本文選題：創(chuàng)業(yè)板　切入點(diǎn)：信息技術(shù)行業(yè)　出處：《江西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：2009年10月,以第一批28家企業(yè)在深圳證券交易所上市交易為標(biāo)志,創(chuàng)業(yè)板市場(chǎng)應(yīng)運(yùn)而生。創(chuàng)業(yè)板市場(chǎng)的誕生為自主創(chuàng)新型、高科技型和高成長(zhǎng)型企業(yè)拓寬了融資的渠道,同時(shí)也豐富了我國(guó)資本市場(chǎng)的內(nèi)涵。創(chuàng)業(yè)板市場(chǎng)成立后發(fā)展迅速,截至2017年2月28日,在創(chuàng)業(yè)板掛牌交易的企業(yè)已達(dá)到601家。創(chuàng)業(yè)板上市企業(yè)總發(fā)行的股本達(dá)2673億股,總市值達(dá)到52862億元,平均發(fā)行市盈率達(dá)到71.26。在國(guó)家采取的關(guān)于信息技術(shù)業(yè)扶持政策的推動(dòng)下,我國(guó)信息技術(shù)業(yè)正處于發(fā)展迅速的階段,具有高技術(shù)含量、高附加值特點(diǎn)的信息技術(shù)業(yè)已經(jīng)成為大多數(shù)國(guó)家保持經(jīng)濟(jì)持續(xù)增長(zhǎng)最重要的手段和拉動(dòng)國(guó)民經(jīng)濟(jì)發(fā)展的強(qiáng)大動(dòng)力。但是,創(chuàng)業(yè)板信息技術(shù)類企業(yè)發(fā)展中面臨的首要問(wèn)題就是融資問(wèn)題,融資難度大、融資效率低下都制約著信息技術(shù)類企業(yè)的問(wèn)發(fā)展。所以研究創(chuàng)業(yè)板信息技術(shù)類企業(yè)的融資效率情況具有較好的理論意義和現(xiàn)實(shí)意義。本文立足于融資效率角度,選取了2013年前在創(chuàng)業(yè)板掛牌上市的54家信息技術(shù)企業(yè)為樣本,利用數(shù)據(jù)包絡(luò)分析法(DEA模型)對(duì)樣本企業(yè)2013年、2014年和2015年的融資效率實(shí)證分析,實(shí)證結(jié)果顯示創(chuàng)業(yè)板信息技術(shù)類企業(yè)的綜合技術(shù)效率整體情況偏低,并且達(dá)到綜合技術(shù)效率有效的企業(yè)每年都不超過(guò)30%。進(jìn)一步分別對(duì)純技術(shù)效率和規(guī)模效率的實(shí)證結(jié)果進(jìn)行分析后發(fā)現(xiàn),導(dǎo)致創(chuàng)業(yè)板信息技術(shù)類企業(yè)的綜合技術(shù)效率整體情況偏低的原因主要是由于純技術(shù)效率水平的低下。而純技術(shù)效率在一定程度上反映企業(yè)的內(nèi)部管理能力和技術(shù)水平,所以企業(yè)內(nèi)部管理能力和技術(shù)水平是影響創(chuàng)業(yè)板信息技術(shù)類企業(yè)的融資效率的主要因素。本文一共分為五個(gè)部分。第一部分是緒論,這部分內(nèi)容主要從論文研究的背景與意義、相關(guān)的國(guó)內(nèi)外文獻(xiàn)、論文的研究思路及方法和論文的創(chuàng)新與不足四方面進(jìn)行介紹。第二部分:相關(guān)概念與理論基礎(chǔ)。本文首先對(duì)創(chuàng)業(yè)板市場(chǎng)、信息技術(shù)業(yè)和融資效率這三個(gè)概念進(jìn)行界定與介紹,然后從效率理論和融資理論兩方面進(jìn)行了相關(guān)理論基礎(chǔ)的回顧。第三部分:創(chuàng)業(yè)板信息技術(shù)類企業(yè)發(fā)展概況與融資現(xiàn)狀。這一章首先從總體規(guī)模、地域分布情況兩方面分析目前創(chuàng)業(yè)板信息技術(shù)類企業(yè)的發(fā)展現(xiàn)狀。然后分別從債權(quán)融資、股權(quán)融資和內(nèi)源融資三方面分析創(chuàng)業(yè)板信息技術(shù)類企業(yè)融資結(jié)構(gòu)現(xiàn)狀。第四部分:創(chuàng)業(yè)板信息技術(shù)企業(yè)融資效率實(shí)證研究。這部分是本文的重要部分,首先介紹了DEA模型及其經(jīng)濟(jì)含義,并在第三部分關(guān)于創(chuàng)業(yè)板信息技術(shù)類企業(yè)發(fā)展概況與融資結(jié)構(gòu)的分析結(jié)果的基礎(chǔ)上確定輸入指標(biāo)和輸出指標(biāo)。然后利用deap2.1軟件分別測(cè)算出2013年、2014年和2015年樣本企業(yè)的綜合技術(shù)效率值、純技術(shù)效率值和規(guī)模效率值。根據(jù)軟件處理結(jié)果,從融資效率整體水平、各個(gè)效率值分布情況、規(guī)模報(bào)酬和地區(qū)效率分布情況四方面對(duì)樣本企業(yè)的融資效率情況進(jìn)行分析。第五部分:結(jié)論與建議。綜合第三章創(chuàng)業(yè)板信息技術(shù)類企業(yè)融資結(jié)構(gòu)現(xiàn)狀分析結(jié)果和第四章融資效率結(jié)果的分析,文章嘗試從降低股權(quán)集中度、優(yōu)化融資結(jié)構(gòu)、加強(qiáng)技術(shù)創(chuàng)新和重視管理理念四方面提出建議以改善創(chuàng)業(yè)板信息技術(shù)類企業(yè)的融資效率。
[Abstract]:In October 2009, the first batch of 28 companies listed in Shenzhen stock exchange as a symbol, the GEM market came into being. Birth of the GEM market for independent innovation, high-tech and high growth companies to broaden the financing channels, but also enrich the connotation of China's capital market. The establishment of the rapid development of the GEM market, as of February 28, 2017, the GEM listed companies has reached 601. The GEM listed companies total issued share capital of 267 billion 300 million shares, the total market value reached 52862 yuan, the average price earnings ratio reached 71.26. in the country to take on the information technology industry support policies under the impetus of China's information technology industry is in rapid development stage, high technology content, high added value of the information technology industry has become the characteristics of most countries remain the most important means to promote national economic development and economic growth The powerful motive force. But the primary problem facing the gem information technology in the development of enterprises is the problem of financing, financing difficulties, financing efficiency restrict the