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摘要2009年10月30日，我国资本市场期盼已久的创业板在深交所正式开板交易。创业板市场是我国多层次资本市场的重要组成部分，以创新型的中小企业为主要服务对象，为其提供融资平台，在一定程度上缓解中小企业融资难的现状。创业板市场的快速发展，有效地推动了创业企业、创业投资和战略性新兴产业的发展，为推动国民经济的发展做出了巨大的贡献。但与此同时，创业板市场也存在着许多不可忽视的问题。例如，超募资金闲置现象普遍；上市公司业绩“变脸”；高官离职和高官套现频繁发生等等。创业板市场所出现的大部分问题，在一定程度上反映出创业板上市公司的融资效率低下。这一问题不仅会制约创业板上市公司自身的成长，损害广大中小股东的利益，而且还会导致社会资源配置的极大浪费和低效运行，进而影响我国产业结构的升级以及经济持续稳定的发展。20911
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上述问题的存在表明：创业板上市公司融资效率问题严重，亟待解决。本论文在相关理论研究的基础上，采用DEA方法对创业板上市公司融资效率进行实证分析。研究表明，我国创业板上市公司融资效率较低。
关键词 创业板上市公司 融资效率 DEA
毕业论文外文摘要
Title An Empirical Study of GEM Listed Companies’ Financing Efficiency
Abstract
October 30, 2009, the GEM board long-awaited by China’s capital market opened in the Shenzhen Stock Exchange Trading. GEM is an important part of the multi-level capital market, mainly to provide financing to innovative SMEs to solve their financing difficulties. Rapid development of the GEM effectively promoted the development of the start-ups, venture capital and strategic industries and made tremendous contributions to the national economy. At the same time, the GEM market also has many problems. For example, idle funds over widespread, the results changed, leaving of senior officials and senior officials made cash out. Most problems of the GEM reflected the financing inefficient. The problems will not only restrict the growth to the listed companies on GEM, damage the interests of minority shareholders, but also lead to the social resources waste and inefficient operation, thereby affecting the upgrading of industrial structure and the sustained and stable economic development.
The problems above showed: the financing efficiency of GEM is serious. The study based on the theoretical research, used DEA to empirically analyze financing efficiency of listed companies on GEM. Study shows that the financing efficiency of listed companies on GEM is lower.
Keywords financing efficiency GEM listed companies DEA
目 次
1 引言 1
2 融资效率的相关理论 2
2.1 融资效率的概念 2
2.2 融资方式的类型 3
2.3 融资效率评价的理论基础 4
3 创业版上市公司融资效率的研究综述 6
3.1 国外研究现状 6
3.2 国内研究现状 7
4 研究设计 8
4.1 数据包络分析模型(DEA) 8
4.2 样本来源 9
4.3 评价指标的选取 9
4.4 数据处理 10
5 实证分析 11
5.1 DEA模型分析 11