本文選題：融資效率 + 新三板　； 參考：《上海外國語大學(xué)》2017年碩士論文

【摘要】：在國際經(jīng)濟(jì)環(huán)境嚴(yán)峻、我國推進(jìn)產(chǎn)業(yè)結(jié)構(gòu)改革的背景下,扶持與發(fā)展以技術(shù)為核心的創(chuàng)新創(chuàng)業(yè)型企業(yè)是重要且迫切的舉措。而新三板市場作為此類企業(yè)的聚集地,無疑將是我國多層次資本市場未來發(fā)展的重點領(lǐng)域。作為一個新興市場,在備受矚目的同時也問題叢生,如何進(jìn)一步完善市場的制度建設(shè)、發(fā)揮市場的融資功能、提升掛牌企業(yè)的融資效率、使金融更好服務(wù)于實體經(jīng)濟(jì)都是當(dāng)前亟待解決的問題。本文選擇以企業(yè)融資效率為視角,立足于企業(yè)本身,分析目前新三板市場的融資功能為企業(yè)帶來的變化、企業(yè)獲取資金后的狀態(tài)以及如何做出改進(jìn)措施,并以此為據(jù)提出有利于企業(yè)與市場健康發(fā)展的建議。本文由五部分組成,分別為引言、文獻(xiàn)綜述、我國新三板市場掛牌企業(yè)融資效率的現(xiàn)狀分析、我國新三板市場掛牌企業(yè)融資效率的實證研究,以及國外場外市場的經(jīng)驗借鑒與政策建議。首先,闡述當(dāng)前國內(nèi)外的經(jīng)濟(jì)環(huán)境以及發(fā)展新三板市場的重要性與迫切性,通過文獻(xiàn)研究理清研究思路,選擇以企業(yè)融資效率為本文研究視角,以數(shù)據(jù)包絡(luò)法為模型,分析企業(yè)的變化,從而觀測整個市場。其次,在文獻(xiàn)綜述部分,主要梳理國外重要理論,作為本文模型指標(biāo)選取與分析的依據(jù),同時羅列前人對相關(guān)話題的研究,主要闡述了企業(yè)在發(fā)展過程中對融資方式的選擇以及企業(yè)融資后普遍效率降低的客觀事實。再次,通過對法律法規(guī)和數(shù)據(jù)的整理歸納,展現(xiàn)新三板市場當(dāng)前的規(guī)模與活躍程度以及掛牌企業(yè)的狀況,掛牌企業(yè)數(shù)量的激增帶來繁榮的市場表象,但依然表現(xiàn)出例如企業(yè)融資差距大、市場流動性差、交易方式單一等問題。在實證研究部分,本文選取333家已融資企業(yè)為樣本,以資產(chǎn)總額、資產(chǎn)負(fù)債率和營業(yè)總成本作為投入指標(biāo),以凈資產(chǎn)收益率和每股收益作為產(chǎn)出指標(biāo),通過DEA數(shù)據(jù)包絡(luò)方法的兩種模型用面板數(shù)據(jù)和截面數(shù)據(jù)分別對企業(yè)融資前后的效率進(jìn)行比較分析和非有效性分析。研究發(fā)現(xiàn)企業(yè)效率對資金融入較敏感,目前新三板企業(yè)仍亟待資金的融入,企業(yè)通過資金提升技術(shù)進(jìn)步的能力較強(qiáng),具有投資價值。同時,研究也得出新三板企業(yè)存在生產(chǎn)規(guī)模與內(nèi)部管理等問題。最后,通過上述整理與研究,綜合優(yōu)秀樣本企業(yè)和國外經(jīng)驗,探討新三板的問題所在,對本文進(jìn)行總結(jié)并提出相應(yīng)有利于市場完善的政策建議。
[Abstract]:In the severe international economic environment, it is an important and urgent measure to support and develop innovative entrepreneurial enterprises with technology as the core under the background of promoting industrial structure reform in China. As the gathering place of this kind of enterprises, the new three-board market will undoubtedly be the key area of the future development of the multi-level capital market in our country. As an emerging market, there are many problems at the same time, how to further improve the market system construction, give full play to the financing function of the market, and improve the financing efficiency of listed enterprises. It is an urgent problem to make finance serve the real economy better. This paper chooses the enterprise financing efficiency as the angle of view, based on the enterprise itself, analyzes the changes that the financing function of the new three boards market brings to the enterprise, the state of the enterprise after obtaining the funds and how to make the improvement measures. According to this, the paper puts forward some suggestions which are conducive to the healthy development of enterprises and markets. This paper is composed of five parts: introduction, literature review, analysis of the current situation of financing efficiency of listed enterprises in the new third board market in China, and empirical study on financing efficiency of listed enterprises in new third board market of our country. As well as the experience of foreign over-the-counter market experience and policy recommendations. First of all, expound the current domestic and international economic environment and the importance and urgency of developing the new third board market. Through literature research to clear up the research ideas, choose the enterprise financing efficiency as the perspective of this article, data envelopment method as the model. Analysis of changes in the enterprise, thereby observing the entire market. Secondly, in the literature review part, mainly combing the important theories abroad, as the basis of the selection and analysis of the model indicators, at the same time listing the previous research on related topics. This paper mainly expounds the choice of financing mode in the process of development and the objective fact that the general efficiency of enterprise after financing is reduced. Thirdly, through the collation of laws, regulations and data, we can show the current scale and active degree of the new third board market and the status of listed enterprises. The surge in the number of listed enterprises brings about a prosperous market appearance. However, there are still some problems, such as large financing gap, poor market liquidity, single trading mode and so on. In the part of empirical research, 333 companies are selected as samples, taking total assets, asset-liability ratio and total operating cost as input indicators, and taking net asset return and earnings per share as output indicators. Through the two models of DEA data envelopment method, the efficiency before and after financing is analyzed by using panel data and cross-section data respectively. It is found that the efficiency of enterprises is more sensitive to the integration of capital. At present, the new three board enterprises are still in urgent need of capital integration, and enterprises have strong ability to promote technological progress through capital, and have investment value. At the same time, the study also found that the new three-board enterprises have problems such as production scale and internal management. Finally, through the above collation and research, synthesizes the outstanding sample enterprise and the foreign experience, discusses the new three boards problem, carries on the summary to this article and puts forward the corresponding policy suggestion which is advantageous to the market consummation.
【學(xué)位授予單位】：上海外國語大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F275

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