摘要
我国新三板市场快速发展,中小企业融资渠道进一步拓宽,其在新三板市场的融资效率也备受关注。采用三阶段DEA模型对其融资效率进行比较研究,结果显示,剔除环境变量并调整投入值后测度得到第三阶段效率值,更能准确反映新三板企业的融资效率。中小企业在新三板的融资效率低下主要受投入产出不合理所致的规模效率偏低的影响。
With the rapid development of China＇s new OTC market, the financing channels for small and medium-sized enterprises have been broadened accordingly. The financing efficiency in the new OTC market also attracts much attention. This pa- per makes a comparative study on the financing efficiency of the three stage DEA model. Results show that eliminating the environmental variables and adjusting the input value after the measurement of the efficiency of the third stage can accurately refleet the financing efficiency of the new OTC enterprises. The low financing efficiency of small and medium-sized enterprises in the new OTC market is mainly affected by the low scale efficiency caused by the unreasonable input and output.
出处
《审计与经济研究》
CSSCI
北大核心
2017年第3期78-86,共9页
Journal of Audit & Economics
基金
国家社会科学基金项目(15BGL051)
审计署重点科研课题(15SJ01001)
天津市财政局重点会计科研项目(kjkyxm152801)
关键词
中小企业
新三板市场
融资效率
DEA分析
资本市场体系
企业融资
定向增发
股权质押融资
并购
重组
SMEs
new OTC market
financing efficiency
DEA analysis
capital market system
enterprise financing
private placement
equity pledge financing
M ＆ A regrouping
