本文選題：創(chuàng)業(yè)企業(yè)　切入點(diǎn)：創(chuàng)業(yè)融資　出處：《哈爾濱工業(yè)大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

【摘要】：創(chuàng)新是經(jīng)濟(jì)發(fā)展和社會(huì)進(jìn)步的核心動(dòng)力,創(chuàng)業(yè)作為創(chuàng)新的基礎(chǔ),引領(lǐng)時(shí)代的發(fā)展趨勢(shì)。伴隨著創(chuàng)業(yè)板建立及新三板市場(chǎng)的發(fā)展,大批創(chuàng)新型企業(yè)源源不斷的涌現(xiàn),為經(jīng)濟(jì)增長(zhǎng)提供強(qiáng)大的推動(dòng)力,但是創(chuàng)業(yè)企業(yè)自身的高風(fēng)險(xiǎn)性必然引起融資困境的出現(xiàn)。論文正是著眼于此,從創(chuàng)業(yè)企業(yè)的視角研究創(chuàng)業(yè)融資對(duì)企業(yè)成長(zhǎng)性的影響作用,為創(chuàng)業(yè)企業(yè)爭(zhēng)取風(fēng)險(xiǎn)資金的注入提供依據(jù)。論文總結(jié)回顧了國(guó)內(nèi)外關(guān)于企業(yè)融資、企業(yè)成長(zhǎng)性及融資與企業(yè)成長(zhǎng)性關(guān)系的研究現(xiàn)狀,詳盡分析了創(chuàng)業(yè)企業(yè)成長(zhǎng)性的衡量標(biāo)準(zhǔn)及創(chuàng)業(yè)融資對(duì)企業(yè)成長(zhǎng)性影響作用機(jī)理的相關(guān)基礎(chǔ)理論,選取2011年至2014年中國(guó)新三板市場(chǎng)中1711家創(chuàng)業(yè)企業(yè)作為研究樣本,采用二元Logistics回歸、面板數(shù)據(jù)回歸和多元回歸分析等多種統(tǒng)計(jì)分析方法,運(yùn)用Stata12.0及SPSS17.0等計(jì)量軟件,構(gòu)建包含效率和效能兩方面的創(chuàng)業(yè)企業(yè)成長(zhǎng)性的綜合衡量體系,繼而對(duì)創(chuàng)業(yè)融資影響企業(yè)多維度的成長(zhǎng)性進(jìn)行實(shí)證分析。研究結(jié)果表明:創(chuàng)業(yè)融資的參與能夠明顯影響企業(yè)的成長(zhǎng)效率和成長(zhǎng)效能,獲得創(chuàng)業(yè)融資企業(yè)的資本擴(kuò)張能力、盈利能力、償債能力、營(yíng)運(yùn)能力及創(chuàng)新能力均優(yōu)于未獲得創(chuàng)業(yè)融資的企業(yè);創(chuàng)業(yè)融資的特征變量中,創(chuàng)投經(jīng)驗(yàn)豐富會(huì)顯著提升企業(yè)的資本擴(kuò)張能力、盈利能力和償債能力,聯(lián)合投資數(shù)量能夠提高企業(yè)盈利能力和創(chuàng)新能力,創(chuàng)投的背景和融資類型也會(huì)不同程度影響企業(yè)償債能力和營(yíng)運(yùn)能力;但創(chuàng)業(yè)融資參與及其特征變量對(duì)企業(yè)管理能力的影響并不顯著;創(chuàng)業(yè)融資對(duì)企業(yè)成長(zhǎng)效率的影響具有時(shí)間效應(yīng),隨年份增加其影響效應(yīng)減弱。實(shí)證研究結(jié)果更全面、更準(zhǔn)確的分析了創(chuàng)業(yè)融資對(duì)企業(yè)成長(zhǎng)性的作用,為創(chuàng)業(yè)企業(yè)爭(zhēng)取創(chuàng)業(yè)投資、加速企業(yè)快速成長(zhǎng)提供參考依據(jù)。
[Abstract]:Innovation is the core power of economic development and social progress. As the basis of innovation, entrepreneurship leads the development trend of the times. With the establishment of the gem and the development of the new third board market, a large number of innovative enterprises are constantly emerging. It provides a powerful driving force for the economic growth, but the high risk of the enterprise itself will inevitably lead to the emergence of financing difficulties. This paper focuses on this, and studies the impact of venture financing on the growth of the enterprise from the perspective of the venture enterprise. This paper summarizes and reviews the domestic and international research status of enterprise financing, enterprise growth and the relationship between financing and enterprise growth. This paper analyzes in detail the measurement standard of the growth of the venture enterprise and the relevant basic theory of the mechanism of the influence of venture financing on the growth of the enterprise, and selects 1 711 venture enterprises in the new third board market of China from 2011 to 2014 as the research samples. By using the methods of binary Logistics regression, panel data regression and multivariate regression analysis, and using Stata12.0 and SPSS17.0, the paper constructs a comprehensive measurement system of the growth of entrepreneurial enterprises, which includes efficiency and efficiency. The results show that the participation of venture capital can significantly affect the growth efficiency and growth efficiency of the enterprise, and obtain the capital expansion ability of the venture financing enterprises. Profitability, solvency, operating capacity and innovation ability are superior to those without venture capital. Among the characteristic variables of venture capital, the rich experience of venture capital will significantly improve the capital expansion ability, profitability and solvency of the enterprise. The amount of joint investment can improve the profitability and innovation ability of enterprises, and the background and financing type of venture capital will affect the solvency and operation ability of enterprises in varying degrees. However, the impact of venture capital participation and its characteristic variables on enterprise management ability is not significant. The impact of venture capital on enterprise growth efficiency has a time effect, which is weakened with the increase of years. The empirical results are more comprehensive. More accurate analysis of the role of venture financing on the growth of enterprises, for entrepreneurial enterprises to strive for venture capital, accelerate the rapid growth of enterprises to provide a reference basis.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F279.2;F275
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本文編號(hào)：1619491