【作者】 张军；

【导师】 何喜有；

【作者基本信息】 复旦大学 ， 金融（专业学位）， 2014， 硕士

【摘要】 我国是海洋大国,有巨大的资源优势和发展潜力,但还不是海洋强国。进入21世纪以来,伴随中国经济发展和资源需求的增长,政府加大了海洋经济的发展力度,海洋产业已经逐渐成长为我国国民经济新的增长点。在市场经济中,企业要想生存、发展壮大必须要有足够的资金支撑。然而部分企业因为资金短缺必须要考虑资金的来源问题。随着金融行业在广度和深度的发展,企业的融资方式越来越多元化。目前主要的融资方式有使用自有资金、通过发行股票融资、发行债券来融资和海外融资。但是我国的上市公司普遍偏好股权融资。金融资本是任何一个行业发展的血液,在海洋经济中也是必不可少的。它是推动海洋产业发展的主导力量。其中的股权融资是海洋产业公司中非常重要的融资渠道。股权融资所得资金是权益资本,不需要返还股本,更没有必须支付股息的要求,这也就不需要抵押、质押和担保。这增加了公司可使用的现金流,也提高了公司的营运能力；同时公司的抗风险能力也大大增加。公司的决策层可以投资于一些高风险但是未来有高额现金流的项目。但是目前我国股票市场的发展水平还没有达到发达国家的水平,普通投资者投机性比较高,股票融资门槛较高,并且一些企业在股权融资后对资金的使用效率不高。所以本文的研究内容海洋产业股权融资效率是有一定的现实意义。本文首先选取30家韩国海洋产业上市公司,代表性指标为股权融资额、资产负债率、主营业务收入增长率和托宾Q值,同时选取了34家中国海洋产业上市公司,代表性指标为股权融资净总额、股权集中度、股票非流通度、资产负债率、主营业务收入增长率、净资产收益率、托宾Q值。然后采用DEA模型对上述指标进行分析,得出中国相关企业的股权融资效率高于韩国。最后在此基础上比较两国间的股权融资效率以帮助中国企业借鉴韩国企业在股权融资方面的有益经验。近年来,中国海洋经济以持续高于同期国民经济的增速发展,海洋经济总量不断扩大。越来越多的学者参与到海洋产业的研究中。但是对海洋产业股权融资方面的研究并不多见。本文的研究有助于增加对股权融资效率的理解。本文的不足之处有：首先,对于海洋产业还有很多角度需要研究,例如上市公司债券融资效率的比较研究,融资方式的综合比较研究,本文只选取了股权融资效率作为研究对象。其次,由于数据获取的渠道有限,所选取的公司并非完全代表了本国海洋产业。再者,选取韩国作对比研究,而日本、美国等国家在海洋产业方面也非常发达,在以后的研究中应该扩大研究范围。更多还原

【Abstract】 China is a maritime country with huge resources and potential for development, but not a marine power in the 21st century. With the growth of China’s economic development and resource demand, the government has increased efforts to develop marine economy. A historical task with strategic significance is the exploitation of marine resources, development of marine economy and construction of marine economic powerful nation.In a market economy, enterprises must be supported by sufficient funds in order to survive, grow and develop. However, some enterprises must consider financing because of lack of funds. The major forms of financing are internal financing, equity financing, debt financing, foreign financing. Equity financing is a major financing mode of Chinese Enterprises.Financial capital in the development of marine economy plays an important role as a leading force in promoting the development of marine industry. Equity financing is one of the marine industry’s important financingchannels. Stock-right financing predilection oflisted com panies in china is common. Comparing to other financing, equity financing has its own advantages:equity capital is absorbed with no mortgage, pledge, guarantee, small equity return and dividend expense pressure. In addition, equity financing enhances the ability to resist risks. Besides, the Chinese stock market is still not perfect, Andequity financing fundsin some companies are not used effectively. So research on marine industry equity financingof this article is a certain degree of practical significance.The main body of the paper is:firstly,30 listed marine-industry companies in Korea are selected, the representative indicators are the amount of equity financing, asset-liability ratio, growth rate of main business income and Tobin’s Q. While 34 listed companies of same industry were chosen, the representative indicators are total net equity financing, ownership concentration, the degree of non-tradable shares, asset-liability ratio, the main business income growth, ROE, Tobin’s Q value. Secondly, DEA model was used to-analyze the Equity Financing Efficiency between companies both in China and Korea. The result is equity financing efficiencyof Chinese enterprises is higher than Korean enterprises, and results of comparative study ofequity financing efficiency between the two countries is helpful for Chinese enterprises to learn from the useful experience of Korean companies infinancing options.In recent years, China’s marine economy has continued to outpace the growth rate of the same period in the development of the national economy, the total marine economy continues to expand. More and more scholars involved in the study of marine industries. But the study of financing options is rare in marine industry. This study will help to understand how to increase the efficiency of the equity financing better.Inadequacies of this paper are:Firstly, there are many ways to study the marine industry including a comparative study of bond financing efficiency of listed companies, comprehensive financing methods, this paper is aimed to study equity financing efficiency.Secondly, the selected companies are not fully representative of the whole marine industrydue to the limited data acquisition channels.Thirdly, marine industry is also very developedin some countries like Japan and United States. But Korea is the only country selected for comparison studies, while more relevant countries should be included in the in future studies.更多还原