本文關(guān)鍵詞： 創(chuàng)業(yè)板 企業(yè)成長(zhǎng)性 債務(wù)水平 債務(wù)期限結(jié)構(gòu) 短期債務(wù)來(lái)源結(jié)構(gòu)　出處：《山東建筑大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：我國(guó)創(chuàng)業(yè)板市場(chǎng)創(chuàng)立于2009年10月30日,雖開(kāi)板時(shí)間不長(zhǎng),但已經(jīng)成為扶持高新技術(shù)企業(yè)發(fā)展促進(jìn)經(jīng)濟(jì)均衡發(fā)展的主要推動(dòng)力量,成為真正的高新技術(shù)企業(yè)匯聚之地。借助創(chuàng)業(yè)板一方面可以建立多層次融資體系,另一方面可以擴(kuò)大直接融資的比例,滿(mǎn)足眾多創(chuàng)業(yè)企業(yè)迫切的直接融資需求,創(chuàng)業(yè)板為流動(dòng)資金提供流通市場(chǎng),引導(dǎo)資本的正確流向,創(chuàng)業(yè)板的建立對(duì)我國(guó)經(jīng)濟(jì)建設(shè)具有十分重要的作用。改革開(kāi)放以來(lái),企業(yè)成長(zhǎng)性和債務(wù)融資結(jié)構(gòu)之間的關(guān)系都備受?chē)?guó)內(nèi)外學(xué)者的關(guān)注。高成長(zhǎng)性企業(yè)在發(fā)展過(guò)程中需要大量的資金支持,不同渠道、不同期限的資金帶給企業(yè)的融資成本、融資風(fēng)險(xiǎn)等方面各有差異,股東以及債權(quán)人對(duì)于企業(yè)成長(zhǎng)促進(jìn)方面的作用也各有不同。企業(yè)選擇合理的融資結(jié)構(gòu)對(duì)于生產(chǎn)經(jīng)營(yíng)和企業(yè)戰(zhàn)略發(fā)展都有益處,企業(yè)順利融資是其做大做強(qiáng)的根本保證。創(chuàng)業(yè)板上市中小企業(yè)的高成長(zhǎng)性是衡量宏觀經(jīng)濟(jì)良性運(yùn)行和資本市場(chǎng)健康發(fā)展的一個(gè)重要指標(biāo)。對(duì)于處于高成長(zhǎng)階段的創(chuàng)業(yè)板上市中小企業(yè),合理的股權(quán)結(jié)構(gòu)、融資結(jié)構(gòu)有助于其經(jīng)營(yíng)活動(dòng)良性發(fā)展和規(guī)避諸如無(wú)視自身資金和管理能力而盲目擴(kuò)張、只求規(guī)模不顧利潤(rùn)的行為。另外,資本市場(chǎng)是企業(yè)投資的風(fēng)向標(biāo),資本市場(chǎng)的不斷規(guī)范可以促進(jìn)企業(yè)完善融資策略,提高融資效率,以低投入獲取最大收益。因此,創(chuàng)業(yè)板上市公司不斷提高融資效率,調(diào)整融資方式和比例,是企業(yè)穩(wěn)健前進(jìn)健康發(fā)展的必然要求。本文立足于我國(guó)創(chuàng)業(yè)板上市公司的成長(zhǎng)性與融資現(xiàn)狀,分析影響企業(yè)成長(zhǎng)性的內(nèi)因和外因,本文成長(zhǎng)性影響因子涵蓋盈利能力、運(yùn)營(yíng)能力、發(fā)展能力和償債能力四個(gè)方面,構(gòu)建成長(zhǎng)性評(píng)價(jià)指標(biāo)體系并采用因子分析法得出企業(yè)成長(zhǎng)性綜合得分。在分析了解成長(zhǎng)性與融資結(jié)構(gòu)之間的影響機(jī)制后,本文主要側(cè)重于債務(wù)方向,從比例、期限和來(lái)源三個(gè)方面進(jìn)行考察,也分別就這三個(gè)方面的內(nèi)容提出假設(shè)。使用統(tǒng)計(jì)分析軟件對(duì)選取的創(chuàng)業(yè)板上市公司樣本數(shù)據(jù)進(jìn)行描述性統(tǒng)計(jì)分析、相關(guān)性分析、回歸分析,實(shí)證考察企業(yè)成長(zhǎng)性與債務(wù)融資結(jié)構(gòu)之間關(guān)系,通過(guò)實(shí)證結(jié)論提出建議以拓寬企業(yè)融資渠道,優(yōu)化企業(yè)融資結(jié)構(gòu),提高企業(yè)競(jìng)爭(zhēng)能力,促進(jìn)企業(yè)長(zhǎng)期穩(wěn)健成長(zhǎng)。本文研究在優(yōu)化融資結(jié)構(gòu)、提升融資效率、拓寬融資渠道等方面為創(chuàng)業(yè)板上市公司提供建議,同時(shí)幫助本文結(jié)論使用者對(duì)于高新技術(shù)及創(chuàng)新型企業(yè)成長(zhǎng)性現(xiàn)狀有了客觀的理解,對(duì)其未來(lái)發(fā)展判斷起到一定的參考作用,但由于條件限制,仍存在諸多不足。
[Abstract]:China's gem market was founded in October 30th 2009, although the opening time is not long, it has become the main driving force to support the development of high-tech enterprises to promote the balanced development of the economy. With the help of gem, we can establish a multi-level financing system, on the other hand, we can expand the proportion of direct financing to meet the urgent direct financing needs of many startups. The gem provides the circulation market for the circulating funds and guides the correct flow of capital. The establishment of the gem plays a very important role in the economic construction of our country. Since the reform and opening up to the outside world. The relationship between corporate growth and debt financing structure has attracted the attention of scholars at home and abroad. High-growth enterprises need a lot of