貨幣政策對新三板中小企業(yè)債務(wù)融資成本影響的研究
發(fā)布時間：2018-12-29 11:24
【摘要】：國家提出大眾創(chuàng)業(yè)、萬眾創(chuàng)新理念,中小企業(yè)是我國市場經(jīng)濟體系中不可忽缺的部分,也是創(chuàng)業(yè)和創(chuàng)新的重要實踐者,融資是中小企業(yè)發(fā)展過程中不可回避的問題。中小企業(yè)的融資困難一直是限制企業(yè)發(fā)展的障礙。近幾年,新三板市場迅速壯大,掛牌企業(yè)迅速增加,完善了我國資本市場多級體系,為中小企業(yè)融資提供了一條切實可行的道路。新三板市場的作用初步顯現(xiàn),很多中小企業(yè)在新三板市場進行了股權(quán)融資,但相對而言,債務(wù)融資仍然占據(jù)著更大的比重。因此,本文梳理了貨幣政策如何影響債務(wù)融資成本,分析了新三板市場的發(fā)展現(xiàn)狀和融資局面后,通過實證分析貨幣政策對新三板企業(yè)債務(wù)融資成本的影響,并分析新三板定向融資如何影響債務(wù)融資成本,從而為新三板市場企業(yè)以及更多即將掛牌的企業(yè)的融資選擇提供現(xiàn)實依據(jù)。首先,本文總結(jié)了前人的研究成果,著重從中小企業(yè)融資和宏觀貨幣政策影響融資兩方面進行了梳理。同時本文參考了以往研究中小企業(yè)融資成本的文獻,并在模型中創(chuàng)造性的加入貨幣政策指標和股權(quán)融資,使模型更加契合企業(yè)的現(xiàn)實情況,之后選取了新三板市場擴展到全國后4年(2013—2016)805家掛牌企業(yè)的數(shù)據(jù),將mp作為衡量貨幣政策的指標并利用面板固定效應(yīng)模型分析了債務(wù)融資成本的影響因素。本文通過實證分析,驗證了債務(wù)融資成本與解釋變量和控制變量的相關(guān)關(guān)系,新三板掛牌企業(yè)債務(wù)融資成本受到貨幣政策的影響非常明顯,貨幣政策的調(diào)整會迅速反映到企業(yè)的融資上,在貨幣政策相對較為寬松時,企業(yè)可以獲得充足的較低融資成本的貸款,債務(wù)融資往往能解決中小企業(yè)的融資難題,而當貨幣政策偏緊時,債務(wù)融資成本上升,企業(yè)會更多的轉(zhuǎn)向股權(quán)融資。但當企業(yè)通過新三板市場進行定向增發(fā)時,貨幣政策對企業(yè)融資的影響程度也被大大削弱,所以新三板掛牌企業(yè)要盡可能的進行股權(quán)融資,減輕對貸款融資的依賴,也能減輕受到宏觀貨幣政策調(diào)整的影響,中小企業(yè)的融資也會更穩(wěn)定。根據(jù)實證得出結(jié)論,提出應(yīng)該在分析新三板債務(wù)融資成本時納入宏觀因素特別是貨幣政策,同時股權(quán)融資和債務(wù)融資的關(guān)系也值得重視,這樣能根據(jù)債務(wù)融資成本的變動調(diào)整企業(yè)的融資結(jié)構(gòu)。
[Abstract]:The state puts forward the idea of mass entrepreneurship and mass innovation. Small and medium-sized enterprises are an indispensable part of the market economy system of our country, and they are also important practitioners of entrepreneurship and innovation. Financing is an unavoidable problem in the development of small and medium-sized enterprises. The financing difficulty of small and medium-sized enterprises is the obstacle that limits the development of enterprises all the time. In recent years, the new third board market has grown rapidly, the listed enterprises have increased rapidly, and the multi-level system of our capital market has been perfected, which provides a feasible way for the financing of small and medium-sized enterprises. The role of the new third board market is preliminary, many small and medium-sized enterprises in the new third board market equity financing, but relatively speaking, debt financing still occupies a larger proportion. Therefore, this paper analyzes how monetary policy affects debt financing costs, analyzes the development status and financing situation of the new third board market, and analyzes the impact of monetary policy on debt financing costs of new three boards through empirical analysis. It also analyzes how the new three boards' targeted financing affects the debt financing cost, thus providing a realistic basis for the financing choices of the new third board market enterprises and more enterprises about to be listed. First of all, this paper summarizes the previous research results, focusing on the financing of small and medium enterprises and macro monetary policy impact financing two aspects. At the same time, this paper refers to the previous literature on the financing cost of SMEs, and creatively adds monetary policy indicators and equity financing to the model to make the model more in line with the actual situation of the enterprise. Then, the data of 805 listed companies in the last four years (2013-2016) of the new third board market are selected. The mp is taken as the index to measure monetary policy, and the influencing factors of debt financing cost are analyzed by using the panel fixed effect model. Through empirical analysis, this paper verifies the relationship between debt financing cost, explanatory variable and control variable. The debt financing cost of new three board listed enterprises is obviously influenced by monetary policy. The adjustment of monetary policy will quickly reflect the financing of enterprises. When monetary policy is relatively loose, enterprises can obtain sufficient loans with lower financing costs, and debt financing can often solve the financing problems of small and medium-sized enterprises. When monetary policy is tight, debt financing costs rise and companies turn more to equity financing. However, when enterprises issue additional shares through the new three boards market, the impact of monetary policy on corporate financing is also greatly weakened. Therefore, the new third board listing companies should make equity financing as far as possible to reduce their dependence on loan financing. Can also mitigate the impact of macro-monetary policy adjustment, the financing of small and medium-sized enterprises will be more stable. According to the empirical conclusion, it is suggested that macro factors, especially monetary policy, should be taken into account in the analysis of the debt financing cost of the new three boards, and the relationship between equity financing and debt financing is also worthy of attention. In this way, the financing structure of enterprises can be adjusted according to the change of debt financing cost.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51;F822.0
