發(fā)布時(shí)間：2018-05-26 12:33

  本文選題：創(chuàng)業(yè)板上市公司 + 融資能力　； 參考：《山東大學(xué)》2014年碩士論文

【摘要】：當(dāng)前,創(chuàng)業(yè)板上市公司是我國(guó)經(jīng)濟(jì)社會(huì)的重要組成部分,是緩解就業(yè)壓力,促進(jìn)社會(huì)穩(wěn)定的重要因素。隨著創(chuàng)業(yè)板上市公司逐漸發(fā)展壯大,僅僅依靠企業(yè)內(nèi)部積累無法滿足自身資金的需求,融資問題成為創(chuàng)業(yè)板上市公司需要迫切解決的問題。只有有效解決融資困難,才能促進(jìn)企業(yè)長(zhǎng)遠(yuǎn)穩(wěn)定發(fā)展。一方面,國(guó)家通過政策引導(dǎo)和金融體系創(chuàng)新拓寬融資渠道,另一方面企業(yè)的自身因素也影響創(chuàng)業(yè)板上市公司的融資能力。 本文以創(chuàng)業(yè)板上市公司為研究樣本,采用定量分析和定性分析相結(jié)合方法,從企業(yè)規(guī)模、成長(zhǎng)性、盈利能力、償債能力和資產(chǎn)擔(dān)保價(jià)值方面,對(duì)創(chuàng)業(yè)板上市公司融資能力進(jìn)行深入探討,以期為創(chuàng)業(yè)板上市公司融資問題提供有效的解決對(duì)策。 本文共包括六部分。第一部分提出了本文選題目的和意義,本文的研究?jī)?nèi)容、研究方法和技術(shù)路線,并對(duì)研究范圍進(jìn)行了界定。第二部分分析了企業(yè)融資的基本理論,主要包括信息不對(duì)稱理論、關(guān)系型借貸理論、MM理論、代理成本理論、優(yōu)序融資理論等,論述了這些理論對(duì)企業(yè)融資的意義；并且對(duì)企業(yè)融資問題的國(guó)內(nèi)外文獻(xiàn)進(jìn)行了梳理,提出了論文研究的價(jià)值。論文的第三部分對(duì)創(chuàng)業(yè)板上市公司融資能力進(jìn)行了分析。首先指出了我國(guó)創(chuàng)業(yè)板上市公司的特點(diǎn)以及融資能力的現(xiàn)狀,然后依據(jù)企業(yè)融資理論,從企業(yè)規(guī)模、成長(zhǎng)性、盈利能力、保障能力、銀企關(guān)系和流動(dòng)性等因素對(duì)創(chuàng)業(yè)板上市公司融資能力進(jìn)行了分析,指出了這些因素與融資能力的相互關(guān)系。第四部分對(duì)創(chuàng)業(yè)板上市公司融資能力的影響因素進(jìn)行實(shí)證分析。以創(chuàng)業(yè)板上市的公司為研究對(duì)象,提出研究假設(shè),采用多元統(tǒng)計(jì)與回歸分析方法,建立了線性回歸模型,對(duì)創(chuàng)業(yè)板上市公司的融資能力進(jìn)行了實(shí)證檢驗(yàn)。結(jié)果表明盈利能力、償債能力、企業(yè)規(guī)模、企業(yè)發(fā)展能力、投資收益是影響創(chuàng)業(yè)板上市公司融資能力的重要因素。 第五部分提出了改進(jìn)創(chuàng)業(yè)板上市公司融資能力的對(duì)策和建議。一方面提高企業(yè)自身的持續(xù)發(fā)展能力和競(jìng)爭(zhēng)力,建立合理的內(nèi)部積累制度；另—方面加強(qiáng)銀企合作,積極引導(dǎo)風(fēng)險(xiǎn)投資基金參與創(chuàng)業(yè)板上市公司發(fā)展管理,真正發(fā)揮融資擔(dān)保制度在企業(yè)融資過程中的作用。第六部分對(duì)全文進(jìn)行總結(jié)。本文認(rèn)為要解決創(chuàng)業(yè)板上市公司融資問題,需要從外部環(huán)境和企業(yè)內(nèi)因方面共同發(fā)揮作用。從企業(yè)自身來看,企業(yè)需提高市場(chǎng)應(yīng)對(duì)能力,降低經(jīng)營(yíng)風(fēng)險(xiǎn),建立核心競(jìng)爭(zhēng)力。從外部環(huán)境來看,要充分發(fā)揮政府職能,建立健全信用擔(dān)保體系,切實(shí)改善企業(yè)融資的宏觀環(huán)境。
[Abstract]:At present, gem listed companies are an important part of China's economy and society, which is an important factor to relieve employment pressure and promote social stability. With the growth of gem listed companies, only relying on the internal accumulation of enterprises can not meet the needs of their own funds, the financing problem has become an urgent problem to be solved by gem listed companies. Only by effectively solving financing difficulties, can we promote the long-term and stable development of enterprises. On the one hand, the state broadens the financing channels through policy guidance and financial system innovation, on the other hand, the enterprises' own factors also affect the financing ability of listed companies on the gem. This paper takes the gem listed company as the research sample, adopts the quantitative analysis and the qualitative analysis unifies the method, from the enterprise scale, the growth, the profit ability, the repayment ability and the asset guarantee value aspect, This paper probes into the financing ability of gem listed companies in order to provide effective solutions to the financing problems of gem listed companies. This paper consists of six parts. The first part puts forward the purpose and significance of this paper, the research content, research methods and technical route, and defines the scope of the research. The second part analyzes the basic theories of enterprise financing, including information asymmetry theory, relational lending theory and MM theory, agency cost theory, priority financing theory and so on, and discusses the significance of these theories to enterprise financing. At the same time, the domestic and foreign literature on corporate financing is combed, and the value of the thesis is put forward. The third part of the thesis analyzes the financing ability of gem listed companies. Firstly, the paper points out the characteristics of the listed companies in gem and the current situation of their financing ability. Then, according to the theory of enterprise financing, from the aspects of enterprise size, growth, profitability and guarantee ability, The relationship between banks and enterprises and liquidity is analyzed, and the relationship between these factors and financing ability is pointed out. The fourth part makes an empirical analysis on the influencing factors of the financing ability of gem listed companies. Taking the companies listed on the gem as the research object, this paper puts forward the research hypothesis, establishes the linear regression model by using the method of multivariate statistics and regression analysis, and makes an empirical test on the financing ability of the listed companies on the gem. The results show that profitability, solvency, enterprise size, enterprise development ability and investment income are the important factors that affect the financing ability of listed companies in gem. The fifth part puts forward the countermeasures and suggestions to improve the financing ability of gem listed companies. On the one hand, to improve the sustainable development ability and competitiveness of enterprises, and to establish a reasonable internal accumulation system; on the other hand, to strengthen cooperation between banks and enterprises and actively guide venture capital funds to participate in the development and management of listed companies on the gem. Give full play to the role of financing guarantee system in the financing process of enterprises. The sixth part summarizes the full text. This paper argues that to solve the financing problem of gem listed companies, we need to play a joint role from the external environment and internal factors. From the point of view of the enterprise itself, it is necessary to improve the market response ability, reduce the management risk and establish the core competitiveness. From the external environment, we should give full play to the functions of the government, establish and improve the credit guarantee system, and improve the macro environment of enterprise financing.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F276.6

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