發(fā)布時間：2018-02-17 01:51

  本文關鍵詞： 寧夏新三板上市公司 融資效率 數據包絡分析　出處：《北方民族大學》2017年碩士論文　論文類型：學位論文

【摘要】：推進供給側結構性改革,是我國經濟發(fā)展進入新常態(tài)的必然選擇,在這次市場深化改革中,中小企業(yè)的重要性凸現出來。中小企業(yè)的數目在不斷地增長,他們對資金的需求也在日益增加,資金的籌集逐漸成為中小企業(yè)進一步發(fā)展的瓶頸。黨的十八屆五中全會曾指出,建立多層次的資本市場來滿足企業(yè)的融資需要這一重要決定,從政府出發(fā)開始關注并扶持中小企業(yè)解決融資問題,解決中小企業(yè)融資渠道單一、信息不對稱和融資效率低的現狀。2014年,“新三板”企業(yè)上市如雨后春筍般破土而出,在政策上開始向全國范圍內的中小企業(yè)擴張,這一全國性的中小企業(yè)股轉平臺的運營對于國內資本市場,尤其是場外市場的建設方面是重要的標志性意義。新三板市場相當于美國的納斯達克交易市場,一方面是眾多中小企業(yè)實現權益融資、股份轉讓的重要平臺,另一方面也是投資者參與企業(yè)股權投資的重要交易場所,作為滬深交易所的有益補充,新三板市場正逐漸成為中小企業(yè)實現資本結構優(yōu)化的重要渠道。隨著全國中小企業(yè)股份轉讓系統(tǒng)的不斷普及,吸引了眾多中小企業(yè)和投資者的目光,近年來全國中小企業(yè)股份轉讓系統(tǒng)無論是在掛牌企業(yè)數量方面、市場規(guī)模方面,還是在交易活躍度等方面均取得了跨越式的發(fā)展。然則正因為新三板相對主板市場而言進入門檻較低,同樣是寧夏區(qū)域的中小企業(yè),經濟發(fā)展環(huán)境相對東部沿海較落后,對企業(yè)資金運用和管理能力無疑提出更高水平的要求。本文首先介紹了當前全國新三板市場融資情況,對“新三板”基本情況及發(fā)展趨勢與寧夏地區(qū)中小企業(yè)融資現狀進行相關介紹;在實證分析部分,抽取寧夏地區(qū)19家“新三板”掛牌企業(yè),以2014和2015兩年財務報表數據為基礎,構建投入和產出體系指標,采用數據包絡分析法和BCC模型,以數據作為支撐結合寧夏地區(qū)中小企業(yè)融資現狀和企業(yè)自身經營情況來對寧夏地區(qū)“新三板”企業(yè)的融資效率進行分析,以此凸顯“新三板”在中小企業(yè)融資方面對于企業(yè)的重要戰(zhàn)略意義。最后,對全文進行總結,分別從企業(yè)自身角度、新三板市場和政府管理者角度出發(fā),提出相關建議和對策。
[Abstract]:The promotion of supply-side structural reform is an inevitable choice for China's economic development to enter the new normal. In this market deepening reform, the importance of small and medium-sized enterprises (SMEs) is highlighted. The number of small and medium-sized enterprises (SMEs) is constantly increasing. Their demand for capital is also increasing, and the raising of funds has gradually become a bottleneck for the further development of small and medium-sized enterprises. The Fifth Plenary session of the 18 CPC Central Committee pointed out the important decision of establishing a multi-level capital market to meet the financing needs of enterprises. Starting from the government, the government began to pay close attention to and support the small and medium-sized enterprises to solve the financing problem, to solve the situation that the financing channel of the small and medium-sized enterprises is single, the information asymmetry and the financing efficiency are low. In 2014, the listing of the "new third board" enterprises sprang up like bamboo shoots out of the ground. In terms of policy, it began to expand to small and medium-sized enterprises throughout the country. The operation of the national small and medium-sized enterprises' stock conversion platform is of interest to the domestic capital market. In particular, the construction of the over-the-counter market is an important landmark. The new third-board market is equivalent to the NASDAQ market in the United States. On the one hand, it is an important platform for many small and medium-sized enterprises to achieve equity financing and share transfer. On the other hand, it is also an important trading place for investors to participate in the equity investment of enterprises, as a useful supplement to the Shanghai and Shenzhen exchanges. The new third board market is gradually becoming an important channel for SMEs to realize the optimization of capital structure. With the continuous popularization of the national small and medium-sized enterprises (SMEs) share transfer system, it has attracted the attention of many small and medium-sized enterprises and investors. In recent years, whether in terms of the number of listed enterprises, the market size, the national small and medium-sized enterprises share transfer system, Or they have made leaps and bounds in terms of transaction activity and so on. However, precisely because the new third board has a relatively low entry threshold relative to the main board market, the same small and medium-sized enterprises in Ningxia region have a relatively backward economic development environment relative to the eastern coastal areas. There is no doubt that a higher level is required for the use and management of enterprise funds. This paper first introduces the current financing situation of the new three boards in China. This paper introduces the basic situation and development trend of "New third Board" and the present financing situation of small and medium-sized enterprises in Ningxia region. In the part of empirical analysis, 19 "new three boards" listed enterprises in Ningxia region are selected, which are based on the data of financial statements in 2014 and 2015. The index of input and output system is constructed, and the data envelopment analysis and BCC model are used. Based on the data, the paper analyzes the financing efficiency of the "new three board" enterprises in Ningxia region by combining the current financing situation of the small and medium-sized enterprises in Ningxia region and the enterprise's own management. In order to highlight the "new three boards" in the financing of small and medium-sized enterprises for the important strategic significance. Finally, the full text is summarized, respectively from the perspective of the enterprise itself, the new third board market and government management perspective, put forward relevant suggestions and countermeasures.
【學位授予單位】：北方民族大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F275