，
本文編號：2394765
[Abstract]:The state puts forward the idea of mass entrepreneurship and mass innovation. Small and medium-sized enterprises are an indispensable part of the market economy system of our country, and they are also important practitioners of entrepreneurship and innovation. Financing is an unavoidable problem in the development of small and medium-sized enterprises. The financing difficulty of small and medium-sized enterprises is the obstacle that limits the development of enterprises all the time. In recent years, the new third board market has grown rapidly, the listed enterprises have increased rapidly, and the multi-level system of our capital market has been perfected, which provides a feasible way for the financing of small and medium-sized enterprises. The role of the new third board market is preliminary, many small and medium-sized enterprises in the new third board market equity financing, but relatively speaking, debt financing still occupies a larger proportion. Therefore, this paper analyzes how monetary policy affects debt financing costs, analyzes the development status and financing situation of the new third board market, and analyzes the impact of monetary policy on debt financing costs of new three boards through empirical analysis. It also analyzes how the new three boards' targeted financing affects the debt financing cost, thus providing a realistic basis for the financing choices of the new third board market enterprises and more enterprises about to be listed. First of all, this paper summarizes the previous research results, focusing on the financing of small and medium enterprises and macro monetary policy impact financing two aspects. At the same time, this paper refers to the previous literature on the financing cost of SMEs, and creatively adds monetary policy indicators and equity financing to the model to make the model more in line with the actual situation of the enterprise. Then, the data of 805 listed companies in the last four years (2013-2016) of the new third board market are selected. The mp is taken as the index to measure monetary policy, and the influencing factors of debt financing cost are analyzed by using the panel fixed effect model. Through empirical analysis, this paper verifies the relationship between debt financing cost, explanatory variable and control variable. The debt financing cost of new three board listed enterprises is obviously influenced by monetary policy. The adjustment of monetary policy will quickly reflect the financing of enterprises. When monetary policy is relatively loose, enterprises can obtain sufficient loans with lower financing costs, and debt financing can often solve the financing problems of small and medium-sized enterprises. When monetary policy is tight, debt financing costs rise and companies turn more to equity financing. However, when enterprises issue additional shares through the new three boards market, the impact of monetary policy on corporate financing is also greatly weakened. Therefore, the new third board listing companies should make equity financing as far as possible to reduce their dependence on loan financing. Can also mitigate the impact of macro-monetary policy adjustment, the financing of small and medium-sized enterprises will be more stable. According to the empirical conclusion, it is suggested that macro factors, especially monetary policy, should be taken into account in the analysis of the debt financing cost of the new three boards, and the relationship between equity financing and debt financing is also worthy of attention. In this way, the financing structure of enterprises can be adjusted according to the change of debt financing cost.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51;F822.0
，
本文編號：2394765
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