基于DEA模型的中印兩國股權(quán)融資效率比較研究
本文選題:股票市場 + 中印上市公司。 參考:《山東財(cái)經(jīng)大學(xué)》2012年碩士論文
【摘要】:資金是企業(yè)的血液和生命力,企業(yè)融資是一個(gè)經(jīng)久不衰的話題。到目前為止,我國的證券市場已經(jīng)經(jīng)過了二十多年的發(fā)展。在這過程中,雖然也曾幾經(jīng)波折,但總體上取得了令人矚目的成就。通過證券市場,我國企業(yè)可以融得公司發(fā)展所需要的資本,特別的股權(quán)融資為我國上市公司提供了非常重要的融資渠道。但是近幾年來,證券市場上也傳來了許多不和諧的聲音,反映證券市場中股權(quán)融資效率的不足,使得我們不得不重新回頭審視我們現(xiàn)在的股票市場,去看看我國上市公司的股票融資效率是否正常。印度與中國同為金磚國家,又同是發(fā)展中國家的佼佼者,在股票市場的發(fā)展也有許多相似性,這些都為中國和印度的股權(quán)融資效率比較提供了堅(jiān)實(shí)的基礎(chǔ)。為此,本文以中印兩國股票市場為基礎(chǔ),運(yùn)用理論和實(shí)證分析方法,深入比較研究兩國上市公司股權(quán)融資效率之間的差距。 本文共分為六章,各章內(nèi)容緊緊圍繞我國和印度股權(quán)融資效率展開,首先對(duì)國內(nèi)外研究股權(quán)融資效率的相關(guān)理論方法進(jìn)行回顧;其次概括了中印兩國股票市場的發(fā)展現(xiàn)狀及特點(diǎn),分析了造成目前兩國股票市場現(xiàn)狀的原因;再次通過構(gòu)建研究股權(quán)融資效率的DEA模型,選取相應(yīng)樣本與指標(biāo)對(duì)中印兩國股權(quán)融資效率進(jìn)行實(shí)證分析及比較,,得出我國目前上市公司融資效率不及印度的結(jié)論;最后通過中印兩國股權(quán)融資效率的對(duì)比提出了提高我國股權(quán)融資效率的政策建議。
[Abstract]:Capital is the blood and vitality of enterprises, enterprise financing is an enduring topic. Up to now, the stock market of our country has been developed for more than 20 years. In this process, although there have been several ups and downs, but overall has made remarkable achievements. Through the securities market, Chinese enterprises can finance the capital needed for the development of the company, especially the equity financing provides a very important financing channel for the listed companies in our country. However, in recent years, there have been many discordant voices in the securities market, reflecting the inefficiency of equity financing in the securities market, which makes us have to look back at our stock market now. Go and see if the stock financing efficiency of listed companies in China is normal. India is both a BRICS and a leader in developing countries. There are also many similarities in the development of the stock market, which provide a solid basis for the comparison of equity financing efficiency between China and India. Therefore, based on the stock market of China and India, this paper makes a deep comparative study of the gap between the efficiency of equity financing of listed companies in China and India by means of theoretical and empirical analysis. This paper is divided into six chapters. Each chapter focuses on the efficiency of equity financing in China and India. Firstly, it reviews the relevant theories and methods of equity financing efficiency at home and abroad. Secondly, it summarizes the current situation and characteristics of the stock market in China and India, analyzes the reasons for the present situation of the stock market in China and India, and constructs the DEA model to study the efficiency of equity financing. Select the corresponding samples and indicators to analyze and compare the equity financing efficiency of China and India, and draw the conclusion that the financing efficiency of China's listed companies is not as good as that of India. Finally, through the comparison of the equity financing efficiency between China and India, the paper puts forward some policy suggestions to improve the equity financing efficiency in China.
【學(xué)位授予單位】:山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2012
【分類號(hào)】:F832.51;F833.51;F224
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