本文選題：信用風險 + 創(chuàng)業(yè)板上市公司��； 參考：《上海師范大學》2012年碩士論文

【摘要】：2009年10月30日，中國創(chuàng)業(yè)板正式設立。這意味著我國多層次資本市場的建設邁上新的臺階，面向成長型和高科技企業(yè)的“中國式NASDAQ”正式開啟。創(chuàng)業(yè)板是為具有高風險、高回報特性的高科技中小企業(yè)為主要服務對象而設置的，其特點是投資者在投資該市場中的企業(yè)時，購買的實際上是該企業(yè)成長的預期。而企業(yè)的成長離不開資金的支持，，特別是中小企業(yè)更需要借款來運營公司，特別需要長期借款，但是由于資本市場對于中小企業(yè)的信用狀況的擔心，而導致中小企業(yè)獲得長期借款寥寥可數(shù)，不利于中小企業(yè)的成長，也不利于創(chuàng)業(yè)板的發(fā)展。 本文旨在回答創(chuàng)業(yè)板企業(yè)的信用風險狀況到底怎么樣，通過基于KMV模型的分析，得出我國的創(chuàng)業(yè)板企業(yè)可以從資本市場獲得2-3年期限的長期借款來支持公司的發(fā)展。本文通過規(guī)范分析和實證分析相結合、理論分析與實踐檢驗相結合的方法對創(chuàng)業(yè)板企業(yè)的信用風險運用KMV模型進行分析研究。本文對企業(yè)“信用風險”的內涵進行了完整界定，并以中國創(chuàng)業(yè)板上市公司為研究對象，抽取其中20家上市企業(yè)作為樣本，進行實證分析，并且采取對照組的方法，在滬深兩市選取20家同行業(yè)的ST上市公司作為對照組，來進一步證明創(chuàng)業(yè)板上市公司的信用風險狀況。最后，對實證結果進行分析并得出結論。本研究得出結論：創(chuàng)業(yè)板企業(yè)上市后，創(chuàng)業(yè)板企業(yè)不能獲得足夠支持其發(fā)展的長期借款，但是通過實證分析可以得出創(chuàng)業(yè)板企業(yè)能夠有條件獲得為期2-3年的長期借款，這為銀行和投資者提供一個可行的參考。
[Abstract]:On October 30, 2009, China's gem was formally established. This means that the construction of the multi-level capital market in China has stepped up to a new level, and the "Chinese NASDAQ" for growth and high-tech enterprises has been officially opened. The gem is set up for high-tech SMEs with high risk and high return characteristics as the main service object. Its characteristic is that when investors invest in the enterprises in this market, what they buy is actually the expectation of the growth of the enterprises. But the growth of enterprises can not be separated from the financial support, especially the small and medium-sized enterprises need to borrow money to run the company, especially long-term borrowing. But because of the capital market's concern about the credit condition of the small and medium-sized enterprises, But the small and medium-sized enterprises obtain the long-term loan very few, is not conducive to the small and medium-sized enterprise growth, also unfavorable to the growth enterprise market development. The purpose of this paper is to answer the credit risk situation of gem enterprises. Based on the analysis of KMV model, it is concluded that gem enterprises in China can obtain long-term loans with a maturity of 2-3 years from the capital market to support the development of the companies. In this paper, through the combination of normative analysis and empirical analysis, the combination of theoretical analysis and practical testing, the paper analyzes and studies the credit risk of gem enterprises using KMV model. In this paper, the connotation of "credit risk" of enterprises is defined completely, and 20 of them are selected as samples, and the control group is adopted as the control method, taking the listed companies of China growth Enterprise Market as the research object. In Shanghai and Shenzhen stock markets, 20 St listed companies in the same industry were selected as the control group to further prove the credit risk status of gem listed companies. Finally, the empirical results are analyzed and a conclusion is drawn. This study concludes: after gem enterprises are listed, gem enterprises can not get enough long-term loans to support their development, but through empirical analysis, it can be concluded that gem enterprises can obtain long-term loans for 2-3 years. This provides a feasible reference for banks and investors.
【學位授予單位】：上海師范大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

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