本文選題：信用風(fēng)險(xiǎn) + 創(chuàng)業(yè)板上市公司�。� 參考：《上海師范大學(xué)》2012年碩士論文

【摘要】：2009年10月30日，中國(guó)創(chuàng)業(yè)板正式設(shè)立。這意味著我國(guó)多層次資本市場(chǎng)的建設(shè)邁上新的臺(tái)階，面向成長(zhǎng)型和高科技企業(yè)的“中國(guó)式NASDAQ”正式開(kāi)啟。創(chuàng)業(yè)板是為具有高風(fēng)險(xiǎn)、高回報(bào)特性的高科技中小企業(yè)為主要服務(wù)對(duì)象而設(shè)置的，其特點(diǎn)是投資者在投資該市場(chǎng)中的企業(yè)時(shí)，購(gòu)買(mǎi)的實(shí)際上是該企業(yè)成長(zhǎng)的預(yù)期。而企業(yè)的成長(zhǎng)離不開(kāi)資金的支持，，特別是中小企業(yè)更需要借款來(lái)運(yùn)營(yíng)公司，特別需要長(zhǎng)期借款，但是由于資本市場(chǎng)對(duì)于中小企業(yè)的信用狀況的擔(dān)心，而導(dǎo)致中小企業(yè)獲得長(zhǎng)期借款寥寥可數(shù)，不利于中小企業(yè)的成長(zhǎng)，也不利于創(chuàng)業(yè)板的發(fā)展。 本文旨在回答創(chuàng)業(yè)板企業(yè)的信用風(fēng)險(xiǎn)狀況到底怎么樣，通過(guò)基于KMV模型的分析，得出我國(guó)的創(chuàng)業(yè)板企業(yè)可以從資本市場(chǎng)獲得2-3年期限的長(zhǎng)期借款來(lái)支持公司的發(fā)展。本文通過(guò)規(guī)范分析和實(shí)證分析相結(jié)合、理論分析與實(shí)踐檢驗(yàn)相結(jié)合的方法對(duì)創(chuàng)業(yè)板企業(yè)的信用風(fēng)險(xiǎn)運(yùn)用KMV模型進(jìn)行分析研究。本文對(duì)企業(yè)“信用風(fēng)險(xiǎn)”的內(nèi)涵進(jìn)行了完整界定，并以中國(guó)創(chuàng)業(yè)板上市公司為研究對(duì)象，抽取其中20家上市企業(yè)作為樣本，進(jìn)行實(shí)證分析，并且采取對(duì)照組的方法，在滬深兩市選取20家同行業(yè)的ST上市公司作為對(duì)照組，來(lái)進(jìn)一步證明創(chuàng)業(yè)板上市公司的信用風(fēng)險(xiǎn)狀況。最后，對(duì)實(shí)證結(jié)果進(jìn)行分析并得出結(jié)論。本研究得出結(jié)論：創(chuàng)業(yè)板企業(yè)上市后，創(chuàng)業(yè)板企業(yè)不能獲得足夠支持其發(fā)展的長(zhǎng)期借款，但是通過(guò)實(shí)證分析可以得出創(chuàng)業(yè)板企業(yè)能夠有條件獲得為期2-3年的長(zhǎng)期借款，這為銀行和投資者提供一個(gè)可行的參考。
[Abstract]:On October 30, 2009, China's gem was formally established. This means that the construction of the multi-level capital market in China has stepped up to a new level, and the "Chinese NASDAQ" for growth and high-tech enterprises has been officially opened. The gem is set up for high-tech SMEs with high risk and high return characteristics as the main service object. Its characteristic is that when investors invest in the enterprises in this market, what they buy is actually the expectation of the growth of the enterprises. But the growth of enterprises can not be separated from the financial support, especially the small and medium-sized enterprises need to borrow money to run the company, especially long-term borrowing. But because of the capital market's concern about the credit condition of the small and medium-sized enterprises, But the small and medium-sized enterprises obtain the long-term loan very few, is not conducive to the small and medium-sized enterprise growth, also unfavorable to the growth enterprise market development. The purpose of this paper is to answer the credit risk situation of gem enterprises. Based on the analysis of KMV model, it is concluded that gem enterprises in China can obtain long-term loans with a maturity of 2-3 years from the capital market to support the development of the companies. In this paper, through the combination of normative analysis and empirical analysis, the combination of theoretical analysis and practical testing, the paper analyzes and studies the credit risk of gem enterprises using KMV model. In this paper, the connotation of "credit risk" of enterprises is defined completely, and 20 of them are selected as samples, and the control group is adopted as the control method, taking the listed companies of China growth Enterprise Market as the research object. In Shanghai and Shenzhen stock markets, 20 St listed companies in the same industry were selected as the control group to further prove the credit risk status of gem listed companies. Finally, the empirical results are analyzed and a conclusion is drawn. This study concludes: after gem enterprises are listed, gem enterprises can not get enough long-term loans to support their development, but through empirical analysis, it can be concluded that gem enterprises can obtain long-term loans for 2-3 years. This provides a feasible reference for banks and investors.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F224

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