information technology enterprise development. So ask the financing efficiency of the gem enterprise information technology has a good theoretical and practical significance. Based on the from the point of financing efficiency, selects 54 information technology companies before 2013 listed on GEM as the sample, using data envelopment analysis (DEA model) of the sample enterprises in 2013, 2014 and 2015, the empirical analysis of the efficiency of financing efficiency, the empirical results show that the lower the overall technical efficiency of gem information technology enterprises overall situation. And to achieve the comprehensive technical efficiency of enterprises every year does not exceed 30%. further empirical of pure technical efficiency and scale efficiency were analyzed and found, The cause of the overall technical efficiency of the gem information technology enterprise's overall situation is mainly due to the low level of the low pure technical efficiency and pure technical efficiency. Reflect the enterprise's internal management ability and technical level to a certain extent, so the enterprise internal management capacity and technical level are the main factors that affect the financing efficiency of the gem information technology enterprise. This paper is divided into five parts. The first part is the introduction, this part mainly discusses the background and significance of the research, the related literature at home and abroad, research ideas and methods and the innovation and shortage is introduced in four aspects. The second part: the related concepts and theoretical basis of this paper. Of the GEM market, defines and introduces the three concepts of the information technology industry and the financing efficiency, and then the related theories from two aspects of efficiency theory and financing theory Based on the review. The third part: the gem information technology enterprise development and financing situation. This chapter from the two aspects of the overall scale, geographical distribution analysis of the current development status of the gem information technology enterprises. Then from debt financing, equity financing and internal financing three aspects of gem information technology the financing structure of the status quo. The fourth part: Empirical Study on financing efficiency of enterprise information technology gem. This part is an important part of this paper, first introduced the DEA model and its economic implications, and determine the input index and output index in the third part, based on the gem information technology enterprise development and financing structure on the results of the analysis. Then calculate using deap2.1 software in 2014 and 2013, 2015 sample enterprise comprehensive technical efficiency, pure technical efficiency and scale efficiency values. According to the results of software process, from the overall level of financing efficiency, the efficiency value of the distribution of returns to scale and area efficiency distribution of four aspects analyzed the financing efficiency of sample enterprises. The fifth part: conclusion and suggestion. The analysis results and the fourth chapter of the third chapter according to the results of the financing efficiency of the gem information technology enterprise financing structure of the status quo the article attempts to reduce ownership concentration, optimize financing structure, strengthen the four aspects of technological innovation and management idea and propose suggestions to improve the financing efficiency of the gem information technology enterprises.

【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F49;F275;F832.51

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