本文關(guān)鍵詞： 中小企業(yè) 新三板 融資效率 數(shù)據(jù)包絡(luò)分析　出處：《西安外國(guó)語(yǔ)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：中小企業(yè)是國(guó)民經(jīng)濟(jì)和社會(huì)發(fā)展的重要組成力量,對(duì)于中小企業(yè)而言,融資難、融資貴一直是制約自身發(fā)展的瓶頸,而新三板的出現(xiàn)無(wú)疑給中小企業(yè)開(kāi)拓了一個(gè)新的融資渠道。從掛牌企業(yè)數(shù)量上來(lái)看,新三板已經(jīng)發(fā)展成為我國(guó)最大的基礎(chǔ)性證券市場(chǎng),一方面企業(yè)掛牌新三板市場(chǎng)情況火爆,另一方面新三板市場(chǎng)的流動(dòng)性卻嚴(yán)重不足,而目前對(duì)新三板掛牌企業(yè)融資效率的相關(guān)研究也比較少,本文基于這一背景應(yīng)運(yùn)而生。本文在回顧和梳理了融資效率的定義、融資效率的影響因素、融資效率的評(píng)價(jià)方法等方面的文獻(xiàn)和企業(yè)融資理論、企業(yè)效率理論等理論的基礎(chǔ)上,選取了陜西省在新三板掛牌的企業(yè)為研究對(duì)象,分析了陜西省新三板市場(chǎng)的發(fā)展概況和融資現(xiàn)狀,明確了陜西省掛牌企業(yè)在融資中存在的問(wèn)題�；诂F(xiàn)有相關(guān)文獻(xiàn)的研究,并結(jié)合本文對(duì)陜西省新三板掛牌企業(yè)融資現(xiàn)狀及問(wèn)題的分析,確定了以資產(chǎn)總額、資產(chǎn)負(fù)債率、主營(yíng)業(yè)務(wù)成本為投入指標(biāo),以凈資產(chǎn)收益率、總資產(chǎn)周轉(zhuǎn)率、主營(yíng)業(yè)務(wù)收入增長(zhǎng)率、每股收益為產(chǎn)出指標(biāo)構(gòu)建了指標(biāo)體系,利用DEA分析方法,對(duì)60家樣本企業(yè)的融資效率進(jìn)行了測(cè)度,通過(guò)CCR模型和BCC模型測(cè)算出樣本企業(yè)的綜合技術(shù)效率、純技術(shù)效率和規(guī)模效率。根據(jù)實(shí)證結(jié)果顯示,雖然陜西省新三板掛牌企業(yè)純技術(shù)效率值整體水平較高,但大多數(shù)企業(yè)都處于規(guī)模報(bào)酬遞增階段,融資規(guī)模不足,規(guī)模效率低下,從而導(dǎo)致綜合效率值偏低,大多數(shù)企業(yè)都沒(méi)有達(dá)到DEA有效的狀態(tài),在現(xiàn)有投入水平下的產(chǎn)出與相對(duì)最優(yōu)產(chǎn)出尚有差距,整體融資效率偏低,融入的資金沒(méi)有得到有效的利用。最后,針對(duì)實(shí)證分析得出的結(jié)論,分別從企業(yè)本省和政府管理層面兩大角度提出提升陜西省新三板掛牌企業(yè)融資效率的措施與建議。
[Abstract]:Small and medium-sized enterprises are an important component of the national economy and social development. For small and medium-sized enterprises, the difficulty of financing and the high cost of financing have been the bottlenecks restricting their own development. And the emergence of the new third board has undoubtedly opened up a new financing channel for small and medium-sized enterprises. In terms of the number of listed enterprises, the new third board has developed into the largest basic securities market in China. On the one hand, the situation of enterprises listing the new third board is very hot. On the other hand, the liquidity of the new third board market is seriously insufficient, and the current research on the financing efficiency of the new third board listed enterprises is also relatively few. Based on this background, this paper emerges as the times require. This paper reviews and combs the definition of financing efficiency. On the basis of the influencing factors of financing efficiency, the evaluation methods of financing efficiency and the theory of enterprise financing and enterprise efficiency, the enterprises listed on the new three boards in Shaanxi Province are selected as the research objects. This paper analyzes the development situation and financing status of Shaanxi new third board market, and clarifies the existing problems in financing of listed enterprises in Shaanxi Province. Based on the analysis of the present financing situation and problems of Shaanxi new third board listed enterprises, this paper determines the total assets, the ratio of assets and liabilities, the cost of main business as the input index, the net asset return rate and the total assets turnover ratio. The main business income growth rate and earnings per share are the output indicators to build an index system. The financing efficiency of 60 sample enterprises is measured by using DEA analysis method. The comprehensive technical efficiency of the sample enterprises is calculated by CCR model and BCC model. Pure technical efficiency and scale efficiency. According to the empirical results, although the overall level of pure technical efficiency of Shaanxi new third board listed enterprises is relatively high, most enterprises are in the stage of increasing returns of scale, the financing scale is insufficient, and the scale efficiency is low. As a result, the comprehensive efficiency is on the low side, most enterprises have not reached the effective state of DEA, there is still a gap between the output and the relative optimal output at the existing input level, and the overall financing efficiency is on the low side. Finally, according to the conclusion of the empirical analysis, the measures and suggestions to improve the financing efficiency of Shaanxi new third board listed enterprises are put forward from the two aspects of enterprises' local province and government management level.
【學(xué)位授予單位】：西安外國(guó)語(yǔ)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F224;F832.51

