中小企业融资效率实证研究——基于新三板市场的经验数据.pdf

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1、本文的创新点主要体现在：基于我国资本市场中的新兴场外交易市场一一新三板市场，探究中小企业的融资效率水平。本文通过理论分析和梳理国内外关于融资效率的研宄，根据样本公司的融资效率测评结果，从企业自身这一微观层面和金融体系及政府这一宏观层面提出改进中小企业融资效率的政策建议，强调中小企业发展中新三板市场等新兴资本市场的重要战略意义。关键词：中小企业，新三板，融资效率，数据包络分析ABSTRACTThedevelopmentofsmallandmedium-sizedenterpriseshasbecomea

2、nimportantlinkofeconomicdevelopmentinChina,whichisnotonlythestrongdrivingforcetopromotethesustainabledevelopmentofsocialeconomy,butalsooneofmostimportantaspectsoftheadjustmentofeconomicstructure.InSeptember2011,China'sministryofindustryandinformationtec

3、hnologyreleasedthe"twelfthfive-year”financingway,andstudiedthefinancingefficiencyofdifferentfinancingway,tofindtheoptimalsequencefinancingwaythatwassuitableforenterprisesinourcountry.Targetingtothespecificindextoevaluatethefinancingefficiencyofspecifico

4、bjectofstudyisrare,someonlyexistinginthestudyofaspecificprovinceofsmallandmedium-sizedenterprisefinancingefficiency.Therefore,insuchabigbackground,thispaperchoosesmallandmedium-sizedenterpriseslistedonthenewSanBaninourcountryastheresearchobject;usetheme

5、thodofDEA;evaluatethefinancingefficiencyintheformofspecificindicators.Accordingtothesampleenterprisesfinancingefficiencyvalues,Ianalyzetheresultsandputforwardthecorrespondingpolicyrecommendations,andhopetoactasapositiveroletothedevelopmentofsmallandmedi

6、um-sizedenterprises.Thispapercombinesmethodsofnormativeresearchandempiricalresearch.Firstly,itreasonablyanalyzesalargenumberoftheoreticalandthendetermineswhichDEAmodelissuitabletothispaperbyexploringthedefinitionofthefinancingefficiency,studyingtheaffec

7、tingfactorsofthefinancingefficiencyandevaluatingthemethodofthefinancingefficiency.Thenthispaperconstructsaevaluationindexsystemconsideringfactorswhichaffectthefinancingefficiencyofinputandoutput.Intheprocessoftheempiricalanalysis,thisarticlefirststatesc

8、learlyaboutthetrendofenterprises"numberinthenewSanBanmarketyearbyyear,andthedistributionoftheseenterprises，，Thepaperisdividedintosixparts,andthemajorresearchcontentofthisessayisasfollows:Thefirstpartisanintroduction.Inthissection