本文關(guān)鍵詞：創(chuàng)業(yè)板企業(yè)融資效率及影響因素研究　出處：《西南財經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板企業(yè) 融資效率 影響因素 DEA模型

【摘要】：進入知識經(jīng)濟時代后,各國對科學(xué)技術(shù)的發(fā)展達到空前的重視程度。但由于中小企業(yè)常出現(xiàn)籌資困難、無法獲得穩(wěn)定的資金來源等情況,而使其難以在激烈的市場競爭中生存下來。20世紀(jì)70年代設(shè)立于美國的納斯達克市場為眾多的中小企業(yè)解決了融資難的問題,使其后各國紛紛效仿,設(shè)立單獨為中小科技企業(yè)或新興行業(yè)的創(chuàng)業(yè)板(Growth Enterprise Market,簡稱GEM)企業(yè)股票市場。我國自1998年就提出要在證券市場形成高科技板塊,直至2009年10月30日首批28家企業(yè)在創(chuàng)業(yè)板企業(yè)的掛牌上市,標(biāo)志著我國創(chuàng)業(yè)板企業(yè)的正式運行。 創(chuàng)業(yè)板企業(yè)為中小企業(yè)提供了良好的融資平臺,從首批上市的28家創(chuàng)業(yè)板企業(yè)來看,其計劃募集資金為70.77億元,實際募集資金為154.78億元,超募率達到117.14%,同時,隨著創(chuàng)業(yè)板企業(yè)數(shù)量的逐漸增多,高市盈率和高超募率的現(xiàn)象始終存在。因此,面對數(shù)額龐大的融資額,對于創(chuàng)業(yè)板企業(yè)來說,能否將所籌集的資金最大程度的加以利用是當(dāng)前和未來都十分值得關(guān)注的問題,這不僅與企業(yè)的經(jīng)營發(fā)展密切相關(guān),也與證券市場的健康發(fā)展和社會資本的合理配置和使用密切相關(guān)。 本文采用定性與定量相結(jié)合、理論與實證相結(jié)合的方法,首先對融資效率的相關(guān)文獻進行梳理,然后對有關(guān)理論做出適當(dāng)?shù)慕忉屨f明,在確定了輸入輸出指標(biāo)后,以在深圳證券交易所2011年1月1日之前上市的153家創(chuàng)業(yè)板企業(yè)作為研究對象,利用數(shù)據(jù)包絡(luò)分析(Data Envelopment Analysis,簡稱DEA)模型計算出樣本企業(yè)的相對效率值,再利用受限因變量模型(Tobit模型)對影響樣本企業(yè)融資效率的因素進行回歸分析。最后根據(jù)實證結(jié)果得出研究結(jié)論并提出相關(guān)建議。 本文的研究結(jié)論包括：(1)我國創(chuàng)業(yè)板企業(yè)的融資效率處于較低水平,大多數(shù)企業(yè)尚未達到融資有效狀態(tài)；(2)改變創(chuàng)業(yè)板企業(yè)融資效率參考集將會改變其融資效率結(jié)果,同時樣本數(shù)量越多,融資效率評價結(jié)果將越有效；(3)改變創(chuàng)業(yè)板企業(yè)融資效率參考集將不會影響對其規(guī)模報酬的評價；(4)創(chuàng)業(yè)板企業(yè)面臨日趨嚴重的融資冗余現(xiàn)象；(5)創(chuàng)業(yè)板企業(yè)資本結(jié)構(gòu)、成長性、盈利能力、資金利用效率及企業(yè)股權(quán)集中度是影響其融資效率的重要因素。 本文的研究貢獻有以下幾個方面：(1)利用DEA模型評價創(chuàng)業(yè)板企業(yè)的融資效率；(2)本文利用DEA模型對創(chuàng)業(yè)板企業(yè)連續(xù)兩年的融資效率進行了對比研究；(3)本文對影響創(chuàng)業(yè)板企業(yè)融資效率的因素進行了分析,并利用受限因變量模型(Tobit模型)進行了研究。 本文的研究不足在于：(1)本文所選研究樣本的數(shù)量可能會在一定程度上影響對創(chuàng)業(yè)板企業(yè)融資效率評估的準(zhǔn)確性；(2)作者自身研究能力的不足可能會在創(chuàng)業(yè)板融資效率評價體系的建立及影響因素的選擇上存在缺陷和遺漏,有待后續(xù)研究和補充。
[Abstract]:After entering the era of knowledge economy, all countries attach great importance to the development of science and technology, but because SMEs often have difficulty in raising funds, they are unable to obtain stable sources of funds and so on. It is difficult to survive in the fierce market competition. In 70s, the NASDAQ market set up in the United States solved the problem of financing difficulties for many small and medium-sized enterprises, which made many countries follow suit one after another. Set up growth Enterprise Market for small and medium-sized technology enterprises or emerging industries. Since 1998, China has proposed to form a high-tech plate in the securities market, until October 30th 2009, the first batch of 28 enterprises listed on the gem. It marks the formal operation of gem enterprises in our country. Gem enterprises for small and medium-sized enterprises to provide a good financing platform, from the first batch of 28 gem enterprises, its plan to raise seven billion seventy-seven million yuan. The actual capital raised is fifteen billion four hundred and seventy-eight million yuan, the over-raising rate reaches 117.14. At the same time, with the increase of the number of gem enterprises, the phenomenon of high price-earnings ratio and superb raising rate has always existed. Faced with the huge amount of financing, for the gem enterprises, whether to maximize the use of the funds raised is a matter of great concern at present and in the future. This is not only closely related to the management and development of enterprises, but also to the healthy development of the securities market and the rational allocation and use of social capital. This paper uses the combination of qualitative and quantitative, theoretical and empirical methods, first of all, to sort out the relevant literature on the efficiency of financing, and then to make an appropriate explanation of the relevant theory. After determining the input and output indicators, 153 gem enterprises listed on Shenzhen Stock Exchange before January 1st 2011 as the research object. The relative efficiency of the sample enterprises is calculated by using the data Envelopment Analysis (DEA) model. Then we use the limited dependent variable model and Tobit model to analyze the factors that affect the financing efficiency of the sample enterprises. Finally, according to the empirical results, we draw the conclusions and put forward the relevant recommendations. The research conclusions of this paper include: (1) the financing efficiency of gem enterprises in China is at a low level, and most enterprises have not reached the effective state of financing; 2) changing the reference set of financing efficiency of gem will change the result of financing efficiency, and the more samples, the more effective the evaluation result of financing efficiency will be; 3) changing the gem enterprise financing efficiency reference set will not affect the evaluation of its scale reward; Fourth, the gem enterprises are facing the increasingly serious phenomenon of financing redundancy; 5) the capital structure, growth, profitability, efficiency of capital utilization and concentration of equity are the important factors that affect the financing efficiency of gem enterprises. The research contributions of this paper are as follows: 1) using DEA model to evaluate the financing efficiency of gem; 2) this paper makes a comparative study on the financing efficiency of gem enterprises for two consecutive years by using DEA model. In this paper, the factors influencing the financing efficiency of gem enterprises are analyzed, and the limited dependent variable model (Tobit model) is used to study the factors affecting the financing efficiency of gem enterprises. The lack of research in this paper is that the number of samples selected in this paper may affect the accuracy of the evaluation of the financing efficiency of gem to some extent; 2) the deficiency of the author's own research ability may have some defects and omissions in the establishment of the evaluation system of gem's financing efficiency and the choice of influencing factors, which should be further studied and supplemented
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275;F224

