本文選題：上市公司 + 股權(quán)融資效率　； 參考：《西南大學(xué)》2012年碩士論文

【摘要】：自改革開(kāi)放以來(lái),中國(guó)證券市場(chǎng)迅猛發(fā)展。證券行業(yè)已經(jīng)成長(zhǎng)為關(guān)乎中國(guó)經(jīng)濟(jì)命脈,關(guān)乎社會(huì)發(fā)展的大問(wèn)題。隨著證券市場(chǎng)的籌資功能的體現(xiàn),通過(guò)股權(quán)融資方式,上市公司可以獲得大量生產(chǎn)發(fā)展所需要的資金,支持企業(yè)的快速發(fā)展。股權(quán)融資股東可按持股比例分享公司經(jīng)營(yíng)成果,同時(shí)以出資額為限與其他股東共同承擔(dān)公司風(fēng)險(xiǎn)。這樣融資得來(lái)的資金既是公司的初始資本,又是進(jìn)一步增資擴(kuò)股的有利的資金保障,可以說(shuō)股權(quán)融資方式大大提高了公司抗風(fēng)險(xiǎn)的能力。股權(quán)融資具有其自身的優(yōu)勢(shì)和特點(diǎn),在現(xiàn)階段成為了非常重要的融資方式。關(guān)于股權(quán)融資效率的研究逐步也逐步深入,學(xué)者們希望通過(guò)對(duì)股權(quán)融資的理論研究為經(jīng)濟(jì)實(shí)際運(yùn)行提供相關(guān)政策支持。 重慶從1987年股份制改革到1993年第一只股票上市,發(fā)展至今在中國(guó)上市的有34家上市公司。重慶市上市公司股票2010市價(jià)總值2645億元,較前年增長(zhǎng)近一倍。根據(jù)目前的統(tǒng)計(jì)資料,重慶上市企業(yè)共募得資金215.91億元。平均每家企業(yè)募資4.41億。然而不可忽視的是,重慶市上市公司在股權(quán)融資發(fā)展過(guò)程中,也出現(xiàn)了這樣或者那樣的問(wèn)題。主要表現(xiàn)在上市公司盈利能力不強(qiáng),融資效率不高,甚至因?yàn)槎喾皆虿糠止颈黄缺欢啻问召?gòu)重組,嚴(yán)重制約了上市公司健康穩(wěn)定發(fā)展。 本文的目的是研究以重慶市上市公司為例研究股權(quán)融資效率問(wèn)題。本文在查閱大量文獻(xiàn)資料的基礎(chǔ)上,對(duì)國(guó)內(nèi)外學(xué)術(shù)界關(guān)于融資效率的理論和研究文獻(xiàn)進(jìn)行了一個(gè)回顧和梳理。總結(jié)歸納出上市公司股權(quán)融資方式的特點(diǎn)。以重慶市上市公司為調(diào)研對(duì)象,通過(guò)調(diào)查統(tǒng)計(jì)以及相關(guān)資料搜集,客觀(guān)描述重慶市上市公司股權(quán)融資的現(xiàn)狀。為了更深入的挖掘重慶市上市公司股權(quán)融資過(guò)程中影響融資效率的因素,本文選取了重慶市24家上市公司作為研究樣本,借用對(duì)多投入多產(chǎn)出對(duì)效率進(jìn)行評(píng)價(jià)的DEA模型,確定該模型中對(duì)應(yīng)的輸入和輸出指標(biāo),并且從相關(guān)上市公司年報(bào)中搜集所需要的數(shù)據(jù),進(jìn)行實(shí)證分析。根據(jù)DEA實(shí)證研究得到結(jié)論：從整體上看,重慶市24家上市公司樣本的融資效率單位數(shù)偏低,大多數(shù)公司都是非效率的,因此具有較大的上升空間,應(yīng)當(dāng)征對(duì)性的進(jìn)行融資布局調(diào)整。根據(jù)行業(yè)分布的研究結(jié)果而言,醫(yī)藥生物行業(yè)的融資效率明顯高于其他行業(yè)。有效融資的公司大多分部在醫(yī)藥生物和制造業(yè)兩大行業(yè)中,房地產(chǎn)行業(yè)、公用事業(yè)、石化塑膠、機(jī)械設(shè)備行業(yè)融資效率相對(duì)較低。由此可見(jiàn)股權(quán)融資效率具有一定的行業(yè)分布性。 再考察隨時(shí)間序列分布的實(shí)證結(jié)果,選取的重慶市的24家樣本上市公司中,在所考查的時(shí)間序列周期中,融資效率并沒(méi)有隨時(shí)間的推進(jìn)有明顯的提高。其中還有數(shù)家企業(yè)甚至呈現(xiàn)出技術(shù)效率隨時(shí)間增加遞減的情況,這樣的情況說(shuō)明企業(yè)后續(xù)的融資沒(méi)有跟上,沒(méi)有最大程度的發(fā)揮股權(quán)融資的效用。 最后,根據(jù)以上的研究與分析,征對(duì)性的提出符合重慶市上市公司融資特點(diǎn)的相關(guān)對(duì)策與改進(jìn)意見(jiàn)。認(rèn)為應(yīng)該從公司治理機(jī)制、企業(yè)融資渠道、股權(quán)融資范圍以及監(jiān)管力度等四方面著手,提高股權(quán)融資效率。希望通過(guò)本次研究指出重慶市上市公司股權(quán)融資中存在的問(wèn)題,提出建設(shè)性的意見(jiàn),從而提高重慶市上市公司的融資效率水平,進(jìn)而通過(guò)重慶市上市公司的健康穩(wěn)定發(fā)展促進(jìn)西部地區(qū)的經(jīng)濟(jì)繁榮發(fā)展。
[Abstract]:Since the reform and opening up, China's securities market has developed rapidly. The securities industry has grown into a big problem about the lifeblood of China's economy and the development of the society. With the embodiment of the financing function of the securities market, the listed companies can obtain a large amount of funds needed for the production and development by means of equity financing, and support the rapid development of the enterprises. The financing shareholders can share the results of the company's management according to the shareholding ratio. At the same time, the financing amount is limited to the risk of the company with the other shareholders. The financing is not only the initial capital of the company, but also the favorable financial guarantee for the further increase of capital and expansion. It can be said that the equity financing method greatly improves the company's ability to resist risk. Financing has its own advantages and characteristics, and it has become a very important financing mode at the present stage. The research on the efficiency of equity financing has gradually deepened. The scholars hope to provide relevant policy support to the actual operation of the economy through the theoretical research on equity financing.
