摘要小微企业是我国现阶段企业的重要构成部分，但它们大多数都面临着融资难和融资渠道单一的问题。本文阐述了小微企业的融资困境，总结了小微企业的传统与新兴的融资方式，并对近年的小微企业融资环境进行了分析。通过分析近年创业板市场新上市企业数量所占比例和创业板上市企业市盈率变化，以说明我国小微企业融资环境的变化情况。并利用深圳证券市场创业板每日行情统计的市盈率、交易量、创业板指数、成交金额及上市企业市价总值数据，进行协整分析并采用普通最小二乘法对创业板市盈率进行回归分析。随着我国小微企业相关支持政策的出台和新兴融资方式的开发，小微企业融资环境得到明显改善，融资效率有所提高。结果显示市盈率与创业板指数、交易量、成交额和上市公司市价总值间存在长期均衡的关系。26369
关键字 小微企业 融资方式 融资环境
毕业论文外文摘要
Title Changes in Financing Environgment of Small and Micro Enterprise Market
Abstract
Small and micro enterprises are the important part of the present Chinese enterprises, but most of them are faced with the problem of financing difficulty and financing channel sole. This paper expounds the financing difficulties of small and micro enterprises, sums up the traditional and new financing methods, and analyzes the financing environment of small and micro enterprises in recent years. Through the comparative analysis of the number of newly listed companies on GEM market share and companies listed on GEM earnings ratio in recent years, we analysis Chinese small and micro enterprise’s financing environment changes. Then using price-earnings ratio statistics, trading volume, the GEM index, turnover amount and total market capitalization of listed companies of the Shenzhen Stock Exchange weekly GEM market to make cointegration analysis and ordinary least squares regression .Data analysis showed that, with the introduction of support policies and new financing methods, small and micro-enterprises’ financing environment has been significantly improved and financing efficiency has also improved. The results show that there is a long-run equilibrium relationship between earnings and GEM index,trading volume, turnover and total market capitalization of listed companies.
Keywords：small and micro enterprises financing environment financing methods
目 次
1 序言2
1.1 研究背景与意义2
1.2 研究内容与方法2
2 文献综述3
3 小微企业的发展与融资现状4
3.1 小微企业发展现状4
3.2 小微企业融资困境5
3.3 小微企业的主要融资方式5
3.4 小微企业融资方式的创新6
4 小微企业融资环境的变动7
4.1 内部融资环境8
4.2 外部融资环境8
4.3 资本市场 11
5 创业板市场数据分析 10
5.1 统计数据分析 10
5.2 创业板实证分析 12
结论17
致谢19
参考文献20
图表目次
图5.1 创业板新上市企业占比折线图 10
图5.2 创业板成交数量折线图 10
图5.3 创业板股票成交量所占比重折线图 10
图5.4 创业板市盈率变动 11
图5.5 协整检验 13
表5.1 单位根检验 12
表5.2 普通最小二乘估计 13
表5.3 异方差检验 15
表5.4 广义差分法 16 小微企业市场融资环境的变动分析:http://www.751com.cn/jingji/lunwen_20523.html