【相似文獻(xiàn)】

相關(guān)重要報(bào)紙文章 前10條

1 本報(bào)記者 左永剛;今年底新三板掛牌企業(yè)將達(dá)200家左右[N];證券日?qǐng)?bào);2012年

2 本報(bào)實(shí)習(xí)記者 毛建宇;新三板掛牌企業(yè)數(shù)量或加速擴(kuò)張[N];中國(guó)證券報(bào);2013年

3 記者王潤(rùn)珠;新三板掛牌企業(yè)猛增[N];民營(yíng)經(jīng)濟(jì)報(bào);2013年

4 記者 王曉宇;新三板掛牌條件將細(xì)化 掛牌速度有望加快[N];上海證券報(bào);2013年

5 中國(guó)社會(huì)科學(xué)院公司治理研究中心博士 黨印;三方面穩(wěn)定企業(yè)新三板掛牌預(yù)期[N];證券日?qǐng)?bào);2013年

6 本報(bào)記者 包涵;新三板掛牌水漲船高[N];華夏時(shí)報(bào);2013年

7 見(jiàn)習(xí)記者 蘇鵬飛;新三板掛牌企業(yè)將突破300家[N];中華工商時(shí)報(bào);2013年

8 記者 韋夏怡;新三板掛牌企業(yè)將受惠于貸款授信[N];經(jīng)濟(jì)參考報(bào);2013年

9 記者 馬元月 實(shí)習(xí)生 姜鑫;新三板掛牌企業(yè)即將破千[N];北京商報(bào);2014年

10 北京商報(bào)記者 李立勛;華圖教育新三板掛牌交易[N];北京商報(bào);2014年

相關(guān)碩士學(xué)位論文 前10條

1 張海茹;新三板掛牌中小企業(yè)融資效率研究[D];燕山大學(xué);2015年

2 林潔;中小企業(yè)進(jìn)入“新三板”的條件解析[D];西南交通大學(xué);2015年

3 楊國(guó)海;XL公司IPO融資困境破解策略研究[D];山東大學(xué);2015年

4 高敏;新三板掛牌企業(yè)研發(fā)投入對(duì)績(jī)效影響研究[D];西南科技大學(xué);2015年

5 舒琴;中小企業(yè)在新三板掛牌的融資效果研究[D];暨南大學(xué);2015年

6 陳田園;A公司新三板掛牌前財(cái)務(wù)規(guī)范研究[D];華南理工大學(xué);2015年

7 李俊德;云南XX建筑施工公司新三板掛牌過(guò)程中風(fēng)險(xiǎn)管理研究[D];云南大學(xué);2015年

8 王冬林;深南公司新三板掛牌審計(jì)風(fēng)險(xiǎn)控制流程構(gòu)建研究[D];蘭州大學(xué);2016年

9 魏睿;企業(yè)在新三板掛牌中的法律制度研究[D];吉林財(cái)經(jīng)大學(xué);2016年

10 崔振國(guó);新三板掛牌企業(yè)會(huì)計(jì)信息披露研究[D];山東財(cái)經(jīng)大學(xué);2016年

，

本文編號(hào)：1511381