新三板科技服务企业融资效率与财务风险研究
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摘要
在调查分析我国科技服务企业发展现状的基础上,以248家在新三板挂牌的科技服务企业2015-2017年面板数据为样本,运用三阶段DEA模型和Malmquist指数,从细分行业、归属地区、所属分层、转让方式等多维视角比较融资效率,基于F分数模型分析企业财务风险,并对56家已从新三板退市的科技服务企业及2 336家在区域股权交易中心挂牌的科技服务企业进行研究。结果表明:制约科技服务企业融资有效性的主要因素不再是规模效率,而是纯技术效率;多维视阈下科技服务企业融资效率和财务风险存在诸多差异。进一步研究发现:融资效率与财务风险存在联动关系,但并非所有新三板企业退市都与融资效率或财务状况有关。鉴于此,为深化新三板市场改革、促进科技服务企业可持续成长,提出严控财务风险、深化服务融合、探索创新分层等建议。
Based on the investigation and analysis on current development situation of Technology Service Enterprises(TSE)in China,the panel data of 248 TSE listed in NEEQ board in 2015-2017 was selected to measure Financing Efficiencies(FE),Financing Risks(FR)and the trends of them from multiple perspectives by Three-stage DEA Model with Malmquist Index and F-score Model.Besides,the data of 56 TSE delisted from NEEQ board and 2336 TSE listed in regional stock exchange markets were selected as well to observe the trends of FE and FR.The results indicated that Scale Efficiency was no longer the determinant factor of FE but Pure Technical Efficiency,and there were significant differences among FE and FR of TSE from the perspectives of subdivided trade structure,attribution area,market stratification and transfer method.Further research detected a linkage relationship between FE and FR,however,they were not the only causes of delisting.Based on the comparative results above mentioned,for the purposes of improving the capital market system in China and the development of TSE,this article suggested that control FR strictly,deepen service integration and explore innovative market stratification.
Based on the investigation and analysis on current development situation of Technology Service Enterprises(TSE)in China,the panel data of 248 TSE listed in NEEQ board in 2015-2017 was selected to measure Financing Efficiencies(FE),Financing Risks(FR)and the trends of them from multiple perspectives by Three-stage DEA Model with Malmquist Index and F-score Model.Besides,the data of 56 TSE delisted from NEEQ board and 2336 TSE listed in regional stock exchange markets were selected as well to observe the trends of FE and FR.The results indicated that Scale Efficiency was no longer the determinant factor of FE but Pure Technical Efficiency,and there were significant differences among FE and FR of TSE from the perspectives of subdivided trade structure,attribution area,market stratification and transfer method.Further research detected a linkage relationship between FE and FR,however,they were not the only causes of delisting.Based on the comparative results above mentioned,for the purposes of improving the capital market system in China and the development of TSE,this article suggested that control FR strictly,deepen service integration and explore innovative market stratification.
引文
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[2]科技部.《“十三五”现代服务业科技创新专项规划》解读[EB/OL].(2017-05-16)[2018-07-09].http://www.most.gov.cn/kjbgz/201705/t20170516_132783.htm.
[3]张清正,李国平.中国科技服务业集聚发展及影响因素研究[J].中国软科学,2015(7):75-93.
[4]齐杏发.新三板的发展瓶颈与对策研究[J].管理世界,2017(10):180-181.
[5]沈忱.中小企业在新三板市场融资效率研究---基于三阶段DEA模型定向增发研究[J].审计与经济研究,2017,32(3):78-86.
[6]王维,桂嘉伟,乔朋华.多维视阈下信息技术企业融资效率比较研究[J].科技进步与对策,2017,34(21):141-146.
[7]袁卓苗,王聪,周立群.科技型中小微企业新三板市场融资效率研究---兼析破解科技型中小微企业融资成本高问题路径选择[J].价格理论与实践,2018(1):110-113.
[8]何玉梅,吴莎莎,杨锐.军民融合企业融资效率评价研究---来自四川军民融合上市企业的经验证据[J].科技进步与对策,2018,35(4):146-152.
[9]杜壮.证监会明确2018年深化新三板改革[J].中国战略新兴产业,2018(11):66.
[10]HENDERSON J V.Marshall′s scale economics[J].Journal of Urban Economics,2003,53(1):1-28.
