我國上市中小企業(yè)版上市公司融資效率實證研究
[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(xué)位授予單位】:山東農(nóng)業(yè)大學(xué)
【學(xué)位級別】:碩士
【學(xué)位授予年份】:2012
【分類號】:F276.6;F832.51;F224
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