本文關(guān)鍵詞：我國創(chuàng)業(yè)板上市公司融資效率實(shí)證研究　出處：《山東農(nóng)業(yè)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)板上市公司 融資效率 DEA模型 高新技術(shù)企業(yè)

【摘要】：企業(yè)運(yùn)營的“血液”是資金，資金的作用體現(xiàn)在引導(dǎo)資源和調(diào)控其他資源上，融資選擇問題是一個(gè)企業(yè)運(yùn)營生產(chǎn)所要首先面臨的。在經(jīng)濟(jì)問題高頻的現(xiàn)代社會，企業(yè)融資也作為一個(gè)熱門的經(jīng)濟(jì)話題每每提上例案。一方面，股權(quán)融資方式是上市公司獲取資金的一種方式，這種方式也對整個(gè)社會經(jīng)濟(jì)發(fā)展有著不可小視的作用。另一方面，我國上市公司對股權(quán)融資這種獲取資金的渠道有著強(qiáng)烈的依賴和偏好。資金閑置就成為上市公司籌集資金過多所帶來的一大弊端，不明確的資金投向，，會降低資金的使用效率。在我國，企業(yè)融資特點(diǎn)在高新技術(shù)企業(yè)與傳統(tǒng)企業(yè)中不同，存在許多像融資風(fēng)險(xiǎn)高，資金需求大等融資特性。然而，在中小高新技術(shù)企業(yè)中，經(jīng)常因?yàn)橘Y金短缺，融資困難而阻礙其發(fā)展。在2009年10月23日我國創(chuàng)業(yè)板市場的正式開板，為中小高新技術(shù)企業(yè)阻礙其發(fā)展的融資難問題提供了直接融資渠道。資金融入效率，資金融入的利用率，整體的融資效率在創(chuàng)業(yè)板市場的體現(xiàn)成為了我們所要關(guān)注的要點(diǎn)。 選取168家在深交所創(chuàng)業(yè)板上市的高新技術(shù)企業(yè)2010年的財(cái)務(wù)數(shù)據(jù)作為本文研究所需要的樣本，通過CSMAR數(shù)據(jù)庫查找其涉及的財(cái)務(wù)指標(biāo)，選用數(shù)據(jù)包絡(luò)分析法（DEA模型）這種發(fā)展較為成熟的方法，檢測168家高新技術(shù)企業(yè)的融資效率。經(jīng)研究表明，在融資效率的問題上，我國創(chuàng)業(yè)板上市公司的融資效率仍然不夠理想。 結(jié)合融資理論以及效率理論，并通過回顧企業(yè)融資的文獻(xiàn)，對影響創(chuàng)業(yè)板上市公司融資效率的因素進(jìn)行分析歸納，作為本文實(shí)證研究選取投入產(chǎn)出變量的基礎(chǔ)。最后應(yīng)用DEA的方法來分析驗(yàn)證樣本的融資效率，提出本文的結(jié)論和建議。
[Abstract]:The "blood" of enterprise operation is capital, and the function of capital is to guide resources and control other resources. The problem of financing choice is the first one that an enterprise faces in operation and production, and in the modern society with high frequency of economic problems. Corporate financing is also a hot economic topic. On the one hand, equity financing is a way for listed companies to obtain funds. This approach also plays an important role in the development of the whole society and economy. On the other hand. Listed companies in our country have strong dependence and preference on equity financing which is the channel of obtaining funds. Idle funds have become a major drawback brought by the excessive amount of funds raised by listed companies and the investment of funds is not clear. In our country, the characteristics of enterprise financing are different from the traditional enterprises in high-tech enterprises, there are many financing characteristics such as high risk of financing, large demand for funds, etc. However. In the small and medium-sized high-tech enterprises, often because of the shortage of funds, financing difficulties and hinder its development. In October 23rd 2009, China's gem market officially opened. It provides the direct financing channel, the efficiency of capital integration and the utilization rate of capital integration for small and medium-sized high-tech enterprises which hinder their development. The overall financing efficiency in the gem market has become the focus of our attention. In 2010, the financial data of 168 high-tech enterprises listed on the gem of Shenzhen Stock Exchange are selected as the samples needed for this study, and the financial indicators involved are found through the CSMAR database. Data Envelopment Analysis (DEA) is a mature method to detect the financing efficiency of 168 high-tech enterprises. The financing efficiency of China's gem listed companies is still not ideal. Combined with the financing theory and efficiency theory, and by reviewing the literature of enterprise financing, the factors affecting the financing efficiency of gem listed companies are analyzed and summarized. As the basis of selecting input-output variables in this paper, we use the DEA method to analyze the financing efficiency of the validation sample, and put forward the conclusions and recommendations of this paper.
【學(xué)位授予單位】：山東農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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