本文選題：中小企業(yè) + 股權融資效率�。� 參考：《浙江理工大學》2014年碩士論文

【摘要】：浙江省中小板上市企業(yè)是省內中小企業(yè)中的龍頭企業(yè)，同時也是浙江省經濟發(fā)展中最活躍的力量，為浙江省的經濟發(fā)展貢獻了巨大的力量。在為區(qū)域經濟做出巨大貢獻的同時，這批上市中小企業(yè)仍然面臨著融資難這一國內企業(yè)的普遍融資難題，這一難題制約著浙江省支柱中小企業(yè)的發(fā)展。因此，提高上市中小企業(yè)的股權融資效率就顯得更加重要。 本文在研究了中小企業(yè)融資影響因素、融資效率、股權融資效率相關文獻的基礎上，總結了前人對于股權融資效率問題的研究成果。通過分析整理，本文將股權融資效率的影響因素劃分為：企業(yè)的基本屬性、企業(yè)的財務屬性、企業(yè)的治理屬性三個層面。具體指標如下：基本屬性層面選取資產規(guī)模、資產增長率、年均日換手率、市盈率、收益波動性；企業(yè)的財務屬性層面選取財務杠桿系數(shù)、賬面市值比、資產周轉率、現(xiàn)金流量比率；治理屬性層面選取第一大股東持股比例。本文旨在分析股權融資效率與其影響因素之間的相關性關系和效力大小，篩選出最重要的影響因素，建立股權融資效率的多元線性回歸模型。本文選取2004-2012年浙江省在中小板上市企業(yè)的樣本數(shù)據(jù)，采用相關性分析，，逐步回歸分析，穩(wěn)定性檢驗等實證方法。 本文研究發(fā)現(xiàn)：浙江省中小板上市企業(yè)的股權融資效率的主要影響因素是總資產規(guī)模、賬面市值比、財務杠桿系數(shù)、營業(yè)收入增長率，收益波動性，并且在穩(wěn)定性檢驗之后得出了股權融資效率的多元線性回歸方程。最后在理論和實證分析的基礎上，從宏觀和微觀的角度，為浙江省中小板上市企業(yè)提高股權融資效率提出政策建議。
[Abstract]:The small and medium-sized board listed enterprises in Zhejiang Province are the leading enterprises in the small and medium-sized enterprises in the province, but also the most active force in the economic development of Zhejiang Province, which has contributed a huge strength to the economic development of Zhejiang Province. While making great contributions to the regional economy, the listed SMEs are still facing the financing difficulty, which restricts the development of SMEs in Zhejiang Province. Therefore, it is more important to improve the equity financing efficiency of listed SMEs. Based on the study of the influencing factors, financing efficiency and equity financing efficiency of small and medium-sized enterprises, this paper summarizes the previous research results on equity financing efficiency. Through analysis and arrangement, this paper divides the influencing factors of equity financing efficiency into three levels: the basic attributes of enterprises, the financial attributes of enterprises, and the governance attributes of enterprises. The specific indicators are as follows: the basic attribute level selects asset size, asset growth rate, average annual daily turnover ratio, price-earnings ratio, return volatility; the financial attribute level of enterprises select financial leverage coefficient, book market value ratio, asset turnover ratio, Cash flow ratio; governance attribute level to select the largest shareholder shareholding ratio. The purpose of this paper is to analyze the relationship between equity financing efficiency and its influencing factors, to screen out the most important factors, and to establish a multivariate linear regression model of equity financing efficiency. This paper selects the sample data of small and medium-sized listed enterprises in Zhejiang Province from 2004 to 2012, and adopts empirical methods such as correlation analysis, stepwise regression analysis, stability test and so on. This paper finds that the main influencing factors of equity financing efficiency of small and medium-sized listed enterprises in Zhejiang Province are total asset size, book market value ratio, financial leverage coefficient, operating income growth rate, income volatility, etc. And after the stability test, the multiple linear regression equation of equity financing efficiency is obtained. Finally, on the basis of theoretical and empirical analysis, this paper puts forward some policy recommendations for Zhejiang small and medium-sized board listed enterprises to improve the efficiency of equity financing from the macro and micro perspectives.
【學位授予單位】：浙江理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275;F276.6

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