本文關(guān)鍵詞： 中小企業(yè) 新三板 融資效果　出處：《西安科技大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：長期以來中國的資本市場重心過度集中于大企業(yè),呈現(xiàn)出一種“倒三角”的結(jié)構(gòu),致使中小企業(yè)融資難的問題始終沒有妥善解決,而中小企業(yè)每年為國家貢獻(xiàn)50%以上的稅收、60%以上的GDP、提供80%以上的城鎮(zhèn)就業(yè)崗位,是最重要的企業(yè)群體。全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)(新三板)是目前國內(nèi)唯一針對中小企業(yè)股權(quán)融資的全國性平臺,它的出現(xiàn)使得“資本市場多層次化、資本市場品種多樣化,資本市場主體多元化”的規(guī)劃構(gòu)想邁出了重要一步,成為打破當(dāng)前滬深兩家交易所壟斷資本市場的關(guān)鍵。但在實(shí)際運(yùn)行中,新三板市場暴露出諸多問題,因此研究中小企業(yè)在新三板的融資效果,是探討新三板市場未來發(fā)展方向的基礎(chǔ),有助于新三板市場的規(guī)范和完善。本文根據(jù)現(xiàn)有文獻(xiàn)資料,梳理了融資效果的影響因素和評價(jià)方法,從新三板的掛牌企業(yè)、市場分層、市場流動性、定向增發(fā)以及轉(zhuǎn)板情況等方面總結(jié)了發(fā)展現(xiàn)狀,得出新三板市場存在交易不夠活躍、直接融資亂象多、轉(zhuǎn)板機(jī)制不完善、掛牌企業(yè)不規(guī)范等問題。利用DEA模型,建立了融資效果評價(jià)體系,在2012年前掛牌的企業(yè)中選取100家樣本進(jìn)行實(shí)證分析,結(jié)果顯示:新三板融資效果整體并不理想,但歷年有所上升。通過對不同地區(qū)、行業(yè)、層級的企業(yè)在新三板融資效果的對比,發(fā)現(xiàn)各地區(qū)、各行業(yè)差距明顯,融資效果排名依次為上海、北京、湖北、天津地區(qū),其中互聯(lián)網(wǎng)和相關(guān)服務(wù)業(yè)的融資效果最好,制造業(yè)的融資效果最差,基礎(chǔ)層企業(yè)的融資效果反而超過創(chuàng)新層。結(jié)合實(shí)證結(jié)果分析上述問題的原因,認(rèn)為主要是新三板發(fā)展時(shí)間短,各項(xiàng)制度尚未完善;監(jiān)管層監(jiān)管水平與迅速發(fā)展的市場并不配套;中小企業(yè)自身沒有做好進(jìn)入資本市場的準(zhǔn)備。本文針對以上原因提出了完善新三板市場制度建設(shè)、提高監(jiān)管水平、加強(qiáng)企業(yè)建設(shè)等對策建議。
[Abstract]:For a long time, the center of gravity of China's capital market has been excessively concentrated on large enterprises, showing a kind of "inverted triangle" structure, resulting in the difficulty of financing SMEs has never been properly resolved. The small and medium-sized enterprises contribute more than 50% tax revenue to the country each year and provide more than 80% urban employment jobs. It is the most important enterprise group. The National small and Medium-sized Enterprises share transfer system (new three boards) is the only national platform for small and medium-sized enterprises' equity financing at present, its appearance makes the "capital market multi-level". The plan of diversification of capital market and diversification of main body of capital market has taken an important step forward and has become the key to break the monopoly capital market of Shanghai and Shenzhen exchanges, but it is in practice. The new third board market exposed many problems, so the study of the financing effect of small and medium-sized enterprises in the new third board market is the basis to explore the future development direction of the new third board market. According to the existing literature, this paper combs the influence factors and evaluation methods of financing effect, from the new third board listed enterprises, market stratification, market liquidity. This paper summarizes the current situation of the development of the new third board market, such as directional additional issuance and the situation of the transfer board, and points out that the new third board market is not active enough, the direct financing is chaotic, and the mechanism of the transfer board is not perfect. Using the DEA model, the evaluation system of financing effect is established, and 100 samples are selected for empirical analysis in the listed enterprises before 2012. The results show that the overall financing effect of the new three boards is not ideal, but has increased over the years. Through the comparison of the financing effects of different regions, industries and levels of enterprises in the new three boards, it is found that there are obvious differences between different regions and industries. The order of financing effect is Shanghai, Beijing, Hubei, Tianjin, among which the Internet and related services have the best financing effect, and the manufacturing industry has the worst financing effect. On the contrary, the financing effect of the basic level enterprises is better than that of the innovation level. Based on the empirical results, the reasons for the above problems are analyzed, and the main reasons are that the development time of the new three boards is short, and the systems are not yet perfect. The level of supervision is not matched with the rapidly developing market; The small and medium-sized enterprises themselves are not ready to enter the capital market. In view of the above reasons, this paper puts forward some countermeasures and suggestions, such as perfecting the system construction of the new third board market, raising the level of supervision and strengthening the construction of enterprises.
【學(xué)位授予單位】：西安科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F276.3

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本文編號：1450558