新三板互联网企业融资效率的评价研究

发布时间：2018-04-26 06:12

本文选题：新三板互联网企业 + 融资效率　；参考：《北京交通大学》2017年硕士论文

【摘要】：2014年以来,新三板市场得到了蓬勃发展,挂牌企业数量屡创新高,其对于挂牌企业、投资者以及政府部门的重要性不断提高。与此同时,在国家大力鼓励和培育的宏观环境下,我国的互联网企业也实现了较好的发展,各种“互联网+”概念层出不穷,经济的互联网属性不断增强。互联网行业的重资本特性决定了企业自身发展对资金的需求度更高,融资问题是互联网企业必须解决的问题,为此,越来越多的互联网企业选择登陆新三板,借此来解决资金问题。而互联网企业在新三板的融资效率问题,则是本文的研究重点。首先,本文对新三板互联网企业的发展和融资现状进行分析,包括挂牌规模、流动性、定向增发、股权质押、债券发行等情况。其次,本文进一步选取可能对企业融资效率产生影响的因素,并对其进行多元线性回归分析。研究发现,企业的主营业务收入增长率、企业成长性、企业规模等指标与其融资效率具有显著的负相关关系,资产负债率、非债务税盾等指标与企业的融资效率有显著的正相关关系。然后,文章利用数据包络分析法(DEA)对新三板互联网企业的融资效率进行定性分析,研究发现,94.6%的样本企业存在着融资效率偏低的问题,仍有较大的改进空间。最后,论文根据以上所选的影响因素与企业具体融资状况的关系,结合新三板市场特点,提出的相关建议措施,以帮助新三板互联网企业提高其融资效率。
[Abstract]:Since 2014, the new third board market has boomed, with record numbers of companies listed, increasing its importance to listed companies, investors and government departments. At the same time, under the macro environment encouraged and nurtured by our country, the Internet enterprises in our country have also achieved better development, various "Internet" concepts emerge endlessly, and the economic Internet attributes are constantly strengthened. The heavy capital characteristic of the Internet industry determines the higher demand for capital for the enterprise's own development. Financing is the problem that Internet enterprises must solve. For this reason, more and more Internet enterprises choose to land on the new three boards. In order to solve the problem of funding. The financing efficiency of Internet enterprises in the new three-board is the focus of this paper. First of all, this paper analyzes the development and financing status of the new three boards Internet enterprises, including listing scale, liquidity, directional additional issuance, equity pledge, bond issuance and so on. Secondly, this paper further selects the factors which may affect the financing efficiency of enterprises, and carries on the multivariate linear regression analysis to it. It is found that the growth rate of main business income, the growth of enterprises and the scale of enterprises have a significant negative correlation with their financing efficiency, asset-liability ratio, and so on. There is a significant positive correlation between non-debt tax shield and financing efficiency. Then, the paper uses data envelopment analysis (DEAA) to qualitatively analyze the financing efficiency of the new three boards Internet enterprises. It is found that 94.6% of the sample enterprises have the problem of low financing efficiency, and there is still much room for improvement. Finally, according to the above selected factors and the specific financing situation of the enterprise, combined with the characteristics of the new third board market, the paper puts forward the relevant measures to help the new third board Internet enterprises to improve their financing efficiency.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F275

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