安徽省新三板企业融资效率研究

发布时间：2018-01-06 11:29

本文关键词：安徽省新三板企业融资效率研究　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：中小企业作为国民经济不可缺少的一部分,在推动国民经济的发展和促进社会稳定扮演着重要角色。然而"融资难、融资贵、融资乱"问题成为了制约我国中小企业成长的一个瓶颈。2006年新三板市场的成立,开拓了一个全新的融资渠道,可以说是我国中小企业发展历程中的一个重要转折点。2013年底新三板正式向全国扩容,挂牌企业数量和股票成交量实现了跨越式增长。但是目前我国新三板市场的制度建设并不是很完善,中小企业在新三板市场融资存在很多问题。在此背景下,本文通过相关理论与实证研究,检验中小企业在新三板市场融资效率水平的高低。首先,基于国内外相关学者的研究,本文先以文献综述的形式对融资效率影响因素及其测度方法进行分类和整理,再介绍企业融资结构理论和效率理论,为整个研究奠定理论基础。其次,本文选取安徽省新三板企业为研究对象,先从转板情况、定增情况和股权质押三个角度,分析安徽省新三板企业的融资现状,再从挂牌企业质量、市场流动性、转板机制有效性、融资规模和结构四个方面,结合安徽省实际情况,分析安徽省新三板企业融资效率的影响因素,在此基础上对安徽省新三板企业融资效率做出定性分析和评判。之后,本文运用数据包络分析方法(DEA),选取56家安徽省新三板企业为样本,以资产总额、资产负债率和营业成本为投入指标,以营业收入增长率、总资产周转率、每股收益和净资产收益率为产出指标,检验得到2014年和2015年样本企业的纯技术效率、规模效率和综合技术效率,据此先分析了挂牌中小企业的整体效率,再分别从行业和地域视角,对安徽省各行业的融资效率以及安徽省与上海市新三板企业的融资效率进行对比分析。根据实证分析得出以下结论:安徽省新三板中小企业规模效率的平均值较高,大多数中小企业处于规模报酬递增阶段,但纯技术效率值较低,导致综合技术效率值整体偏低,说明安徽省企业整体融资效率较低,投入没有获得最大产出效益;从各行业的融资效率看,融资效率较高的挂牌企业主要分布在"信息传输、软件和信息技术服务业"、"科学研究和技术服务业"和"金融业";从安徽省与上海市的融资效率的对比中可以看出,安徽省新三板企业融资的综合技术效率和纯技术效率均明显低于上海市的新三板企业,且两地绝大多数挂牌企业都处于融资非有效状态。最后,针对融资存在的问题和实证结论,从制度建设、企业自身、政府和金融机构支持三个角度,为提高安徽省新三板企业融资效率提出政策建议。
[Abstract]:Small and medium-sized enterprises as an indispensable part of national economy, playing an important role in promoting the development of the national economy and promote social stability. However, financing difficulties, financing expensive financing chaos "problem has become the constraints of China's small and medium-sized enterprise growth is a bottleneck in.2006 year three new board market was established, has opened a new the financing channel, can be said to be an important turning point for.2013 development of small and medium-sized enterprises in China in the end of the new board official expansion to the nation, the number of listed companies and stock turnover grew by leaps and bounds. But at present, the new three board Market system construction is not perfect, there are many problems in the financing of small and medium-sized enterprises in the new three the market. Under this background, this article through the relevant theoretical research and empirical test of small and medium-sized enterprises in the new three board market level of financing efficiency. Firstly, based on the research of relevant scholars at home and abroad The first in the form of literature review on the financing efficiency factors and measurement method to classify and organize, and then introduced the enterprise financing structure theory and efficiency theory, laid the theoretical foundation for the whole research. Secondly, this paper selects the new board enterprise in Anhui Province as the research object, first from the board, and will increase the equity pledge three point of view, analysis of financial status of the new board of enterprises in Anhui Province, from the quality of listed companies, market liquidity, the transfer mechanism is effective, the four aspects of financing scale and structure, combined with the actual situation in Anhui Province, analysis of the factors influencing the financing efficiency of the new board of enterprises in Anhui Province, on the basis of the financing efficiency of the new board enterprises in Anhui province to make qualitative analysis and evaluation. Then, this paper uses the method of data envelopment analysis (DEA), Anhui Province, the new board selects 56 enterprises as samples, with the total assets, asset liability ratio and camp Industry cost as input indicators, the operating income growth rate, total assets turnover, earnings per share and net assets yield rate as output index in 2014 and 2015, the inspection sample enterprises pure technical efficiency, scale efficiency and technical efficiency, the first analysis of the overall efficiency of the listing of small and medium-sized enterprises, and then separately from the industry and region from the perspective of comparative analysis on financing efficiency of various industries in Anhui Province, Anhui province and Shanghai City, the new board of enterprise financing efficiency. According to the empirical analysis the following conclusions: the average values of the small and medium-sized enterprise scale efficiency of three new board of Anhui Province, the majority of small and medium-sized enterprises in the stage of increasing returns to scale, but the pure technical efficiency is relatively low, resulting in the comprehensive technical efficiency is low, which shows that Anhui province enterprise overall financing efficiency is low, investment does not have the maximum output efficiency; from the financing efficiency of each industry, financing The higher efficiency of listed companies mainly in the transmission of information, software and information technology services, scientific research and technical services "and" financial industry "; comparison of financing efficiency from Anhui province and Shanghai city can be seen in the financing of three new board enterprise in Anhui Province, comprehensive technical efficiency and pure technical efficiency Shanghai city was significantly lower than that of three new board business, and the two most listed companies are financing the non active state. Finally, aiming at the problem of financing and the empirical results exist, from the enterprise itself, the system construction, government and financial institutions to support three aspects, in order to improve the financing efficiency of the new board of enterprises in Anhui province and put forward some policy suggestions.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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