创业板信息技术类企业融资效率分析

发布时间：2018-04-03 07:44

本文选题：创业板　切入点：信息技术行业　出处：《江西财经大学》2017年硕士论文

【摘要】：2009年10月,以第一批28家企业在深圳证券交易所上市交易为标志,创业板市场应运而生。创业板市场的诞生为自主创新型、高科技型和高成长型企业拓宽了融资的渠道,同时也丰富了我国资本市场的内涵。创业板市场成立后发展迅速,截至2017年2月28日,在创业板挂牌交易的企业已达到601家。创业板上市企业总发行的股本达2673亿股,总市值达到52862亿元,平均发行市盈率达到71.26。在国家采取的关于信息技术业扶持政策的推动下,我国信息技术业正处于发展迅速的阶段,具有高技术含量、高附加值特点的信息技术业已经成为大多数国家保持经济持续增长最重要的手段和拉动国民经济发展的强大动力。但是,创业板信息技术类企业发展中面临的首要问题就是融资问题,融资难度大、融资效率低下都制约着信息技术类企业的问发展。所以研究创业板信息技术类企业的融资效率情况具有较好的理论意义和现实意义。本文立足于融资效率角度,选取了2013年前在创业板挂牌上市的54家信息技术企业为样本,利用数据包络分析法(DEA模型)对样本企业2013年、2014年和2015年的融资效率实证分析,实证结果显示创业板信息技术类企业的综合技术效率整体情况偏低,并且达到综合技术效率有效的企业每年都不超过30%。进一步分别对纯技术效率和规模效率的实证结果进行分析后发现,导致创业板信息技术类企业的综合技术效率整体情况偏低的原因主要是由于纯技术效率水平的低下。而纯技术效率在一定程度上反映企业的内部管理能力和技术水平,所以企业内部管理能力和技术水平是影响创业板信息技术类企业的融资效率的主要因素。本文一共分为五个部分。第一部分是绪论,这部分内容主要从论文研究的背景与意义、相关的国内外文献、论文的研究思路及方法和论文的创新与不足四方面进行介绍。第二部分:相关概念与理论基础。本文首先对创业板市场、信息技术业和融资效率这三个概念进行界定与介绍,然后从效率理论和融资理论两方面进行了相关理论基础的回顾。第三部分:创业板信息技术类企业发展概况与融资现状。这一章首先从总体规模、地域分布情况两方面分析目前创业板信息技术类企业的发展现状。然后分别从债权融资、股权融资和内源融资三方面分析创业板信息技术类企业融资结构现状。第四部分:创业板信息技术企业融资效率实证研究。这部分是本文的重要部分,首先介绍了DEA模型及其经济含义,并在第三部分关于创业板信息技术类企业发展概况与融资结构的分析结果的基础上确定输入指标和输出指标。然后利用deap2.1软件分别测算出2013年、2014年和2015年样本企业的综合技术效率值、纯技术效率值和规模效率值。根据软件处理结果,从融资效率整体水平、各个效率值分布情况、规模报酬和地区效率分布情况四方面对样本企业的融资效率情况进行分析。第五部分:结论与建议。综合第三章创业板信息技术类企业融资结构现状分析结果和第四章融资效率结果的分析,文章尝试从降低股权集中度、优化融资结构、加强技术创新和重视管理理念四方面提出建议以改善创业板信息技术类企业的融资效率。
[Abstract]:In October 2009, the first batch of 28 companies listed in Shenzhen stock exchange as a symbol, the GEM market came into being. Birth of the GEM market for independent innovation, high-tech and high growth companies to broaden the financing channels, but also enrich the connotation of China's capital market. The establishment of the rapid development of the GEM market, as of February 28, 2017, the GEM listed companies has reached 601. The GEM listed companies total issued share capital of 267 billion 300 million shares, the total market value reached 52862 yuan, the average price earnings ratio reached 71.26. in the country to take on the information technology industry support policies under the impetus of China's information technology industry is in rapid development stage, high technology content, high added value of the information technology industry has become the characteristics of most countries remain the most important means to promote national economic development and economic growth The powerful motive force. But the primary problem facing the gem information technology in the development of enterprises is the problem of financing, financing difficulties, financing efficiency restrict the information technology enterprise development. So ask the financing efficiency of the gem enterprise information technology has a good theoretical and practical significance. Based on the from the point of financing efficiency, selects 54 information technology companies before 2013 listed on GEM as the sample, using data envelopment analysis (DEA model) of the sample enterprises in 2013, 2014 and 2015, the empirical analysis of the efficiency of financing efficiency, the empirical results show that the lower the overall technical efficiency of gem information technology enterprises overall situation. And to achieve the comprehensive technical efficiency of enterprises every year does not exceed 30%. further empirical of pure technical efficiency and scale efficiency were analyzed and found, The cause of the overall technical efficiency of the gem information technology enterprise's overall situation is mainly due to the low level of the low pure technical efficiency and pure technical efficiency. Reflect the enterprise's internal management ability and technical level to a certain extent, so the enterprise internal management capacity and technical level are the main factors that affect the financing efficiency of the gem information technology enterprise. This paper is divided into five parts. The first part is the introduction, this part mainly discusses the background and significance of the research, the related literature at home and abroad, research ideas and methods and the innovation and shortage is introduced in four aspects. The second part: the related concepts and theoretical basis of this paper. Of the GEM market, defines and introduces the three concepts of the information technology industry and the financing efficiency, and then the related theories from two aspects of efficiency theory and financing theory Based on the review. The third part: the gem information technology enterprise development and financing situation. This chapter from the two aspects of the overall scale, geographical distribution analysis of the current development status of the gem information technology enterprises. Then from debt financing, equity financing and internal financing three aspects of gem information technology the financing structure of the status quo. The fourth part: Empirical Study on financing efficiency of enterprise information technology gem. This part is an important part of this paper, first introduced the DEA model and its economic implications, and determine the input index and output index in the third part, based on the gem information technology enterprise development and financing structure on the results of the analysis. Then calculate using deap2.1 software in 2014 and 2013, 2015 sample enterprise comprehensive technical efficiency, pure technical efficiency and scale efficiency values. According to the results of software process, from the overall level of financing efficiency, the efficiency value of the distribution of returns to scale and area efficiency distribution of four aspects analyzed the financing efficiency of sample enterprises. The fifth part: conclusion and suggestion. The analysis results and the fourth chapter of the third chapter according to the results of the financing efficiency of the gem information technology enterprise financing structure of the status quo the article attempts to reduce ownership concentration, optimize financing structure, strengthen the four aspects of technological innovation and management idea and propose suggestions to improve the financing efficiency of the gem information technology enterprises.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F275;F832.51

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