区域金融生态环境对“新三板”上市企业融资影响分析

Analysis of Influence of Financial Ecological Environment on the Financing of "New Third Board" Enterprises

全国中小企业股份转让系统("新三板"市场)作为我国丰富多层次资本市场的重要平台,开辟了"小微企业"的筹资新渠道。我国作为一个大国经济主体,金融生态环境具有明显的地区差异性,直接影响了地区融资的数量和质量。本文以金融生态理论为基石,从政府治理、经济基础、金融发展、制度与诚信文化四个维度,利用"洼地效应",通过构建回归模型得出结论并提出相应的对策建议。最后提出"新三板"企业要更好地发挥其促进融资的作用,必须利用好地区金融生态环境特征,构建"股权众筹+新三板"模式。

As an important platform for China’s rich multi-level capital market,the"new third board"market(National Equities Exchange and Quotations)has opened up a new financing channel for"small and micro enterprises".As a large economy,China’s regional financial ecological environment presents obvious regional differences,which lead to the differences in financial conditions,and directly affect the availability and cost of financing in different cities.Based on the theory of financial ecology,this paper draws conclusions from the four dimensions of government governance,economic foundation,financial development,institution and integrity culture,and makes use of the"depression effect"to construct a regression model and put forward corresponding countermeasures and suggestions.Finally,it is proposed that"new third board"enterprises must make good use of the characteristics of regional financial ecological environment and construct the"Equity crowdfunding+new third board"mode in order to better play their role in promoting financing.