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中小企业融资问题研究——以河南省新三板企业为例
[摘 要]中小企业是我国社会主义市场经济的重要组成部分，但是中小企业融资问
题是一个长期存在且制约其发展的最大瓶颈。新三板市场给我国中小企业，尤其是一些
科技型、创新型企业的融资提供了平台。新三板自2013年以来发展迅速，挂牌企业数
量出现井喷式增长，新三板融资额度也随之攀升。但新三板近2年来也面临市场低迷的
困境，挂牌企业融资效率走低。
本文从中小企业的融资理论出发，以我国新三板市场的发展为背景，分析了新三板
市场融资影响因素，阐述了新三板市场的发展现状和融资现状。随后以河南省的新三板
挂牌企业为例，对比分析了河南省新三板企业融资状况及问题。最后，本文对提高河南
省新三板挂牌企业融资效率，以及完善新三板市场建设方面提出了相关建议。
[关键词]中小企业；新三板；融资
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Research on SME Financing——take the NEEQ enterprises of
Henan Province for example
Abstract: Small and medium enterprises (SME) are an important part of China's
socialist market economy, but the financing problem of SME is a long-term bottleneck that
restricts its development. The NEEQ market provides a platform for China's SMEs, especially
some technology-based and innovative companies. The NEEQ market has developed rapidly
since 2013, and the number of listed companies has increased steadily, and the amount of
financing has also increased. However, in the past two years, the NEEQ has also faced the
dilemma of the market downturn, and the listed companies have lowered their financing
efficiency.
Based on the financing theory of SME, this paper analyzes the factors affecting the
financing of NEEQ market in the context of the development of NEEQ market, and expounds
the development status and financing status of NEEQ market. Then, taking the listing of
NEEQ in Henan Province as an example, Compare and analyze the financing status and
problems. Finally, this paper puts forward relevant suggestions for improving the financing
efficiency of the listed companies in Henan Province, and improving the construction of
NEEQ.
Key words: SME; NEEQ; Financing
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目录
1 绪论 ...................................................................................................................................... 5
1.1 研究背景 ...................................................................................................................... 5
1.2 研究目的 ...................................................................................................................... 5
1.3 研究意义 ...................................................................................................................... 5
1.3 国内外研究现状 ........................................................................................................ 6
1.3.1 国外研究现状 .................................................................................................... 6
1.3.2 国内研究现状 .................................................................................................... 6
1.4 研究内容与方法 ........................................................................................................ 7
1.4.1 研究内容 .......................................................................................................... 7
1.4.2 研究方法 .......................................................................................................... 7
2 我国新三板市场融资现状 .................................................................................................. 8
2.1 我国新三板市场发展概况 ........................................................................................ 8
2.1.1 新三板的概念 .................................................................................................... 8
2.1.2 新三板的特点 .................................................................................................... 8
2.1.3 新三板挂牌企业数量持续增长 ........................................................................ 8
2.2 新三板上市公司融资现状 ........................................................................................ 9
2.2.1 挂牌融资企业的数量和规模 ............................................................................ 9
2.2.2 挂牌融资企业的行业分布特征 ........................................................................ 9
2.3 新三板挂牌企业融资存在的问题 .......................................................................... 10
2.3.1 融资功能的行业分化严重 .............................................................................. 10
2.3.2 新三板交易规模小、流动性差 ...................................................................... 10
2.3.2 转板制度不完善 .............................................................................................. 10
3 新三板市场对挂牌企业的融资效率影响 ........................................................................ 11
3.1 对企业直接融资的影响 ............................................................................................ 11
3.1.1 为企业提供融资平台 ...................................................................................... 11
3.1.2 提高内部治理水平和规范程度 ...................................................................... 11
3.1.3 引入战略投资人等风险投资基金 .................................................................. 11
3.2 对企业间接融资的影响 .......................................................................................... 12
4 河南省新三板企业的融资效率 ........................................................................................ 12
4.1 河南省新三板挂牌企业现状 .................................................................................. 12
4.1.1 地区分布 .......................................................................................................... 12
4.1.2 行业分布 .......................................................................................................... 13
4.2 河南省新三板企业的融资现状 ................................................................................ 13
4.2.1 融资次数和规模 .............................................................................................. 13
4.2.2 融资效率不高的原因分析 .............................................................................. 14
5 结论及建议 ........................................................................................................................ 14
5.1 研究结论 .................................................................................................................. 14
5.2 提高河南省新三板企业融资效率的建议 .............................................................. 15
5.2.1 提升企业核心竞争力 ...................................................................................... 15
5.2.2 创新融资形式 .................................................................................................. 15