[11]WONG P K,SINGH A.The pattern of innovation in the knowledge-intensive business services sector of Singapore[J].Singapore Management Review,2004,26(1):21-44.
[12]HERSHBERG E,NABESHIMA K,YUSUF S.Opening the ivory tower to business:university-industry linkages and the development of knowledge-intensive clusters in A-sian cities[J].World Development,2007,35(6):931-940.
[13]韩鲁南,关峻,邢李志,等.国内外科技服务业行业统计分类对比研究[J].科技进步与对策,2013,30(9):48-53.
[14]桂嘉伟.科技服务企业财务风险研究[D].齐齐哈尔:齐齐哈尔大学,2017.
[15]中国证监会.上市公司行业分类指引(2012年修订)[EB/OL].(2013-10-16)[2018-07-05].http://www.csrc.gov.cn/pub/newsite/flb/flfg/bmgf/zh/gfxwjtj/201310/t20131016_236281.html.
[16]王丽平,李菊香,李琼.科技服务业创新生态系统价值共创模式与协作机制研究[J].科技进步与对策,2017,34(6):69-74.
[17]国家统计局.中国统计年鉴[EB/OL].(2017-09-01)[2018-07-01].http://www.stats.gov.cn/tjsj/ndsj/.
[18]吴勇,权威.新三板市场困境摆脱及其交易机制改善[J].改革,2017,277(3):150-159.
[19]全国中小企业股份转让系统有限责任公司.股转系统公告[2016]37号[EB/OL].(2016-05-27)[2018-07-04].http://www.neeq.com.cn/notice/2969.html.
[20]周茂清,尹中立.“新三板”市场的形成、功能及其发展趋势[J].当代经济管理,2011,33(2):75-77.
[21]陈辉,顾乃康.新三板做市商制度、股票流动性与证券价值[J].金融研究,2017(4):176-190.
[22]何牧原,张昀.中国新三板市场的兴起、发展与前景展望[J].数量经济技术经济研究,2017,34(4):74-91.
[23]GREGORIOU G,LUSK E,HALPERIN M.A twostaged benchmarked decision support system using DEAprofiles of efficiency[J].Information Systems and Operational Research,2008,46(3):177-187.
[24]MOUTINHO V,MADALENO M,ROBAINA M.The economic and environmental efficiency assessment in EUcross-country:evidence from DEA and quantile regression approach[J].Ecological Indicators,2017,78:85-97.
[25]RAMANATHAN R,RAMANATHAN U,BENTLEYY.The debate on flexibility of environmental regulations,innovation capabilities and financial performance-a novel use of DEA[J].Omega-International Journal of Management Science,2018,75:131-138.
[26]BANKER R D,CHARNES A,COOPER W W.Some models for estimating technical and scale inefficiencies in data envelopment analysis[J].Management Science,1984,30(9):1078-1092.
[27]CHARNES A,COOPER W W,RHODES E.Measuring the efficiency of decision making units[J].European Journal of Operational Research,1978,2(6):429-444.
[28]TOBIN J.Estimation of relationships for limited dependent variables[J].Econometrica,1958,26(1):24-36.
[29]FRIED H O,LOVELL C A K,SCHMIDT S S,et al.Accounting for environmental effects and statistical noise in data envelopment analysis[J].Journal of Productivity A-nalysis,2002,17(1/2):157-174.
[30]MALMQUIST S.Index numbers and indifference surfaces[J].Trabajos De Estadistica,1953,4(2):209-242.
[31]CAVES D W,CHRISTENSEN L R,DIEWERT W E.Multilateral comparisons of output,input,and productivity using superlative index numbers[J].Economic Journal,1982,92(365):73-86.
[32]FRE R,GROSSKOPF S,NORRIS M.Productivity growth,technical progress,and efficiency change in industrialized countries:Reply[J].American Economic Review,1997,87(5):1040-1044.
[33]周首华,杨济华,王平.论财务危机的预警分析---F分数模式[J].会计研究,1996(8):8-11.
[34]ALTMAN E.Financial ratios,discriminant analysis and prediction of corporate bankruptcy[J].The Journal of Finance,1968,23(4):589-609.
[35]李政,吴非,李华民.新三板企业融资效率、衍生风险与制度校正[J].经济经纬,2017,34(5):153-158.