金。山东省作为经济大省,是中国经济最发达的省份以及中国经济实力最强的省份之一,也是经济发展较快的省份,具有良好的适合上市公司发展的环境。据此,本文基于微观角度,运用数据包络分析(DEA)方法对山东省上市公司股权融资效率进行了实证研究和分析。首先,文章对股权融资效率相关概念和相关理论进行界定和回顾:将融资效率定义为在不同公司治理机构模式下,企业以最低的成本和最小的风险获得所需的资金并合理利用资金为企业创造最大价值的能力和效用。在此基础上股权融资效率指的是在不同公司治理机构下,企业在资本市场通过发行股票的方式以最低的成本和最小的风险筹集到所需资金,并利用筹集的资金为企业创造最大价值的能力;回顾了与股权融资理论相关的传统资本结构理论、现代资本结构理论和新资本结构理论的主要内容。其次,研究并分析了山东省上市公司股权融资的现状和影响因素:研究发现近年来山东省上市公司数量逐年递增,股权融资额也呈现整体上升的趋势,但上市公司存在地区分布和行业分布十分不均的情况,具有明显的行业和地区差距。再次,文章对山东省上市公司股权融资效率进行实证研究:选取105个样本单元,以股权融资净总额、营业成本、资产负债率为输入指标,净资产增长率、净资产收益率、每股收益、有形净值债务率为输出指标,运用DEA方法对山东省上市公司股权融资效率从整体、行业以及趋势三个方面进行实证检验。研究结果显示:山东省上市公司中仅11.43%的公司达到了技术有效,股权融资效率总体呈现低效状态;上市公司行业分布不均,属于传统行业的制造业占了72%多,其他行业公司数之和所占比重不足28%。在76家制造业中,仅有9家公司达到了DEA技术效率有效,占比11.84%;2012-2014年股权融资效率存在增长趋势,但增速十分缓慢,存在很大的改进空间。最后,文章根据现状研究和实证结果从政府、社会、公司三个层面提出了提高山东省上市公司股权融资效率的对策,具体包括:政府角色合理定位、健全法律保护体系、积极调整产业结构,拓宽融资渠道、提高投资者素质,完善公司治理结构、优化公司资本结构和增强公司创新力等。
[Abstract]:Capital is the source and motive force of company development, and financing is one of the most effective ways to obtain capital. In recent years, more and more companies choose equity financing to obtain funds. Shandong Province, as a major economic province, is the most developed province in China and one of the provinces with the strongest economic strength in China. Shandong Province is also a province with rapid economic development, which has a good environment suitable for the development of listed companies. Based on the microcosmic point of view, this paper makes an empirical study and analysis on the efficiency of equity financing of listed companies in Shandong Province by using data Envelopment Analysis (DEA) method. First of all, this paper defines and reviews the related concepts and related theories of equity financing efficiency: the financing efficiency is defined as under different corporate governance models. The ability and utility of an enterprise to obtain the required funds with the lowest cost and minimum risk and to make rational use of the funds to create the maximum value for the enterprise. On this basis, the efficiency of equity financing refers to the fact that under different corporate governance institutions, enterprises raise the required funds at the lowest cost and minimum risk through the issuance of shares in the capital market. And the ability to use the funds raised to create the maximum value for the enterprise; This paper reviews the main contents of traditional capital structure theory, modern capital structure theory and new capital structure theory related to equity financing theory. Secondly, it studies and analyzes the present situation and influencing factors of equity financing of listed companies in Shandong Province: it is found that the number of listed companies in Shandong Province has increased year by year in recent years, and the amount of equity financing has also shown an overall upward trend. However, the regional distribution and industry distribution of listed companies are very uneven, with obvious industry and regional differences. Thirdly, this paper makes an empirical study on the efficiency of equity financing of listed companies in Shandong Province: 105 sample units are selected, taking the total net amount of equity financing, operating cost, asset-liability ratio as the input index, the growth rate of net assets, the rate of return on net assets, The ratio of tangible net debt per share is the output index. The DEA method is used to test the efficiency of equity financing of listed companies in Shandong Province from three aspects: the whole, the industry and the trend. The results show that only 11.43% of the listed companies in Shandong Province have achieved technical efficiency, and the efficiency of equity financing is generally inefficient. The distribution of listed companies is uneven, the manufacturing industry belonging to traditional industries accounts for more than 72%, and the sum of the number of companies in other industries accounts for less than 28%. Of the 76 manufacturing industries, only 9 have achieved DEA technical efficiency, accounting for 11.84% of the total equity financing efficiency in 2012-2014, but the growth rate is very slow and there is a lot of room for improvement. Finally, according to the present situation research and empirical results, this paper puts forward the countermeasures to improve the efficiency of equity financing of listed companies in Shandong Province from the three levels of government, society and company, including: the reasonable positioning of the role of the government, the improvement of the legal protection system, Actively adjust the industrial structure, broaden the financing channels, improve the quality of investors, improve the corporate governance structure, optimize the capital structure of the company and enhance the innovation of the company.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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