我国创业板上市公司的融资效率研究

发布时间：2018-02-13 20:00

本文关键词： 创业板上市公司融资效率实证研究　出处：《兰州理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：自2009年10月创业板市场在我国推出以来,作为专门为高成长型企业提供融资平台的新型股票市场,为扶持中小企业发展做出了巨大的贡献。由于创业板市场上市标准较主板而言很低,因而大批中小型企业竞相上市,使创业板市场在实际运行中出现较为严重的问题,比较明显的就是上市公司“圈钱”意识较为严重,筹资力度大、使用效率低,因此上市公司的融资行为并不乐观,加之目前我国的市场环境还不足以对所有的中小型企业提供强有力的金融支持,对部分中小企业的融资贡献度较低等,这些问题都极大地影响了投资者的热情。在此背景下,本文在总结国内外学者研究成果的基础上,首先对创业板市场的发展及融资效率理论作了阐述,然后通过总结我国创业板上市公司的特征,分别从地区、行业、融资结构及整体发展分析了我国创业板上市公司的融资现况,在此基础上以2011年12月30日前在创业板上市的281家公司为样本,建立相关的指标体系,选取各上市公司的财务数据,运用统计分析法及数据包络分析法,对我国创业板上市公司的融资效率进行综合评价,得出我国创业板上市公司融资效率相对较低的结论,并对实证结果进行分析,最后,在分析实证结果的基础上,结合我国创业板市场发展的特点,提出了有利于提高我国创业板上市公司融资效率的相关对策。
[Abstract]:Since October 2009, the gem market has been launched in our country, as a new stock market that provides financing platform for high growth enterprises. It has made a great contribution to supporting the development of small and medium-sized enterprises. Because the listing standard of the gem is very low than that of the main board, a large number of small and medium-sized enterprises are competing to list on the market, which makes the gem market appear more serious problems in the actual operation. What is more obvious is that the listed companies have a more serious sense of "circle money", have a high degree of fund-raising and use low efficiency, so the financing behavior of listed companies is not optimistic. In addition, the current market environment of our country is not enough to provide strong financial support to all small and medium-sized enterprises, and the contribution of financing to some small and medium-sized enterprises is low. These problems have greatly affected the enthusiasm of investors. On the basis of summarizing the research results of domestic and foreign scholars, this paper first expounds the development of gem market and the theory of financing efficiency, and then through summarizing the characteristics of listed companies in gem, respectively from the region, industry, The financing structure and overall development of the gem listed companies in China are analyzed. Based on this, a sample of 281 companies listed on the gem before December 30th 2011 is taken as a sample to establish the relevant index system. Selecting the financial data of the listed companies, using the statistical analysis method and the data envelopment analysis method, this paper evaluates the financing efficiency of the listed companies on the gem, and draws the conclusion that the financing efficiency of the listed companies on the gem is relatively low. Finally, on the basis of the analysis of the empirical results, combined with the characteristics of the gem market development in China, the paper puts forward the relevant countermeasures to improve the financing efficiency of the gem listed companies.
【学位授予单位】：兰州理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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