【作者】 杨光；

【导师】 戴志敏；

【作者基本信息】 浙江大学 ， 工程硕士（专业学位）， 2018， 硕士

【摘要】 随着我国“十三五”规划的推进,我国正稳步推进产业转型升级,经济发展从制造业逐渐向第三产业发展,科技、创新等词汇轰然出现在社会生活中。然而中小企业融资难问题一直是我国难以解决的病根,新三板作为融资场所可以针对性地治理融资难问题。通过对新三板挂牌中小企业融资效率的研究,本文检验了新三板市场作为企业融资渠道的有效性,并对提出相应的经营和政策建议。本文基于国内外学术界的融资效率理论,在对新三板市场现状进行分析的基础上,利用DEA数据包络分析法的实证研究方法对我国新三板挂牌企业融资效率进行了较为全面的研究,得出以下结论:我国新三板市场融资效率整体偏低,但近三年呈现融资效率稳步提高的趋势;新三板挂牌企业绝大多数处于融资规模过小,规模报酬递增状态;创新层企业融资效率偏低,融资规模过小。我国融资效率较高的行业主要是信息技术、金融、非日常消费品等新产业,文章还定性地分析了出现以上现象的原因。基于上述的研究结论,为了发挥新三板的融资功能,提高新三板企业融资效率,本文对新三板挂牌企业的经营和政策提出了建议,认为创新、拓宽融资渠道、完善治理结构、提高盈利能力是对企业自身提高融资效率的有效策略;我国政府可以对中小创新型企业加以政策支持,增强新三板流动性,同时,新三板应当进一步做好市场分层制度和加大监管力度,落实信息披露。更多还原

【Abstract】 With the introduction of the "13th Five-Year" plan,China is steadily advancing the industrial transformation and upgrading.The economic development has gradually developed from the manufacturing industry to the third industry,and the vocabulary of science and technology and innovation has emerged in the social life.However,the financing difficulty of SMEs has always been the root of China’s difficult to solve.The new three boards as a financing platform can manage financing problems pertinent.Through the study of the financing efficiency of the new three board listed SMEs,this paper can test the effectiveness of the new three boards as the financing platform,and put forward the corresponding management and policy suggestions.Based on the theory of financing efficiency in domestic and foreign academic circles,the paper analyses the current situation of the NEEQ,it studies the financing efficiency of the NEEQ listed enterprises in China by using DEA data envelopment analysis method.and draws the following conclusions:the financing efficiency of the new three board market in China is low,but in the three year,the financing efficiency has been steadily increasing;the vast majority of the new three board listed companies are in a state of small financing scale.In the innovation layer,the financing efficiency of enterprises is low and the scale of financing is too small.The industries with higher financing efficiency are mainly new industries such as information technology,finance and non daily consumer goods,and the reasons for the above phenomena are qualitatively analyzed.Based on the above conclusions,in order to give full play to the financing function of the new three board and improve the financing efficiency of the new three board enterprises,this paper puts forward some suggestions on the management and policy of the new three board listed companies.It is considered that innovation,widening the financing channels,improving the governance structure and improving the profitability are the effective strategies to improve the financing efficiency of the enterprises themselves.The government can provide policy support to small and medium-sized innovative enterprises and enhance the liquidity of the new three boards.At the same time,the new three boards should further improve the system of market stratification and strengthen supervision and implement information disclosure.更多还原