【摘要】：作為市場經(jīng)濟體系中最活躍、發(fā)展前景最好的企業(yè)類型，中小企業(yè)的發(fā)展程度對一國國民經(jīng)濟起到了至關重要的作用�？v觀世界各國中小企業(yè)的發(fā)展歷史，特別是新技術革命促成信息時代來臨之后，中小企業(yè)在支持各國經(jīng)濟增長、解決就業(yè)等方面都發(fā)揮著舉足輕重的作用。但是，在中小企業(yè)成長過程中面臨著很多困難，其中最關鍵的是面臨著巨大的融資困境。中小企業(yè)融資問題是一個世界性的難題，，已成為中小企業(yè)發(fā)展的瓶頸，并嚴重地制約了經(jīng)濟社會的發(fā)展。 本文試圖通過對我國中小企業(yè)板上市公司的融資效率進行實證研究，剖析我國中小企業(yè)板上市公司的融資規(guī)模、融資結構及融資方式，分析影響我國中小企業(yè)板上市公司融資效率的因素，為提高中小企業(yè)融資效率提供有效的對策和建議。 本文在梳理國內(nèi)外學者關于融資效率相關研究文獻成果的基礎上，依據(jù)融資效率的相關理論，對我國中小企業(yè)板上市公司進行了分析和研究。利用DEA方法，以截止2010年12月31日在深圳證券交易所中小企業(yè)板上市的524家公司（扣除5家ST股和2家金融、保險行業(yè)的特殊股票）為研究對象，對我國中小企業(yè)板上市公司的融資效率進行綜合分析，得出了我國中小企業(yè)上市公司融資效率低的結論，并分析效率低的原因，給出了適合我國中小企業(yè)融資方式的相關改進措施和建議。 論文主要包括六部分。第一部分是引言，主要介紹了研究背景、研究意義、國內(nèi)外研究現(xiàn)狀、創(chuàng)新點和不足之處；第二部分是關于中小企業(yè)融資效率相關理論的分析，主要有資本結構理論、融資優(yōu)序理論、金融成長周期理論、信貸配給理論和關系借貸理論；第三部分是關于我國中小企業(yè)板上市公司融資效率的描述性統(tǒng)計學分析，包括我國中小企業(yè)發(fā)展歷程、劃分標準、融資規(guī)模、融資結構分析；第四部分是對影響我國中小企業(yè)板上市公司融資效率的因素進行分析，可以總結為企業(yè)規(guī)模、資本結構、資金成本、資金利用率、資金的清償能力、融資主體的自由度和融資機制的規(guī)范度；第五部分是對我國中小企業(yè)板上市公司的融資效率進行實證分析，主要包括指標選擇、樣本選取、數(shù)據(jù)來源和實證分析，并對實證研究進行了總結；最后一部分是對策建議。
[Abstract]:As the most active and promising type of enterprises in the market economy system, the development of small and medium-sized enterprises plays a vital role in a country's national economy. Throughout the history of the development of small and medium-sized enterprises in the world, especially after the new technological revolution brought about the information age, small and medium-sized enterprises play an important role in supporting the economic growth of various countries, solving employment and so on. However, there are many difficulties in the growth of SMEs, the most important of which is the huge financing dilemma. The financing problem of small and medium-sized enterprises is a worldwide problem, which has become the bottleneck of the development of small and medium-sized enterprises, and has seriously restricted the development of economy and society. This paper attempts to analyze the financing scale, financing structure and financing mode of Chinese SME board listed companies through empirical research on the financing efficiency of Chinese SME board listed companies. This paper analyzes the factors that affect the financing efficiency of Chinese SME board listed companies, and provides effective countermeasures and suggestions for improving the financing efficiency of SMEs. Based on the literature of domestic and foreign scholars on financing efficiency, based on the theory of financing efficiency, this paper analyzes and studies the listed companies of SME board in China. By using DEA method, 524 companies listed on the SME board of Shenzhen Stock Exchange as of December 31, 2010 (including 5 ST shares and 2 special stocks in the financial and insurance industries), were selected as the research objects. This paper makes a comprehensive analysis of the financing efficiency of Chinese SME board listed companies, draws the conclusion that the financing efficiency of Chinese SMEs listed companies is low, and analyzes the reasons for the low efficiency. The improvement measures and suggestions for the financing mode of small and medium-sized enterprises in China are given. The thesis mainly includes six parts. The first part is the introduction, mainly introduces the research background, the research significance, the domestic and foreign research present situation, the innovation point and the insufficiency; The second part is about the SMEs financing efficiency related theory analysis, mainly includes the capital structure theory, the financing priority theory, the financial growth cycle theory, the credit rationing theory and the relational loan theory; The third part is a descriptive statistical analysis of the financing efficiency of Chinese SME board listed companies, including the development of SMEs in China, classification criteria, financing scale, financing structure analysis; The fourth part is to analyze the factors that affect the financing efficiency of Chinese SME board listed companies, which can be summed up as the scale of enterprises, capital structure, capital cost, capital utilization rate, liquidity. The degree of freedom of the financing subject and the normative degree of the financing mechanism; The fifth part is the empirical analysis of the financing efficiency of Chinese SME board listed companies, including the selection of indicators, sample selection, data sources and empirical analysis, and the empirical research is summarized; the last part is the countermeasures and suggestions.
【學位授予單位】：山東農(nóng)業(yè)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F276.6;F832.51;F224

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