本文關(guān)鍵詞： 海洋經(jīng)濟 股權(quán)融資 上市公司　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：我國是海洋大國,有巨大的資源優(yōu)勢和發(fā)展?jié)摿?但還不是海洋強國。進入21世紀以來,伴隨中國經(jīng)濟發(fā)展和資源需求的增長,政府加大了海洋經(jīng)濟的發(fā)展力度,海洋產(chǎn)業(yè)已經(jīng)逐漸成長為我國國民經(jīng)濟新的增長點。在市場經(jīng)濟中,企業(yè)要想生存、發(fā)展壯大必須要有足夠的資金支撐。然而部分企業(yè)因為資金短缺必須要考慮資金的來源問題。隨著金融行業(yè)在廣度和深度的發(fā)展,企業(yè)的融資方式越來越多元化。目前主要的融資方式有使用自有資金、通過發(fā)行股票融資、發(fā)行債券來融資和海外融資。但是我國的上市公司普遍偏好股權(quán)融資。金融資本是任何一個行業(yè)發(fā)展的血液,在海洋經(jīng)濟中也是必不可少的。它是推動海洋產(chǎn)業(yè)發(fā)展的主導(dǎo)力量。其中的股權(quán)融資是海洋產(chǎn)業(yè)公司中非常重要的融資渠道。股權(quán)融資所得資金是權(quán)益資本,不需要返還股本,更沒有必須支付股息的要求,這也就不需要抵押、質(zhì)押和擔(dān)保。這增加了公司可使用的現(xiàn)金流,也提高了公司的營運能力；同時公司的抗風(fēng)險能力也大大增加。公司的決策層可以投資于一些高風(fēng)險但是未來有高額現(xiàn)金流的項目。但是目前我國股票市場的發(fā)展水平還沒有達到發(fā)達國家的水平,普通投資者投機性比較高,股票融資門檻較高,并且一些企業(yè)在股權(quán)融資后對資金的使用效率不高。所以本文的研究內(nèi)容海洋產(chǎn)業(yè)股權(quán)融資效率是有一定的現(xiàn)實意義。本文首先選取30家韓國海洋產(chǎn)業(yè)上市公司,代表性指標為股權(quán)融資額、資產(chǎn)負債率、主營業(yè)務(wù)收入增長率和托賓Q值,同時選取了34家中國海洋產(chǎn)業(yè)上市公司,代表性指標為股權(quán)融資凈總額、股權(quán)集中度、股票非流通度、資產(chǎn)負債率、主營業(yè)務(wù)收入增長率、凈資產(chǎn)收益率、托賓Q值。然后采用DEA模型對上述指標進行分析,得出中國相關(guān)企業(yè)的股權(quán)融資效率高于韓國。最后在此基礎(chǔ)上比較兩國間的股權(quán)融資效率以幫助中國企業(yè)借鑒韓國企業(yè)在股權(quán)融資方面的有益經(jīng)驗。近年來,中國海洋經(jīng)濟以持續(xù)高于同期國民經(jīng)濟的增速發(fā)展,海洋經(jīng)濟總量不斷擴大。越來越多的學(xué)者參與到海洋產(chǎn)業(yè)的研究中。但是對海洋產(chǎn)業(yè)股權(quán)融資方面的研究并不多見。本文的研究有助于增加對股權(quán)融資效率的理解。本文的不足之處有：首先,對于海洋產(chǎn)業(yè)還有很多角度需要研究,例如上市公司債券融資效率的比較研究,融資方式的綜合比較研究,本文只選取了股權(quán)融資效率作為研究對象。其次,由于數(shù)據(jù)獲取的渠道有限,所選取的公司并非完全代表了本國海洋產(chǎn)業(yè)。再者,選取韓國作對比研究,而日本、美國等國家在海洋產(chǎn)業(yè)方面也非常發(fā)達,在以后的研究中應(yīng)該擴大研究范圍。
[Abstract]:China is a large marine country with great resource advantages and development potential, but it is not yet a marine power. Since 21th century, with the growth of China's economic development and resource demand, the government has stepped up the development of the marine economy. The marine industry has gradually grown into a new growth point of our national economy. In the market economy, enterprises want to survive, Development and growth must be supported by sufficient capital. However, some enterprises have to consider the source of capital because of the shortage of funds. As the financial industry develops in breadth and depth, The financing methods of enterprises are becoming more and more diversified. At present, the main financing methods are to use their own funds to raise funds through the issuance of stocks. Issuing bonds for financing and overseas financing. However, listed companies in China generally prefer equity financing. Financial capital is the blood of the development of any industry. It is also essential in the marine economy. It is the leading force to promote the development of marine industry. Equity financing is a very important financing channel in marine industrial companies. Equity financing is equity capital, and no return of equity is required. There is no requirement to pay dividends, which does not require collateral, pledge or guarantee. This increases the cash flow available to the company and improves its operating capacity; At the same time, the ability of the company to resist risks is also greatly increased. The decision makers of the company can invest in projects with high risk but high cash flow in the future. But at present, the level of development of the stock market in our country has not reached the level of the developed countries. Ordinary investors have a high degree of speculation and a higher threshold for stock financing. And some enterprises are not efficient in the use of funds after equity financing. Therefore, the research content of this paper is that equity financing efficiency of marine industry is of some practical significance. Firstly, 30 listed companies of Korean marine industry are selected in this paper. The representative indexes are the amount of equity financing, the ratio of assets and liabilities, the growth rate of main business income and Tobin Q value. At the same time, 34 listed companies in China's marine industry are selected. The representative indicators are the net amount of equity financing, the degree of equity concentration. Stock non-circulation ratio, asset-liability ratio, main business income growth rate, net asset return rate, Tobin Q value. Then DEA model is used to analyze the above indicators. It is concluded that the equity financing efficiency of Chinese related enterprises is higher than that of Korea. Finally, the efficiency of equity financing between the two countries is compared to help Chinese enterprises learn from the beneficial experience of Korean enterprises in equity financing in recent years. China's marine economy continues to grow faster than the national economy in the same period. The total amount of marine economy is expanding continuously. More and more scholars participate in the research of marine industry. However, the research on equity financing of marine industry is rare. The research in this paper is helpful to increase the efficiency of equity financing. The shortcomings of this paper are as follows: first of all, For the marine industry, there are still many angles to be studied, such as the comparative study of the bond financing efficiency of listed companies and the comprehensive comparative study of the financing methods. In this paper, only equity financing efficiency is selected as the research object. Secondly, Because of the limited access to data, the companies selected are not entirely representative of the national marine industry. Furthermore, South Korea is chosen as a comparative study, and Japan, the United States and other countries are also very developed in marine industry. The scope of the study should be expanded in the future.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：P74;F832.51

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