【作者】 唐巍；

【导师】 马巾英；

【作者基本信息】 湖南师范大学 ， 金融（专业学位）， 2020， 硕士

【摘要】 随着我国经济多年的高速增长,下行压力逐渐增加,经济结构失衡问题逐渐显现,投资消费结构趋于不合理,实体经济的发展面临较大的困难,尤其是作为实体经济支撑的中小企业,一直面临着融资难、融资贵和融资渠道狭窄等问题。为帮助企业融资,我国一直在努力建立健全多层次的资本市场,2013年明确了区域性股权市场作为多层次市场中四板市场的地位,区域性股权市场迎来了发展机会。研究区域性股权市场对完善我国资本市场、帮助区域企业融资、促进地区经济发展具有重要意义。随着区域性股权市场的发展,与之相关的研究文献也随之增加。目前研究区域性股权交易市场的文章大多集中在平台建设和政府参与上,而本文从挂牌企业出发,先设计指标对挂牌企业融资效率进行评价,然后在理论分析的基础上引入内部管理者能力因素,来进一步研究企业管理者能力对企业融资效率的影响。本文选取了2015年至2018年期间在湖南股权交易所挂牌并持续进行信息披露的企业作为研究对象,来分析该区域股权交易所挂牌企业的融资效率特征,在此基础上设计回归来研究挂牌企业管理者能力与融资效率之间的关系。结果表明:(1)整体来看,湖南股权交易所挂牌企业融资效率处于弱有效状态,而通过板块划分可以发现,在优选板挂牌的企业融资效率水平要高于标准板,但两者之间的差距随时间推移而减小。(2)湖南股权交易所优选板挂牌企业普遍存在财务费用投入冗余,而标准板挂牌企业则普遍存在所有者权益冗余的情况。(3)湖南股权交易所挂牌企业管理者能力与企业融资效率之间存在倒U型关系。当管理者能力在平衡点之下时,企业融资效率随管理者能力的增加而提高,而管理者能力突破平衡点之后,企业融资效率随管理者能力的增加而降低。(4)管理者能力对企业融资效率的影响在不同挂牌板块之间存在差异。相比于规模和效益较差的标准板企业,在优选板挂牌的企业,管理者能力对企业融资效率的负面影响更容易发生。最后根据本文的研究提出相关的建议。更多还原

【Abstract】 With the rapid growth of the economy for successive years in China,the downward economic pressure has gradually increased,the imbalance of economic structure has progressively emerged.The investment and consumption structure tends to be unreasonable,especially the small and medium enterprises which are supporting the real economy,have always faced problems such as difficult financing,expensive financing and narrow financing channels.To help corporate get fund,China has been working hard to establish and improve a multi-level capital market.In2013,the status of the regional equity market in the four-tier market,which is a multi-level market had been clarified.The regional equity market ushered in development opportunities.The studying of the regional equity market has great significance in improving capital market in China,helping regional enterprises to finance,and promoting regional economic development.With the development of regional equity markets,the related research literature has also increased.Most of the articles currently studying regional equity trading markets focus on platform construction and government participation.From the perspective of listed companies,this article first design indicators to evaluate the listed companies’ financing efficiency,and then introduce the internal manager’s ability factors on the basis of theoretical analysis to further study the impact of the company’s managerial capabilities on the company’s financing efficiency.To analyze the financing efficiency characteristics of listed companies on the regional stock exchange and designs regression to study the relationship between the ability of manager and company financing efficiency,this paper selects the companies listed on the Hunan Stock Exchange from 2015 to 2018 to disclose information as the research object.The results show that:(1)Overall,the financing efficiency of listed companies on the Hunan Stock Exchange is weak,and it can be found by sector division that the financing efficiency level of listed companies on the preferred board is higher than the standard board,but the gap has decreased over time.(2)It is common in Hunan Stock Excha-nge that the company listed on the preferred board are redundant in financial expenses,while standard board listed companies are redundant in ownership.(3)There is an inverted U-shaped relationship between the managerial capabilities of listed companies on the Hunan Stock Exchange and the efficiency of corporate financing.When the manager’s ability is below the equilibrium point,the corporate financing efficiency increases with the increase of the manager’s ability,and after the manager’s ability breaks through the equilibrium point,the corporate financing efficiency decreases with the rise in the manager’s expertise.(4)The influence of the manager’s ability on corporate financing efficiency varies among different listed sectors.Compared with standard board companies with weak scale and efficiency,the negative impact of the managerial capacity of listed companies on the preferred board on corporate financing efficiency is more likely to occur.Finally,relevant suggestions are put forward based on the research in this paper.更多还原