基于DEA模型的我国创业板上市公司融资效率研究

发布时间：2018-03-17 22:17

本文选题：创业板　切入点：上市公司　出处：《中国海洋大学》2013年硕士论文　论文类型：学位论文

【摘要】：2009年10月30日,我国的资本市场迎来了一批特殊的上市企业,这标志着经过10年精心准备的创业板终于诞生了。自创业板市场成立至今,已有356家公司陆续在创业板上市。在我国创业板上市的公司大部分属于高新技术产业且具有高成长性的企业,这些企业迫切需要资金但是又缺乏适当融资渠道,创业板的推出给这些企业提供了一种崭新的融资渠道,为整个公司的发展注入了新的活力。但是,创业板上市公司上市以来也存在很多问题,比如超额募集资金的现象。到目前为止,学者对于创业板上市公司所融得资金是否得到有效利用等问题很少有研究,因此本文就对创业板上市公司的股权融资效率问题进行了实证分析,从而对创业板市场有更加深入的认识。文章首先介绍了与股权融资以及融资效率相关的国内外研究文献,然后又介绍了股权融资理论以及效率理论,为后面的实证研究打下了坚实的理论基础。接下来又对创业板上市公司进行了描述性统计分析,其中包括对创业板上市公司总体特征的介绍以及上市公司的行业集中度分析和创业板上市公司各种财务特征的分析,对创业板上市公司有了更加宏观的理解,为实证研究奠定了基础。文章最重要的部分是实证研究部分,在这部分中,首先介绍了研究效率问题的一种常用方法,即数据包络分析(DEA)方法,对该方法进行了细致的分析,包括了模型的选择、指标的选取等等。然后根据首批在创业板上市的28家企业中的25家公司的年报数据,从经济效率的投入产出角度出发,运用DEA模型对我国创业板上市公司的股权融资效率进行了分析,计算出了这25家企业的综合技术效率、纯技术效率和规模效率值,通过效率值分析得出了我国创业板上市公司股权融资效率总体低下的结论。并且通过投影分析给融资效率较低的企业提供了一种提高融资效率的方法,也给管理部门提供了参考。接着,文章从宏观和微观的角度对可能影响创业板上市公司股权融资效率的因素进行了分析,然后运用Tobit模型,以上述的25家企业的综合技术效率为被解释变量,以对创业板上市公司的融资效率可能产生影响的微观因素为解释变量进行了Tobit回归分析,结果表明选取的指标中产权比率与融资效率成反比,研发费用占营业收入的比例与融资效率成正比,营业成本对创业板上市公司的融资效率影响不是很显著。最后,文章通过对实证研究结果的分析,给出了提高我国创业板上市公司股权融资效率的政策建议。本文认为应该不断优化创业板上市公司股权结构,并且不断完善创业板上市公司的公司治理结构,根据创业板上市公司自己的特点不断增加研发投入,提高市场竞争力。作为一名在校学生,由于学识和阅历的不足,以及对创业板市场的认识有限,对文中出现的错误和纰漏还恳请各位老师、学者、专家不吝赐教。
[Abstract]:In October 30, 2009, China's capital market ushered in a special group of companies, which marks the gem after 10 years of careful preparation is finally born. Since the GEM market has been established, there are 356 companies listed on the gem. The high growth of enterprises in China's GEM listed companies in large part belongs to the high-tech industry and the enterprises are in urgent need of funds, but also the lack of appropriate financing channels, the launch of the gem provides a new financing channels for the enterprise, has injected new vitality into the development of the company. However, since the GEM listed companies there are many problems, such as the phenomenon of excess funds raised so far, scholars of the GEM listed companies financial funds are effective utilization few studies, so this paper listed companies on the gem equity The problem of financing efficiency is empirically analyzed, so as to have a deeper understanding of the GEM market.
This paper first introduces the domestic financing efficiency and equity financing and related research literature, and then introduced the equity financing theory and efficiency theory, a solid theoretical foundation for the empirical research. Then the companies listed on gem of the descriptive statistical analysis, including the analysis of the general characteristics of the listed company business introduction the board of listed companies as well as industry concentration analysis and GEM listed companies of various financial characteristics, the GEM listed companies have a more macroscopic understanding, laid the foundation for the empirical research.
The most important part of the article is the part of empirical research, in this part, we first introduced a method to study the problem of efficiency, namely data envelopment analysis (DEA) method, the method of detailed analysis, including model selection, index selection and so on. Then, according to the annual report data in the first 28 companies listed on the gem in 25 companies, from the perspective of economic efficiency of the input-output angle, using the DEA model of China's GEM listed company equity financing efficiency analysis, calculate the comprehensive technical efficiency of the 25 companies, pure technical efficiency and scale efficiency value analysis China's GEM listed companies equity financing efficiency overall low efficiency value. And the conclusion through the projection analysis to lower financing efficiency of enterprises provides a method to improve the efficiency of financing, but also to the management department provides reference Test.
Then, the paper analyzes the factors that may affect the efficiency of equity financing of listed companies from the perspective of macro and micro, and then use the Tobit model to the comprehensive technical efficiency of 25 Enterprises above interpretedvariables micro factors to companies listed on GEM financing efficiency might be affected by Tobit regression analysis as explanatory variables. The results show that the selected indicators in the equity ratio and financing efficiency is inversely proportional to R & D expenses proportion of revenue and financing efficiency is proportional to the operating costs of the GEM listed company's financing efficiency effect is not obvious.
Finally, through the analysis of the results of empirical study, is given to improve the financing efficiency of Chinese listed companies on the gem of the policy recommendations. It is necessary to optimize the gem equity structure of listed companies, and constantly improve the corporate governance structure of GEM listed companies, increasing R & D investment according to the characteristics of the GEM listed companies themselves and improve the market competitiveness.
As a college student, due to lack of knowledge and experience, and understanding of the gem, the mistakes and flaws still urge teachers, scholars, experts and generous with your criticism.

【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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