Chongqing has been listed in 1987 from stock reform to the first stock market in 1993. There are 34 listed companies listed in China. The total value of 2010 market shares of Listed Companies in Chongqing is 264 billion 500 million yuan, nearly doubling from the previous year. According to the current statistics, the listed companies in Chongqing raised a total of 21 billion 591 million yuan. An average of 441 million. However, it is not to be ignored that in the process of equity financing development of the listed companies in Chongqing, there are such problems. The main performance is that the profitability of the listed companies is not strong, the financing efficiency is not high, and even the companies are forced to be reorganized for many reasons, which seriously restricts the healthy and stable development of the listed companies.
The purpose of this paper is to study the issue of equity financing efficiency in the case of Listed Companies in Chongqing. On the basis of consulting a large number of documents, this paper reviews and reviews the theory and literature on financing efficiency at home and abroad and summarizes the characteristics of equity financing in the listed companies. The listing of the listed companies is listed in the market of Chongqing. The company objectively describes the status of equity financing in Chongqing listed companies through investigation and statistics and relevant data collection. In order to dig deeper into the factors affecting the financing efficiency in the stock financing process of the listed companies in Chongqing, this paper selects 24 listed companies in Chongqing as research samples and borrow more investment and more production. The DEA model, which evaluates the efficiency, determines the corresponding input and output indicators in the model, and collects the required data from the annual reports of the related listed companies and carries out an empirical analysis. According to the DEA empirical study, the conclusion is that the number of financing efficiency units of the 24 listed companies in Chongqing is low and the majority of the companies are in the whole. According to the research results of the industry distribution, the financing efficiency of the pharmaceutical and biological industry is obviously higher than that of other industries. Most of the companies in effective financing are in the two major industries of pharmaceutical and biological and manufacturing industries, the real estate industry, utility, stone. The financing efficiency of the plastic and mechanical equipment industry is relatively low, which shows that the equity financing efficiency has certain industry distribution.
The empirical results of the distribution of the time series are examined. In the selected 24 listed companies in Chongqing, the financing efficiency has not been significantly improved in the time series period of the examination. There are several enterprises even showing a decline in the technological efficiency with time. Follow up financing did not keep pace with, and did not maximize the effectiveness of equity financing.
Finally, according to the above research and analysis, this paper puts forward the relevant countermeasures and improvement opinions in accordance with the financing characteristics of the listed companies in Chongqing. It is believed that the efficiency of equity financing should be improved from four aspects, such as corporate governance mechanism, enterprise financing channels, equity financing scope and supervision strength. This study hopes to point out Chongqing city through this study. The problems existing in the equity financing of the listed companies and put forward constructive suggestions, thus improving the level of financing efficiency of the listed companies in Chongqing, and further promoting the economic prosperity and development of the western region through the healthy and stable development of the listed companies in Chongqing.
【學(xué)位授予單位】：西南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F276.6;F224

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