本文選題：創(chuàng)業(yè)板上市公司 + 融資偏好�。� 參考：《遼寧大學》2014年碩士論文

【摘要】：我國的創(chuàng)業(yè)板，即指深圳創(chuàng)業(yè)板，于2009年10月30日正式開板，剛開始就有28家公司在創(chuàng)業(yè)板市場上市，經(jīng)過幾年的發(fā)展，在創(chuàng)業(yè)板市場上市的公司總數(shù)已達到300家以上。我國的創(chuàng)業(yè)板上市公司有著強烈的股權(quán)融資偏好，在籌集資金時，優(yōu)先進行股權(quán)融資，，然后再進行債權(quán)融資，而西方發(fā)達國家的資本市場的融資順序是優(yōu)先進行債權(quán)融資，之后再進行股權(quán)融資，這使我們開始考慮我國的創(chuàng)業(yè)板上市公司的股權(quán)融資偏好對企業(yè)的發(fā)展是否是有利的，和企業(yè)的經(jīng)營業(yè)績有什么關(guān)系。隨著中國經(jīng)濟的發(fā)展，西方發(fā)達國家對中國的投資越來越多，使得國內(nèi)市場的競爭加強。國內(nèi)企業(yè)迫切需要正確認識自己，了解融資偏好的優(yōu)點和缺點，不斷發(fā)展完善自己，擴大經(jīng)營規(guī)模，快速增長，提高企業(yè)競爭力。 本文通過結(jié)合國內(nèi)外已有的研究成果，從多個方面，以具有說服力的數(shù)據(jù)，描述我國創(chuàng)業(yè)板上市公司的融資偏好與績效的關(guān)系。首先，介紹本文的寫作背景和意義，本文以創(chuàng)業(yè)板上市公司為研究對象，利用實證分析的方法研究創(chuàng)業(yè)板上市公司融資偏好與績效的關(guān)系，并且提出一些建議。其次，對我國創(chuàng)業(yè)板上市公司融資偏好以及績效研究的相關(guān)理論進行介紹，分析了我國創(chuàng)業(yè)板上市公司的融資情況。接下來又分析了我國的創(chuàng)業(yè)板上市公司的融資偏好和公司的經(jīng)營績效之間的關(guān)系。在實證分析的階段，以2010到2012三年在深圳證券交易所創(chuàng)業(yè)板市場上市的公司的財務(wù)數(shù)據(jù)為樣本，選擇創(chuàng)業(yè)板融資的相關(guān)指標利用統(tǒng)計軟件進行實證分析。最后，基于實證分析的結(jié)論提供了一些對我國創(chuàng)業(yè)板上市公司融資的政策建議。 創(chuàng)業(yè)板于2009年開板，對于創(chuàng)業(yè)板的研究尚未成為學者的重點，本文按照創(chuàng)業(yè)板上市公司的融資偏好、對績效的影響及對策來展開，這為我國創(chuàng)業(yè)板上市公司融資提供了一些思考以及借鑒。股權(quán)融資偏好與公司績效為負相關(guān)關(guān)系作為本文的研究假設(shè)。本文的實證分析的結(jié)論如下：在我國的創(chuàng)業(yè)板市場上，上市公司的股權(quán)融資偏好現(xiàn)象存在；近年來，創(chuàng)業(yè)板上市公司股權(quán)融資偏好程度有一定的下降，但在另一方面，股權(quán)融資的比例仍然很高；股權(quán)融資偏好現(xiàn)象會對公司的業(yè)績產(chǎn)生負面影響。
[Abstract]:The gem of our country, which refers to Shenzhen gem, officially opened on October 30, 2009. At the very beginning, there were 28 companies listed on the gem. After several years' development, the total number of companies listed on the gem has reached more than 300. China's gem listed companies have a strong preference for equity financing. When raising funds, they give priority to equity financing and then debt financing, while the order of financing in the capital markets of western developed countries is to give priority to creditor's rights financing. Then equity financing, which makes us begin to consider whether the preference of equity financing of gem listed companies is beneficial to the development of enterprises, and what is the relationship between the equity financing preference and the performance of enterprises. With the development of Chinese economy, the western developed countries invest more and more in China, which makes the domestic market more competitive. It is urgent for domestic enterprises to understand themselves correctly, understand the advantages and disadvantages of financing preference, develop and perfect themselves, expand the scale of operation, increase rapidly and improve the competitiveness of enterprises. In this paper, the relationship between financing preference and performance of gem listed companies is described in terms of persuasive data. First of all, this paper introduces the background and significance of this paper, taking gem listed companies as the research object, using empirical analysis method to study the relationship between financing preference and performance of gem listed companies, and puts forward some suggestions. Secondly, the financing preference and performance of gem listed companies are introduced, and the financing situation of gem listed companies is analyzed. Then it analyzes the relationship between financing preference and performance of gem listed companies in China. In the stage of empirical analysis, taking the financial data of the companies listed on the gem of Shenzhen Stock Exchange from 2010 to 2012 as samples, we choose the related indicators of gem financing to use statistical software to carry out empirical analysis. Finally, based on the conclusion of empirical analysis, it provides some policy recommendations on financing of listed companies on the gem. The gem opened in 2009, and the research on the gem has not yet become the focus of scholars. According to the financing preference of gem listed companies, the impact on performance and countermeasures are discussed in this paper, which provides some thinking and reference for the financing of gem listed companies in China. The negative correlation between equity financing preference and corporate performance is the hypothesis of this paper. The conclusions of the empirical analysis are as follows: in China's gem market, there is a phenomenon of equity financing preference of listed companies; in recent years, the degree of equity financing preference of gem listed companies has declined to a certain extent, but on the other hand, The proportion of equity financing is still very high; the phenomenon of equity financing preference will have a negative impact on the performance of the company.
【學位授予單位】：遼寧大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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