中小上市企业论文：安徽省中小上市企业融资效率研究

中小上市企业论文：安徽省中小上市企业融资效率研究 【中文摘要】中小企业是当代经济发展中最有希望最有前途最 为活跃的力量,截止 2008 年底,安徽省中小企业约 14.6 万户,占全省 企业总数的 99%,全省有 80%的职工在中小企业就业。安徽省欲从中 部崛起,必须发展壮大中小企业和中小上市企业。企业要生存、发展 和获利,实现其目标,就需要足够的资金来支持。资金是企业成长不 可或缺的血液,企业的一切行为活动,都需要足够的资本才能实现。 这就涉及到企业的融资问题。而融资活动的关键是融资效率的高低, 融资效率的高低决定了该企业融资是否成功。在中小企业里,安徽省 中小上市企业只有 25 家,不到中小企业总数的万分之二。而且,这些 上市的中小企业中属于创业板企业占近 20%,创业板的性质属于二板 市场。大多数新兴中小上市企业包括二板市场在内的企业,具有成立 时间较短、成长性较高、规模较小、业绩不突出、对资本的需求很 大等特点。中小上市企业具有高成长性和多生多灭性等特性,但是, 它同时具有所需资金少,周期短,规模较小,发展较快等优点。所以对 于安徽省中小上市企业来说,选择合适的融资方式,找到合理的融资 结构,提高金融资源利用效率,最终提高融资效率水平等,是非常可行 而有意义的问题,这也成为急待我们解决的问题。本文将在充分分析 企业融资理论和实证分析方法的基础上,结合安徽省中小上市企业所 处的特殊背景,分析安徽省中小上市企业的融资现状；对中小上市企 业的融资方式和融资效率进行剖析；建立 DEA 模型,以 25 家中小上 市企业为研究对象；将每一个研究对象的输入指标变量和输出指标 变量的对应数值代入所建模型；用软件 Deap2.1 计算出每一个样本 变量的融资效率值,并将每一个融资效率值列入表格,进行数据分析, 得出结论。本文希冀于为安徽省中小上市企业完善内部资本结构、 提高融资效率水平、促进安徽省融资市场有序发展给出一些参考建 议,最终为促进安徽省中小上市企业的健康成长提供一点帮助。本文 的结论是安徽省中小上市企业融资效率整体不佳,要解决这个问题, 需要企业本身、银行、政府机关、和全社会的齐心协力,共度难关。 【英文摘要】SMEs are the most contemporary economic development in the hope that the most promising of the most active force. At the end of 2008, Anhui Province, about 146,000 SMEs, accounting for 99% of the total enterprises in the province. The province has 80% of workers in SMEs employment. To rise from the central Anhui Province, to grow and develop SMEs, Enterprises have to develop and achieve their goals.You need enough money to support. Funding is essential for business growth of blood, all acts of business activities, we need sufficient capital to achieve. This involves the financing of the enterprise. The financing is the key to the efficiency of the level of financing, financing determines the degree of efficiency and the success of corporate finance.In the small and medium enterprises, the small and medium sized listed companies in Anhui Province only have 25, less than two ten thousandths of the total number of SMEs. Moreover, these SMEs are listed on the GEM companies, accounted for nearly 20% of the nature of the GEM which are the second board market. Most of the emerging small and medium enterprises, including listed companies, including the Second Board, have set up a short time, high growth.Performance is not outstanding,demanding for capital and other characteristics.Small and medium sized listed companies with high growth have more features and so much destruction, but it also has the necessary funds, short period, smaller, faster development and so on. So for small and medium sized listed companies in Anhui Province, the choice of appropriate means of financing, to find reasonable financing structure, improving the efficiency of financial resources, and ultimately improving the efficiency and level of financing are very feasible and meaningful questions. It has become an urgent problem.This will be full of corporate finance theory and empirical analysis, based on the combination of small and medium sized listed companies in Anhui Province in which the special background, analysis of small and medium sized listed companies in Anhuis financing situation; on financing small and medium sized listed companies and financial efficiency analysis; establishment of DEA models to 25 small and medium listed companies as the research object.It will study each input and output indicators indicator variables corresponding to variable values substituted into the model. Software Deap2.1 will make each variable to calculate the efficiency of financing value.Efficiency value of each financing included in the table, data analysis, conclusion. This hope for the Anhui Province in small and medium enterprises to improve their internal capital market structure and improve the level of financial efficiency.Promoting the orderly development of finance market in Anhui Province are given some suggestions, and ultimately to promote small and medium sized listed companies in Anhui Province for little help of the healthy growth. We conclude that the efficiency of Anhui Province, the overall financing of small and medium sized listed companies are in poor. To solve this problem,It needs the enterprise itself, banks, government agencies, and society work together to tide over the difficulties. 【关键词】中小上市企业 融资现状 融资效率 DEA 【英文关键词】listed SMEs financing situation financing efficiency DEA 【目录】安徽省中小上市企业融资效率研究 摘要 3-4 Abstract 4-5 目录 6-8 第一章 绪论 8-16 一、研究背景和意义 8-9 二、国内外 研究现状 9-12 三、研究内容、方法及基本思路 12-16 第二章 融资效率的相关理论 16-26 一、融资效率的概念界定 16-17 二、中小上市企业融 资效率的影响因素分析 17-23 三、融资效率研究的相 关理论 23-26 第三章 安徽省中小上市企业融资现状 及特征 26-31 一、安徽省中小上市企业融资现状 26-28 二、安徽省中小上市企业融资特点 28-31 第四章 安徽省中小上市企业融资效率的实证分析 31-47 一、融资效率评价的 DEA 模型构建 31-33 二、评价指 标的确定及数据选取 33-40 三、安徽省中小上市企业 融资效率评价实证过程 40-47 第五章 提高安徽省中 小上市企业融资效率的政策建议 47-53 一、创立投资 者权益保护协会,加强中小投资者教育 47-48 二、优 化融资结构,提高安徽省融资效率 48 三、中央银行有 效引导商业银