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1、摘 要 I 论文题目： 基于股权融资视角的上市公司融资效率分析 论文题目： 基于股权融资视角的上市公司融资效率分析 -河南案例实证研究 -河南案例实证研究 专 业： 技术经济及管理 专 业： 技术经济及管理 研 究 生： 张 欢 研 究 生： 张 欢 指导教师： 张宏山、高 斌 指导教师： 张宏山、高 斌 摘 要 摘 要 2008 年河南省上市公司数量在国内沪深上市已达到 38 家，股票市值已达3400 多亿元，对河南省经济快速稳定的增长起着巨大的推动作用。然而，由于受体制、机制、环境等多种因素的影响，相当一批河南省上市公司盈利能力不强，股权融资方式单一，融资效率不高，甚至被迫被多次收购重组，
2、严重制约了其健康稳定发展。因此，从股权融资角度研究河南省上市公司的融资效率，分析影响河南省上市公司融资效率的因素，剖析河南省上市公司的融资结构，融资方式和融资成本等问题是极富研究价值的课题，有利于有关部门采取相关的对策，提高河南省上市公司的融资效率和融资能力，增加河南省上市公司发展所需的营运资金，最终提高河南省上市公司发展潜力，带动河南乃至整个中部地区经济的振兴和繁荣发展。 本文从微观角度出发，首先在总结国内外理论和研究文献的基础上，对融资效率的各种研究观点进行梳理与分析，确立本文研究上市公司融资效率的涵义。然后结合融资理论，效率理论等将股权融资与债权融资、内源融资进行了比较，归纳出股权融资方
3、式的特点。然后在以上理论的基础上，对河南省上市公司融资状况进行分析和研究，指出影响河南省上市公司融资效率的因素。再依据当前河南省上市公司所处的环境，从上证指数中选出河南上市公司的样本，用数据包络分析法建立 DEA 模型，建立指标，进行实证分析，最后得出结论并提出对策与改进意见。论文的创新点有两点： 1.论文以企业融资效率为中心，在相关理论的基础上，结合企业融资效率相关的因素：外部因素，内部因素，融资成本等，构建了一个比较完整的研究融资效率的方法。 2.建立了研究河南省上市公司股权融资效率的评价指标体系，从定性的角度对一些指标进行了定义，并对指标进行了解释和阐述。利用 DEA 方法对河南省上市公
4、司的股权融资效率进行了实证分析，根据分析结果，提出了建议和意见。 摘要 II 关 键 词：关 键 词：上市公司，融资效率，DEA 模型，股权融资 论文类型：论文类型：应用研究 摘要 III Subject: The analysis of the listed companies financing efficiency, which based on the eruity financing perspective Specialty: -An empirical study of the case of Henan province Name: Zhanghuan Supervisor:
5、Zhanghongshan、Gaobin ABSTRACT The number of the listed companies in Henan Province,which listed on the Shanghai and Shenzhen stock market in 2008 has been reached 38,and the value of the stock market has reached more than 3400 billion yuan,which plays a huge role in rapidly promoting the economic gr
6、owth and stability of the Henan province.However, due to the effect of the structure、mechanism、environment and other factors,the profitability of a considerable number of Henan listed companies is not strong, has a single equity financing and financing efficiency is not high, and even be forced to b
7、e re-bought for several times,which has seriously restricted their healthy and stable development.Therefore, studing the efficiency of financing of the listed companies in Henan Province from a perspective of stock market,and analysis the factors of the financing efficiency、the structure of the fina
8、ncial listed companies,financing methods and financing cost is in great value,which enable the relevant departments to take a relevant tactics.and make the listed companies in Henan Province to enhance their financing efficiency and financing capabilities,also increasing their capital of developing
9、and necessary working,and ultimately improving the development potential of the listed company in Henan Province, promoting the economic revitalization and prosperity development of Henan Province and also the whole central region. This paper studyed in micro-perspective,which firstly summing up the
10、 theoretical and research literature at home and abroad,analysing the variety of research perspectives based on the efficiency of financing,establishing the meaning of the efficiency financing of listed companies.Reviewing the characteristics of equity financing、debt financing and the source of fina
11、ncing within their own after combine the finance theory and the efficiency theory,summing up the financing characteristics of listed companies.Then studyed the financing situation of the listed companies in Henan Province,conducting the factors of financing efficiency,which based on the above theori
12、es.And then based on the current environment of the listed company in 摘要 IV Henan Province,selecting the sample of the listed companies from Shanghai index, establishing the DEA model by using the data envelopment analysis,and establishing the indicators、empirical the analysis, and finally draw a co
13、nclusions and propose some measures and some views of improvement.The paper has two innovation points: 1.this paper take the efficiency of corporate finance as the center, on the basis of relevant theories,combined with the related efficiency of corporate finance factors: external factors,internal f
14、actors, financing costs, to build a relatively complete study of the financing efficiency. 2.building a evaluation index system study of the efficiency of the listed companies equity financing in Henan,defined some of the indicators from a qualitative point of view,explained and elaborated the indic
15、ators.using DEA method to analysis the equity financing efficiency of listed companies in Henan Province,with the results of the analysis,put forward out of suggestions and comments. KEY WORDS: Listed companies, Efficiency of finance, DEA model, Equity financing Dissertation Type: The application research 缩略语词汇表 52 缩略语词汇表
