本文關(guān)鍵詞：創(chuàng)業(yè)板企業(yè)融資效率及影響因素研究　出處：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：進(jìn)入知識(shí)經(jīng)濟(jì)時(shí)代后,各國(guó)對(duì)科學(xué)技術(shù)的發(fā)展達(dá)到空前的重視程度。但由于中小企業(yè)常出現(xiàn)籌資困難、無法獲得穩(wěn)定的資金來源等情況,而使其難以在激烈的市場(chǎng)競(jìng)爭(zhēng)中生存下來。20世紀(jì)70年代設(shè)立于美國(guó)的納斯達(dá)克市場(chǎng)為眾多的中小企業(yè)解決了融資難的問題,使其后各國(guó)紛紛效仿,設(shè)立單獨(dú)為中小科技企業(yè)或新興行業(yè)的創(chuàng)業(yè)板(Growth Enterprise Market,簡(jiǎn)稱GEM)企業(yè)股票市場(chǎng)。我國(guó)自1998年就提出要在證券市場(chǎng)形成高科技板塊,直至2009年10月30日首批28家企業(yè)在創(chuàng)業(yè)板企業(yè)的掛牌上市,標(biāo)志著我國(guó)創(chuàng)業(yè)板企業(yè)的正式運(yùn)行。 創(chuàng)業(yè)板企業(yè)為中小企業(yè)提供了良好的融資平臺(tái),從首批上市的28家創(chuàng)業(yè)板企業(yè)來看,其計(jì)劃募集資金為70.77億元,實(shí)際募集資金為154.78億元,超募率達(dá)到117.14%,同時(shí),隨著創(chuàng)業(yè)板企業(yè)數(shù)量的逐漸增多,高市盈率和高超募率的現(xiàn)象始終存在。因此,面對(duì)數(shù)額龐大的融資額,對(duì)于創(chuàng)業(yè)板企業(yè)來說,能否將所籌集的資金最大程度的加以利用是當(dāng)前和未來都十分值得關(guān)注的問題,這不僅與企業(yè)的經(jīng)營(yíng)發(fā)展密切相關(guān),也與證券市場(chǎng)的健康發(fā)展和社會(huì)資本的合理配置和使用密切相關(guān)。 本文采用定性與定量相結(jié)合、理論與實(shí)證相結(jié)合的方法,首先對(duì)融資效率的相關(guān)文獻(xiàn)進(jìn)行梳理,然后對(duì)有關(guān)理論做出適當(dāng)?shù)慕忉屨f明,在確定了輸入輸出指標(biāo)后,以在深圳證券交易所2011年1月1日之前上市的153家創(chuàng)業(yè)板企業(yè)作為研究對(duì)象,利用數(shù)據(jù)包絡(luò)分析(Data Envelopment Analysis,簡(jiǎn)稱DEA)模型計(jì)算出樣本企業(yè)的相對(duì)效率值,再利用受限因變量模型(Tobit模型)對(duì)影響樣本企業(yè)融資效率的因素進(jìn)行回歸分析。最后根據(jù)實(shí)證結(jié)果得出研究結(jié)論并提出相關(guān)建議。 本文的研究結(jié)論包括：(1)我國(guó)創(chuàng)業(yè)板企業(yè)的融資效率處于較低水平,大多數(shù)企業(yè)尚未達(dá)到融資有效狀態(tài)；(2)改變創(chuàng)業(yè)板企業(yè)融資效率參考集將會(huì)改變其融資效率結(jié)果,同時(shí)樣本數(shù)量越多,融資效率評(píng)價(jià)結(jié)果將越有效；(3)改變創(chuàng)業(yè)板企業(yè)融資效率參考集將不會(huì)影響對(duì)其規(guī)模報(bào)酬的評(píng)價(jià)；(4)創(chuàng)業(yè)板企業(yè)面臨日趨嚴(yán)重的融資冗余現(xiàn)象；(5)創(chuàng)業(yè)板企業(yè)資本結(jié)構(gòu)、成長(zhǎng)性、盈利能力、資金利用效率及企業(yè)股權(quán)集中度是影響其融資效率的重要因素。 本文的研究貢獻(xiàn)有以下幾個(gè)方面：(1)利用DEA模型評(píng)價(jià)創(chuàng)業(yè)板企業(yè)的融資效率；(2)本文利用DEA模型對(duì)創(chuàng)業(yè)板企業(yè)連續(xù)兩年的融資效率進(jìn)行了對(duì)比研究；(3)本文對(duì)影響創(chuàng)業(yè)板企業(yè)融資效率的因素進(jìn)行了分析,并利用受限因變量模型(Tobit模型)進(jìn)行了研究。 本文的研究不足在于：(1)本文所選研究樣本的數(shù)量可能會(huì)在一定程度上影響對(duì)創(chuàng)業(yè)板企業(yè)融資效率評(píng)估的準(zhǔn)確性；(2)作者自身研究能力的不足可能會(huì)在創(chuàng)業(yè)板融資效率評(píng)價(jià)體系的建立及影響因素的選擇上存在缺陷和遺漏,有待后續(xù)研究和補(bǔ)充。
[Abstract]:After entering the era of knowledge economy, all countries attach great importance to the development of science and technology, but because SMEs often have difficulty in raising funds, they are unable to obtain stable sources of funds and so on. It is difficult to survive in the fierce market competition. In 70s, the NASDAQ market set up in the United States solved the problem of financing difficulties for many small and medium-sized enterprises, which made many countries follow suit one after another. Set up growth Enterprise Market for small and medium-sized technology enterprises or emerging industries. Since 1998, China has proposed to form a high-tech plate in the securities market, until October 30th 2009, the first batch of 28 enterprises listed on the gem. It marks the formal operation of gem enterprises in our country. Gem enterprises for small and medium-sized enterprises to provide a good financing platform, from the first batch of 28 gem enterprises, its plan to raise seven billion seventy-seven million yuan. The actual capital