[1]金 辉,黄 珏,冯红霞.新三板企业融资方式与融资效率的关系研究[J].金融教育研究,2019,(03):46-52.
　JIN Hui,HUANG Jue,FENG Hongxia.Relation Analysis between Financing Method and Financing Efficiency of Enterprises in NEEQ Market[J].,2019,(03):46-52.
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新三板企业融资方式与融资效率的关系研究()
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《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2019年03期
页码:
46-52
栏目:
金融论坛
出版日期:
2019-06-10

文章信息/Info

Title:
Relation Analysis between Financing Method and Financing Efficiency of Enterprises in NEEQ Market
文章编号:
2095-0098(2019)03-0046-07
作者:
金 辉;  黄 珏;  冯红霞
杭州电子科技大学 经济学院,浙江 杭州 310018
Author(s):
JIN Hui;  HUANG Jue;  FENG Hongxia
School of Economics,Hangzhou Dianzi University,Hangzhou,Zhejiang 310018,China
关键词:
新三板企业;  融资效率;  融资方式;  面板数据模型
Keywords:
enterprises listed in NEEQ;  financing efficiency;  financing method;  panel data model
分类号:
F830.91
文献标志码:
A
摘要:
新三板拓宽了中小企业的直接融资渠道,市场融资功能不断增强,但其融资效率及融资方式选择问题引发关注。因此,从融资结构的角度分析融资方式的选择对挂牌企业融资效率的影响作用,有助于引导新三板企业的融资方式选择,改善其融资效果,促进新三板市场的稳定发展。选取2011年前在我国新三板市场挂牌的企业样本,采用二阶段DEA模型分析新三板企业的融资效率,以总体融资的综合效率值表示融资效率,资产负债率表示融资方式,运用面板数据模型分析融资方式与融资效率之间的关系。实证结果表明:资产负债率与融资效率呈显著的负相关关系,说明新三板企业降低债务规模或扩大股权融资有利于提高其融资效率。
Abstract:
While the NEEQ market enhances its financing function broadening the direct financing channels for SMEs,its financing efficiency related to the choice of financing methods have aroused concern.Therefore,the analysis of influence of the choice of financing methods on the financing efficiency from the perspective of financing structure,helps to guide the financing options of the enterprises listed in NEEQ market and improve their financing effects,which in turn promotes the stably development of NEEQ market.With samples of enterprises in NEEQ listed before 2011,the financing efficiency is evaluated based on two stage DEA model,the comprehensive efficiency value of the overall financing is used to represent the financing efficiency,and the asset-liability ratio is used to represent the financing method,and the relationship between the financing method and the financing efficiency is analyzed by panel data model.Empirical results show that there is a significant negative correlation between the asset-liability ratios and financing efficiency,which indicates that either the reduction of debt financing or the expansion of equity financing of enterprises listed in NEEQ would be conducive to improve the financing efficiency.

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备注/Memo

备注/Memo:
收稿日期:2019-01-03
基金项目:国家社科基金一般项目(17BJY233); 浙江省哲学社会科学重点研究基地课题(16JDGH109); 杭州电子科技大学研究生科研创新基金(CXJJ201809)
作者简介:金 辉(1968-),女,浙江杭州人,博士,副教授,研究方向为金融工程。
更新日期/Last Update: 2019-06-10