【參考文獻】

相關期刊論文 前10條

1 張濤;白亞會;;中小企業(yè)信息披露質量對債務融資約束影響的研究[J];山東財經大學學報;2016年01期

2 韓亞欣;何敏;李華民;;大銀行何以為中小企業(yè)融資?——基于某大銀行支行的案例分析[J];金融論壇;2016年01期

3 閆現偉;陳飛;;中小企業(yè)融資成本與可持續(xù)發(fā)展研究——以寧夏回族自治區(qū)為例[J];中小企業(yè)管理與科技(下旬刊);2015年10期

4 湯蕙;;“新三板”與中小企業(yè)融資[J];中國外資;2012年24期

5 郭建鸞;劉濱榮;劉春連;;中小企業(yè)融資與關系型信貸[J];會計之友;2012年31期

6 林安霽;林洲鈺;;“新三板”市場的發(fā)展模式與對策研究[J];經濟體制改革;2012年05期

7 王麗南;;解決中小企業(yè)融資難問題研究[J];經濟縱橫;2012年07期

8 譚之博;趙岳;;企業(yè)規(guī)模與融資來源的實證研究——基于小企業(yè)銀行融資抑制的視角[J];金融研究;2012年03期

9 吳振華;古小剛;;關于新三板市場掛牌發(fā)行的研究[J];改革與開放;2012年01期

10 張承惠;;中小企業(yè)融資現狀與問題原因分析[J];理論學刊;2011年11期

相關重要報紙文章 前1條

1 干勝道;鐘朝宏;李文英;;跨世紀的財務新思考[N];中國財經報;2000年

相關博士學位論文 前1條

1 王新紅;我國高新技術企業(yè)融資效率研究[D];西北大學;2007年

相關碩士學位論文 前8條

1 常永寧;寧夏中銀絨業(yè)股份有限公司融資模式研究[D];寧夏大學;2015年

2 張璐;我國高新技術企業(yè)融資效率研究[D];中國地質大學（北京）;2014年

3 謝啟明;民族地區(qū)科技型中小企業(yè)融資政策創(chuàng)新研究[D];中南民族大學;2013年

4 董丁銘;我國環(huán)保企業(yè)融資效率研究[D];北方工業(yè)大學;2012年

5 劉流;我國新三板制度改革的法律問題研究[D];湖南師范大學;2012年

6 王榮;科技型中小企業(yè)私募股權融資效果研究[D];天津理工大學;2012年

7 李慧;中小企業(yè)融資效率測度研究[D];河南理工大學;2010年

8 朱冰心;浙江中小企業(yè)融資效率研究[D];浙江大學;2006年

，

本文編號：1516941