我国创业板不同地区上市公司的融资效率对比研究

A Comparative Study of Financing Efficiency of Listed Companies on Growth Enterprise Board in Different Regions in China

通过总结国内外学者关于创业板上市公司融资效率的研究成果,选取2011年12月31日前在我国创业板市场上市的281家公司为样本,收集整理我国各地区创业板上市公司2010及2011年的财务数据,建立投入与产出的指标体系,运用数据包络分析法对我国创业板不同地区上市公司的融资效率进行测度,实证分析表明我国创业板上市公司融资效率普遍偏低,各地区差异较大。最后,结合我国创业板上市公司发展的特征,提出完善创业板监管制度、加强金融机构对企业的融资服务及加大扶持欠发达地区创新性企业的力度的建议。

By summarizing the scholars＇ research results of financing efficiency of listed companies on Growth Enterprise Board at home and abroad, the article made a case study of 281 listed companies on Growth Enterprise Board in China before Dec. 31, 2011. It collected the financing data of listed companies on Growth Enterprise Board in different regions in China in 2010 and 2011, established an indicator system of input and output, and estimated the financing efficiency of listed companies with DEA method. The results showed that the financing efficiency of listed companies on Growth Enterprise Board was generally low, and there was a great difference among listed companies in different regions in China. Finally, based on the features of listed companies on Growth Enterprise Board in China, the article put forward some suggestions about improving supervisory system of Growth Enterprise Board, strengthening financial institution＇ s service to enterprise, and increasing support to innovative enterprise in underdeveloped regions.