【參考文獻】

相關(guān)期刊論文 前10條

1 李玫,張曉鳴;中小企業(yè)與大型企業(yè)融資效率的差異分析[J];商業(yè)研究;2004年06期

2 劉海虹;國有企業(yè)融資效率與銀行危機相關(guān)問題研究[J];財經(jīng)問題研究;2000年03期

3 陳賢錦;;基于DEA方法的上市公司股權(quán)融資效率分析[J];財會通訊;2010年11期

4 郭平;羅秋萍;孟慧婷;;創(chuàng)業(yè)板上市公司融資效率實證研究——基于主成分分析法與熵值法[J];財會通訊;2012年17期

5 宋獻中;劉振;;高新技術(shù)企業(yè)技術(shù)創(chuàng)新融資效率研究[J];財會月刊;2008年08期

6 劉力昌,馮根福,張道宏,毛紅霞;基于DEA的上市公司股權(quán)融資效率評價[J];系統(tǒng)工程;2004年01期

7 宋文兵;對當(dāng)前融資形勢的理性思考[J];改革與戰(zhàn)略;1997年06期

8 胡援成;企業(yè)資本結(jié)構(gòu)與效益及效率關(guān)系的實證研究[J];管理世界;2002年10期

9 伍裝;;中國中小企業(yè)融資效率的灰色關(guān)聯(lián)分析[J];甘肅社會科學(xué);2005年06期

10 胡竹枝,李明月;中小企業(yè)融資效率評價[J];華東經(jīng)濟管理;2005年02期

，

本文編號：1395385