raised is fifteen billion four hundred and seventy-eight million yuan, the over-raising rate reaches 117.14. At the same time, with the increase of the number of gem enterprises, the phenomenon of high price-earnings ratio and superb raising rate has always existed. Faced with the huge amount of financing, for the gem enterprises, whether to maximize the use of the funds raised is a matter of great concern at present and in the future. This is not only closely related to the management and development of enterprises, but also to the healthy development of the securities market and the rational allocation and use of social capital. This paper uses the combination of qualitative and quantitative, theoretical and empirical methods, first of all, to sort out the relevant literature on the efficiency of financing, and then to make an appropriate explanation of the relevant theory. After determining the input and output indicators, 153 gem enterprises listed on Shenzhen Stock Exchange before January 1st 2011 as the research object. The relative efficiency of the sample enterprises is calculated by using the data Envelopment Analysis (DEA) model. Then we use the limited dependent variable model and Tobit model to analyze the factors that affect the financing efficiency of the sample enterprises. Finally, according to the empirical results, we draw the conclusions and put forward the relevant recommendations. The research conclusions of this paper include: (1) the financing efficiency of gem enterprises in China is at a low level, and most enterprises have not reached the effective state of financing; 2) changing the reference set of financing efficiency of gem will change the result of financing efficiency, and the more samples, the more effective the evaluation result of financing efficiency will be; 3) changing the gem enterprise financing efficiency reference set will not affect the evaluation of its scale reward; Fourth, the gem enterprises are facing the increasingly serious phenomenon of financing redundancy; 5) the capital structure, growth, profitability, efficiency of capital utilization and concentration of equity are the important factors that affect the financing efficiency of gem enterprises. The research contributions of this paper are as follows: 1) using DEA model to evaluate the financing efficiency of gem; 2) this paper makes a comparative study on the financing efficiency of gem enterprises for two consecutive years by using DEA model. In this paper, the factors influencing the financing efficiency of gem enterprises are analyzed, and the limited dependent variable model (Tobit model) is used to study the factors affecting the financing efficiency of gem enterprises. The lack of research in this paper is that the number of samples selected in this paper may affect the accuracy of the evaluation of the financing efficiency of gem to some extent; 2) the deficiency of the author's own research ability may have some defects and omissions in the establishment of the evaluation system of gem's financing efficiency and the choice of influencing factors, which should be further studied and supplemented
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275;F224

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