中小企业新三板融资问题研究.docVIP

PAGE PAGE 45 中小企业新三板融资问题研究 摘要 中小企业是我国国民经济发展中的重要力量，但是，由于各方面原因，中小企业融资困难已成为一个不争的事实，也成为影响其发展的重大瓶颈。为了促进中小企业的蓬勃发展，解决中小企业融资难题，无疑是当务之急。 除了政府政策支持，市场力量才是持续永久的解决之道。新三板作为中国多层次资本市场的重要组成部分，它的诞生，以政府之手，引入市场力量，为中小企业开辟了一条新的融资渠道，也为中小企业解决融资难题带来了希望。 本文对我国新三板市场的现状及其对中小企业融资所起的作用和所存的局限性进行研究。文章在一开始先概括介绍中小企业融资困难的现状，由此引出解决中小企业融资困境的方案之一——建设多层次资本市场。在多层次资本市场中选取新三板市场进行研究。概括介绍新三板的发展历程、功能定位、交易制度、发展现状等，重点研究中小企业在新三板的交易状况、融资状况和转板状况。从wind数据库、东财富choice数据库中收集数据，利用描述性统计分析，分别从挂牌数量、挂牌企业行业分布、区域分布、挂牌企业成交量、定向增资规模、新三板挂牌企业转板情况等不同角度论述、分析了中小企业在新三板市场的融资现状以及目前新三板对中小企业融资所起到的作用。 研究发现，新三板为中小企业进入资本市场打开了一个通道，拓宽了中小企业的融资渠道。新三板在全国扩容后，短短两年内便挂牌企业数量剧增，成交量、交易额以及增发额也不断上升。但是目前看来，新三板对中小企业所起的融资作用还不尽人意。市场流动性差、交易活跃度不足、转板机制不完善等等，都妨碍了新三板对其融资作用的充分发挥。 针对新三板目前所存在的不足之处，本文提出了改进建议，以期新三板能更好的发挥它的融资作用，真正成为中小企业的融资沃土，使中小企业的融资难题得以解决。 关键词：新三板；中小企业；融资 ABSTRACT The small and medium-sized enterprise?is an important carrier of the implementation of public entrepreneurship, innovation,?is an important force in the development of Chinas national economy,?it has an irreplaceable role in increasing employment, promoting economic growth, scientific and technological innovation and social harmony and stability, it has an important strategic significance to the national economy and the social development. But, due to various reasons,?the financing difficulties of small and medium-sized enterprises?have become an indisputable fact, has also become a major bottleneck affecting its development. In order to?promote the vigorous development of small and medium-sized enterprises,?to solve the financing problem of small and medium-sized enterprises,?is undoubtedly a priority. In addition to government policy support, market forces are the permanent solution. New third board as an important component of the multi-level capital market in China, its birth, in the hands of the government, the introduction of market forces, has opened up a new financing channels for small and medium-sized enterprises, but also brings hope?for small and medium-sized enterprises to sol