本文關(guān)鍵詞： 集合票據(jù) 中小企業(yè) 融資效率 超效率 DEA　出處：《蘭州商學(xué)院》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：隨著我國(guó)經(jīng)濟(jì)的不斷發(fā)展，中小企業(yè)已經(jīng)成為我國(guó)經(jīng)濟(jì)體中必不可少的組成部分，在增加就業(yè)、促進(jìn)經(jīng)濟(jì)增長(zhǎng)、科技創(chuàng)新與社會(huì)和諧穩(wěn)定等方面具有不可替代的作用。但是由于中小企業(yè)自身規(guī)模小、實(shí)力弱、信譽(yù)低等特點(diǎn)以及我國(guó)融資體系單一、不成熟等原因，，融資難題己成為中小企業(yè)發(fā)展的“瓶頸”。 近年來(lái)，我國(guó)已經(jīng)有很多針對(duì)中小企業(yè)融資難題的解決措施不斷出臺(tái)，例如2004年深圳中小企業(yè)版的推出、2007年中小企業(yè)集合債券的發(fā)行、2008年銀行間市場(chǎng)推出中小企業(yè)短期融資票據(jù)、2009年深圳創(chuàng)業(yè)板的推出等措施，但是這些措施的出臺(tái)對(duì)于我國(guó)中小企業(yè)巨大的融資需求現(xiàn)狀仍然是杯水車(chē)薪。因而，如何拓寬中小企業(yè)融資渠道已成為當(dāng)下迫切需要解決的難題。隨著2009年11月26日，首批中小企業(yè)集合票據(jù)在我國(guó)銀行間債券市場(chǎng)成功發(fā)行上市，引起了我國(guó)各地方政府、金融機(jī)構(gòu)等極大地關(guān)注。中小企業(yè)集合票據(jù)作為我國(guó)乃至全球的金融創(chuàng)新產(chǎn)品，為我國(guó)中小企業(yè)進(jìn)行債務(wù)融資提供了一種新的選擇。從2009年至今，我國(guó)中小企業(yè)集合票據(jù)已然取得了快速的發(fā)展。截止到2013年12月份，我國(guó)銀行間債券市場(chǎng)已經(jīng)累計(jì)發(fā)行集合票據(jù)121支，惠及428家企業(yè)，發(fā)行量突破291億元人民幣，一定程度上解決了我國(guó)中小企業(yè)融資難的問(wèn)題①。然而推出不久的中小企業(yè)集合票據(jù)本身還存在一定的問(wèn)題，因此，有必要對(duì)中小企業(yè)集合票據(jù)融資方式進(jìn)行更深層次的研究。 首先，本文在梳理中小企業(yè)集合票據(jù)理論及其功能的基礎(chǔ)上對(duì)中小企業(yè)集合票據(jù)融資方式作了全面系統(tǒng)的陳述。接著，分析了中小企業(yè)集合票據(jù)融資方式的特征以及集合票據(jù)可能具有的融資優(yōu)勢(shì)。然后，通過(guò)與傳統(tǒng)融資方式比較，發(fā)現(xiàn)集合票據(jù)在融資成本、融資便利性及風(fēng)險(xiǎn)防控等方面具有融資優(yōu)勢(shì)，認(rèn)為其能夠有效地解決部分中小企業(yè)所面臨的融資難問(wèn)題。最后，基于電子信息行業(yè)運(yùn)用超效率DEA模型對(duì)中小企業(yè)集合票據(jù)的融資效率作了實(shí)證分析，通過(guò)比較三種融資方式（即集合票據(jù)、集合債券、中小板上市）的融資效率，得出集合票據(jù)的融資效率高于中小板上市的融資效率,但低于集合債券的融資效率。
[Abstract]:With the continuous development of our economy, small and medium-sized enterprises have become an indispensable part of our economy, increasing employment and promoting economic growth. Science and technology innovation and social harmony and stability play an irreplaceable role, but due to the small scale of SMEs, weak strength, low reputation and so on, as well as the financing system of our country is single, immature and so on. Financing problem has become the bottleneck of the development of small and medium-sized enterprises. In recent years, there have been many solutions to the financing problems of SMEs in China, such as the launch of Shenzhen SME version in 2004 and the issuance of SME collective bonds in 2007. In 2008, the inter-bank market launched short-term financing instruments for small and medium-sized enterprises, and in 2009, the launch of the Shenzhen gem and other measures. However, the introduction of these measures for the huge financing needs of small and medium-sized enterprises in China is still a drop in the bucket. How to broaden the financing channels of SMEs has become an urgent problem to be solved. With November 26th 2009, the first batch of small and medium-sized enterprise aggregate notes in China's inter-bank bond market successfully issued and listed. It has aroused great concern of local governments, financial institutions and so on. Small and medium-sized enterprises aggregate instruments as the financial innovation products of our country and even the whole world. It provides a new choice for the debt financing of small and medium-sized enterprises in China. From 2009 to now, the aggregate bills of small and medium-sized enterprises in our country have made rapid development. Until December 2013. China's interbank bond market has issued 121 aggregate notes, benefiting 428 enterprises, with issuance exceeding 29.1 billion yuan. To some extent, solve the financing difficulties of SMEs in China. 1. However, there are still some problems in the introduction of small and medium-sized enterprise aggregate bills itself, so. It is necessary to do a deeper study on the financing method of small and medium-sized enterprises. First of all, this paper makes a comprehensive and systematic statement on the financing methods of SMEs' collective instruments on the basis of combing the theory and functions of SMEs' collective instruments. This paper analyzes the characteristics of the financing mode of the small and medium-sized enterprises' collective bill and the financing advantages that the aggregate bill may have. Then, by comparing with the traditional financing method, we find that the aggregate bill is in the financing cost. Financing convenience and risk prevention and control and other aspects of the advantages of financing, think that it can effectively solve the financing difficulties faced by some small and medium-sized enterprises. Finally. Based on the super-efficiency DEA model of electronic information industry, this paper makes an empirical analysis on the financing efficiency of small and medium-sized enterprises' collective notes, and compares the three financing methods (that is, collective notes, collective bonds). It is concluded that the financing efficiency of aggregate paper is higher than that of small and medium-sized board listing, but lower than that of aggregate bond.
【學(xué)位授予單位】：蘭州商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F276.3

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本文編號(hào)：1448990