摘要新三板市场作为全国性的股权交易机构，是中国多层次资本市场体系建设的关键一环。2016年初，新三板挂牌家数已超过6000家，研究新三板市场挂牌企业的融资效果不仅可以解决中小企业融资难问题，也可以更好地发挥新三板市场的作用。82893

本文首先概述中小企业的国内背景和融资难表现，回顾了国内外相关文献。其次对新三板市场进行了详细的介绍，同时对中小企业和融资效果等概念做了介绍。第三，就新三板市场下中小企业融资现状进行了统计描述。第四，通过Malmquist模型对新三板市场下中小企业融资效果进行了实证研究，得出新三板市场下挂牌企业融资效果正缓慢改善的结论。最后，提出政策建议，并指出本文的不足之处，为后续研究设定目标和方向。

关键词 中小企业 新三板市场 融资效果

毕 业 论 文 外 文 摘 要

Title  Research on financing effect for small and medium enterprises in new third board market

Abstract As a national equity trading institutions,new third board market is a key to the Chinese multi-level capital market system construction。In early 2016, the new third board market listed more than 6000 enterprises, researching on financing effect of the company which is listed in the new third board market can not only solve the problem of financing difficulties of small and medium-sized enterprises ,but also can make a better use of the new third board market。

This paper outlines the domestic background and the performance of the financing difficulties of small and medium-sized enterprises, reviews the related literature domestic and abroad。Secondly,carrying on the detailed introduction of the new third board market, small and medium-sized enterprises and the financing effect。Third, the present financing situation of small and medium-sized enterprises on the new third board market has shown by the statistical description。Fourth, the empirical research has carried on through the Malmquist model on financing effect of small and medium-sized enterprise in the new third board market。It is concluded that the listed companies’ financing effect under the new third board market come to an slowly improving。Finally, putting forward the policy and drawing a conclusion then pointing out the deficiency of this article, setting a goal and direction for further research。

Keywords  small and medium enterprises,new third board market,financing effect

目   次

1  绪论 1

1。1  研究背景与研究意义 1

1。2  文献综述 2

1。3  研究内容与方法思路 5

2  相关概念介绍 7

2。1  新三板市场发展概况 7

2。2  中小企业基本情况 7

2。3  融资效果 8

3  新三板市场下中小企业融资现状 9

3。1  挂牌企业基本情况分析 9

3。2  挂牌企业成交量 15

3。4  企业价值估值分析 16

3。5  挂牌企业转板分析 17

3。6  企业做市情况 17

4  新三板中小企业融资效果的实证研究 19

4。1  基于DEA的Malmquist模型介绍 19