新三板交易方式對(duì)企業(yè)融資能力影響的實(shí)證研究
發(fā)布時(shí)間:2018-01-24 04:44
本文關(guān)鍵詞: 新三板 做市交易 協(xié)議交易 融資能力 資本市場 出處:《南京大學(xué)》2017年碩士論文 論文類型:學(xué)位論文
【摘要】:本文詳細(xì)介紹了融資相關(guān)理論,包括新三板及其相關(guān)理論、交易方式、融資相關(guān)理論以及對(duì)國內(nèi)外研究現(xiàn)狀作了整理,闡述了新三板現(xiàn)階段的融資現(xiàn)狀以及新三板對(duì)我國融資市場的意義,指出企業(yè)在新三板市場融資面臨的問題以及新三板中不同交易方式對(duì)企業(yè)融資能力影響研究的價(jià)值和意義,為本文探究的問題提供了定性分析和理論支撐。文章第三、四兩章運(yùn)用理論分析與研究設(shè)計(jì)確定了實(shí)證所需指標(biāo)體系,選定了解釋變量與被解釋變量并解釋及其代表的意義,同時(shí)對(duì)樣本的選取和數(shù)據(jù)的來源做出解釋;通過統(tǒng)計(jì)分析軟件SPSS對(duì)做市轉(zhuǎn)讓的100家企業(yè)和協(xié)議轉(zhuǎn)讓的100家企業(yè)的樣本數(shù)據(jù)進(jìn)行回歸分析,得出Y值表達(dá)式,并對(duì)結(jié)果進(jìn)行分析,得出本文結(jié)論:對(duì)于凈資產(chǎn)收益率、資產(chǎn)擔(dān)保價(jià)值、企業(yè)成立年限這三個(gè)指標(biāo)水平較高的企業(yè)來說,選擇做市商交易方式會(huì)對(duì)其融資能力的提高更有幫助。最后,選取了真實(shí)案例進(jìn)一步證實(shí)結(jié)論的可靠性。本文從定向增資次數(shù)及金額、企業(yè)總股本數(shù)及占比等方面對(duì)融資情況進(jìn)行了詳細(xì)描述,有大量準(zhǔn)確數(shù)據(jù)做支撐;研究結(jié)論具有較強(qiáng)的說服力,可向即將在新三板掛牌的企業(yè)提供融資解決方案,具有實(shí)際意義。
[Abstract]:This paper introduces the financing theory in detail, including the new third board and its related theory, transaction mode, financing related theory and domestic and foreign research status. This paper expounds the current financing situation of the new third board and the significance of the new third board to the financing market of our country. The paper points out the problems faced by the enterprises in the new three boards market and the value and significance of the research on the influence of different transaction modes on the financing ability of the new three boards. This paper provides qualitative analysis and theoretical support for the problems explored in this paper. Chapter three and two chapters use theoretical analysis and research design to determine the index system needed for empirical research. The explanatory variable and the explained variable are selected, and the meaning of the interpretation and its representative is explained. At the same time, the selection of the sample and the source of the data are explained. Through the statistical analysis software SPSS to make the market transfer 100 enterprises and the agreement transfer 100 enterprise sample data carries on the regression analysis, obtains the Y value expression, and carries on the analysis to the result. This paper draws a conclusion: for the return on net assets, the value of assets guarantee, the establishment of the enterprise these three indicators of the higher level of the level of enterprises. The choice of marketer trading method will be more helpful to improve its financing ability. Finally, select a real case to further verify the reliability of the conclusion. This paper from the number and amount of directed capital increase. The financing situation is described in detail in the aspects of the total share capital and the proportion of shares, which is supported by a large number of accurate data. The conclusion is persuasive and can provide financing solution to the enterprises that will be listed on the new third board. It is of practical significance.
【學(xué)位授予單位】:南京大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2017
【分類號(hào)】:F275;F832.51
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本文編號(hào):1459203
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