本文選題：中小企業(yè) + 股權(quán)融資�。� 參考：《東北大學(xué)》2012年碩士論文

【摘要】：中小企業(yè)是一國(guó)經(jīng)濟(jì)的重要組成部分,對(duì)于一國(guó)的經(jīng)濟(jì)發(fā)展有著不可或缺的作用。我國(guó)中小企業(yè)不僅僅推動(dòng)我國(guó)經(jīng)濟(jì)不斷發(fā)展,還吸收了在我國(guó)城市化進(jìn)程中出現(xiàn)的大量剩余勞動(dòng)力,如果中小企業(yè)不能夠健康持續(xù)發(fā)展,不僅僅會(huì)影響我國(guó)的經(jīng)濟(jì)發(fā)展,還會(huì)影響到我國(guó)的社會(huì)穩(wěn)定,但在我國(guó)中小企業(yè)的發(fā)展中存在的資金缺口和企業(yè)的融資難問(wèn)題,卻嚴(yán)重阻礙我國(guó)中小企業(yè)的發(fā)展。通過(guò)理論和實(shí)證相結(jié)合的方法,對(duì)我國(guó)中小企業(yè)的融資難問(wèn)題進(jìn)行分析,希望能給解決我國(guó)中小企業(yè)融資難問(wèn)題,提供一定的借鑒。 首先對(duì)現(xiàn)代企業(yè)融資理論進(jìn)行了回顧,并在現(xiàn)代企業(yè)融資理論的基礎(chǔ)上,對(duì)我國(guó)中小企業(yè)的融資現(xiàn)狀進(jìn)行了理論上的分析。由于我國(guó)中小企業(yè)多為勞動(dòng)力密集型企業(yè),應(yīng)對(duì)市場(chǎng)風(fēng)險(xiǎn)的能力有限,在市場(chǎng)競(jìng)爭(zhēng)日益激烈的情況下,迫切的需要增強(qiáng)自身的競(jìng)爭(zhēng)力,這就導(dǎo)致了中小企業(yè)對(duì)資金的大規(guī)模需求,而中小企業(yè)自身融資能力的相對(duì)較弱,又進(jìn)一步造成了企業(yè)發(fā)展過(guò)程中的資金缺口。在全社會(huì)的資金供給不會(huì)發(fā)生大規(guī)模變化的前提下,提高融資效率,特別是股權(quán)融資效果是解決我國(guó)中小企業(yè)融資難問(wèn)題最現(xiàn)實(shí)可行的途徑。 在理論分析后,以在中小板上市的中小企業(yè)為研究對(duì)象,采用面板回歸方法,用企業(yè)的股東權(quán)益比作為衡量企業(yè)股權(quán)融資效果的指標(biāo),將目標(biāo)企業(yè)的股東權(quán)益比對(duì)企業(yè)的凈利潤(rùn)率、凈資產(chǎn)收益率、總資產(chǎn)、實(shí)際稅率、無(wú)形資產(chǎn)占總資產(chǎn)的比重和營(yíng)業(yè)成本占營(yíng)業(yè)收入的比重為影響因素,在經(jīng)過(guò)時(shí)點(diǎn)固定效應(yīng)回歸和顯著性檢驗(yàn)后,對(duì)回歸方程進(jìn)行調(diào)整,在對(duì)調(diào)整后的回歸方程進(jìn)行回歸后,可以發(fā)現(xiàn)股東權(quán)益比與企業(yè)內(nèi)部特征的各個(gè)解釋變量間的關(guān)系。 最后,根據(jù)對(duì)我國(guó)中小企業(yè)現(xiàn)狀的分析和利用實(shí)際數(shù)據(jù)做出的實(shí)證分析結(jié)果,對(duì)提高我國(guó)股權(quán)融資效果,提出相應(yīng)的政策建議。
[Abstract]:As an important part of a country's economy, SMEs play an indispensable role in the economic development of a country. China's small and medium-sized enterprises not only promote the continuous development of our economy, but also absorb a large number of surplus labor in the process of urbanization in our country. If small and medium-sized enterprises cannot develop healthily and sustainably, it will not only affect the economic development of our country. It will also affect the social stability of our country, but in the development of small and medium-sized enterprises in our country, the capital gap and the financing difficulties of enterprises seriously hinder the development of small and medium-sized enterprises in our country. Through the combination of theory and empirical method, this paper analyzes the financing difficulties of small and medium-sized enterprises in China, hoping to provide some reference for solving the financing difficulties of small and medium-sized enterprises in China. Firstly, this paper reviews the financing theory of modern enterprises, and on the basis of the financing theory of modern enterprises, analyzes the current financing situation of SMEs in China theoretically. Because most of the small and medium-sized enterprises in China are labor-intensive enterprises, the ability to deal with market risks is limited. Under the increasingly fierce competition in the market, there is an urgent need to enhance their competitiveness. This leads to the large-scale demand for funds of small and medium-sized enterprises, and the relatively weak financing ability of small and medium-sized enterprises, which further leads to the financing gap in the process of enterprise development. Under the premise that the capital supply of the whole society will not change on a large scale, improving the financing efficiency, especially the effect of equity financing, is the most realistic and feasible way to solve the financing difficulty of the small and medium-sized enterprises in our country. After theoretical analysis, taking the small and medium-sized enterprises listed on the small and medium-sized board as the research object, adopting the panel regression method, using the stockholder's equity ratio of the enterprise as the index to measure the effect of the enterprise's equity financing, Comparing the shareholders' equity of the target enterprise with the net profit margin, the rate of return on net assets, the total assets, the effective tax rate, the proportion of intangible assets to total assets and the proportion of operating costs to operating income are the influencing factors. After the time point fixed effect regression and significance test, the regression equation is adjusted, and after the adjusted regression equation, the relationship between the shareholders' equity ratio and the various explanatory variables of the internal characteristics of the enterprise can be found. Finally, according to the analysis of the current situation of the small and medium-sized enterprises in China and the empirical analysis results made by using the actual data, the paper puts forward the corresponding policy recommendations to improve the effect of equity financing in China.
【學(xué)位授予單位】：東北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F276.3;F832.51;F224

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