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  本文關(guān)鍵詞：中小企業(yè)私募債券融資效率研究　出處：《云南師范大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 中小企業(yè)私募債券 融資效率 數(shù)據(jù)包絡(luò)分析

【摘要】：薩繆爾森說過：“到目前為止，我們一直暗含著這樣的假定，即經(jīng)濟是處在生產(chǎn)可能性邊緣上的，經(jīng)濟運行是有效率的。”中小企業(yè)私募債券作為最新金融創(chuàng)新產(chǎn)品，擴大了中小企業(yè)的融資渠道，解決了部分企業(yè)的融資難題，但部分中小企業(yè)因為各種原因付出了巨大的融資成本才得以順利發(fā)行債券，中小企業(yè)私募債券的融資效率是他們要關(guān)注的問題。另一方面，中小企業(yè)私募債券融資效率的高低關(guān)乎著其未來的發(fā)展，只有提高融資效率，才能吸引更多的企業(yè)運用這一金融工具，增強中小企業(yè)私募債券的生命力。 本文采用理論與實證，，定性與定量相結(jié)合的方法，首先界定“融資”與“融資效率”的概念，對中小企業(yè)融資理論，中小企業(yè)私募債券融資效率的理論以及中小企業(yè)私募債券進行了介紹，其次分析了中小企業(yè)私募債券融資效率的主要影響因素，包括融資成本、資金利用率、融資風(fēng)險、融資機制的規(guī)范程度、融資主體的自由度以及資金清償能力。然后構(gòu)建了中小企業(yè)私募債券融資效率的評價模型，并根據(jù)對融資效率影響因素的分析建立了融資效率的評價指標體系，接著選取了30家發(fā)行中小企業(yè)私募債券的公司，運用DEA模型對中小企業(yè)私募債券融資效率進行實證分析，從純技術(shù)效率和規(guī)模效率兩個角度得出中小企業(yè)私募債券融資效率不高的結(jié)論。最后給出提高中小企業(yè)私募債券融資效率的對策建議，通過控制融資成本、健全企業(yè)管理制度、完善中小企業(yè)信用擔(dān)保體系、建立良好的融資環(huán)境等方面來提高中小企業(yè)私募債券的融資效率，以促進中小企業(yè)私募債券更好的發(fā)展。
[Abstract]:Samuelson said: "so far, we have implied the assumption, that the economy is on the edge of production possibilities curve, economic operation is efficient." the SME private bonds as a new financial product innovation, expand the financing channels for SMEs, to solve the financing problem of the enterprise, but some small enterprise for various reasons to pay the huge cost of financing to smooth the issuance of bonds, the financing efficiency of private SMEs bonds is that they should pay close attention to the problem. On the other hand, the efficiency of private bond financing of small and medium-sized enterprises directly relates to its future development, only to improve the financing efficiency, in order to attract more enterprises to use the financial instruments small and medium-sized enterprises, enhance private bond vitality.
This paper uses theoretical and empirical, qualitative and quantitative method, defines the concept of "financing" and "financing efficiency, financing theory of small and medium-sized enterprises, the efficiency of private SMEs bond financing theory and the SME private bonds are introduced, secondly analyzes the main influencing factors of the efficiency of private bond financing of small and medium sized enterprises, including financing cost, fund utilization, financing risk, standardization of financing mechanism, financing subject freedom and financial solvency. Then construct the evaluation model of the efficiency of private bond financing of small and medium-sized enterprises, and based on the analysis of the factors influencing the financing efficiency of established financing efficiency evaluation index system, and then selected 30 the issue of small and medium sized enterprise private bond company, using the DEA model empirical analysis on the efficiency of private bond financing of small and medium-sized enterprises, from the pure technical efficiency and scale Two angles of efficiency that small and medium-sized enterprises private bond financing efficiency is not high. Conclusion the final suggestions are given to improve the efficiency of private bond financing of small and medium-sized enterprises, through the control of financing costs, improve enterprise management system, improve the credit guarantee system of small and medium-sized enterprises, establish a good financing environment to improve the financing efficiency of small and medium-sized enterprises to private bonds. To promote the development of private SMEs bonds better.

【學(xué)位授予單位】：云南師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F276.3;F832.51

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