發(fā)布時間：2018-02-17 01:51

  本文關(guān)鍵詞： 寧夏新三板上市公司 融資效率 數(shù)據(jù)包絡(luò)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(cè)結(jié)構(gòu)性改革,是我國經(jīng)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(xiàn)出來。中小企業(yè)的數(shù)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(guān)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(xiàn)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(nèi)的中小企業(yè)擴張,這一全國性的中小企業(yè)股轉(zhuǎn)平臺的運營對于國內(nèi)資本市場,尤其是場外市場的建設(shè)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(xiàn)權(quán)益融資、股份轉(zhuǎn)讓的重要平臺,另一方面也是投資者參與企業(yè)股權(quán)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(xiàn)資本結(jié)構(gòu)優(yōu)化的重要渠道。隨著全國中小企業(yè)股份轉(zhuǎn)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(zhuǎn)讓系統(tǒng)無論是在掛牌企業(yè)數(shù)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(jīng)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(xiàn)狀進行相關(guān)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(wù)報表數(shù)據(jù)為基礎(chǔ),構(gòu)建投入和產(chǎn)出體系指標,采用數(shù)據(jù)包絡(luò)分析法和BCC模型,以數(shù)據(jù)作為支撐結(jié)合寧夏地區(qū)中小企業(yè)融資現(xiàn)狀和企業(yè)自身經(jīng)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(jié),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(guān)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

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