financial support in the process of development, different channels. The financing cost, financing risk and so on are different from each other. The roles of shareholders and creditors in promoting the growth of enterprises are different. It is beneficial for enterprises to choose a reasonable financing structure for the production and operation and the strategic development of enterprises. The successful financing of enterprises is the fundamental guarantee for them to be bigger and stronger. The high growth rate of SMEs listed on the gem is an important index to measure the sound operation of the macro economy and the healthy development of the capital market. Small and medium-sized enterprises listed on the gem. Reasonable equity structure, financing structure is conducive to the sound development of its business activities and avoid such as ignoring their own capital and management capacity and blind expansion, only to ignore the size of the behavior of profit. Capital market is the vane of enterprise investment. The constant standardization of capital market can promote enterprises to improve financing strategy, improve financing efficiency, and obtain the maximum income with low investment. Gem listed companies constantly improve the financing efficiency, adjust the financing method and proportion, which is the inevitable requirement for the steady and healthy development of enterprises. This paper is based on the growth and financing status of gem listed companies in our country. This paper analyzes the internal and external factors that affect the growth of enterprises. This paper covers four aspects: profitability, operational capacity, development capacity and solvency. After analyzing the influence mechanism between growth and financing structure, this paper mainly focuses on the debt direction, from the proportion. The term and source of the three aspects of the investigation, but also on these three aspects of the content of hypothesis. using statistical analysis software to select gem listed company sample data descriptive statistical analysis, correlation analysis. Regression analysis, empirical study of the relationship between corporate growth and debt financing structure, through empirical conclusions put forward suggestions to broaden corporate financing channels, optimize corporate financing structure, improve the competitiveness of enterprises. To promote the long-term steady growth of enterprises. This paper studies on optimizing the financing structure, improving financing efficiency, widening financing channels and other aspects for gem listed companies to provide advice. At the same time, it helps the users to have an objective understanding of the current growth situation of high-tech and innovative enterprises, and to play a certain reference role in judging its future development, but there are still many shortcomings due to the limitations of the conditions.
【學(xué)位授予單位】：山東建筑大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F275;F832.51

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