本文選題：資本運(yùn)營(yíng)　切入點(diǎn)：上市　出處：《南京大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：國(guó)家“十三五”規(guī)劃明確了軍民融合發(fā)展戰(zhàn)略,目標(biāo)形成全要素、多領(lǐng)域、高效益的軍民深度融合發(fā)展格局。同時(shí)明確加快金融體制改革,提高金融服務(wù)實(shí)體經(jīng)濟(jì)效率,積極培育公開透明、健康發(fā)展的資本市場(chǎng),推進(jìn)股票和債券發(fā)行交易制度改革,提高直接融資比重,降低杠桿率。對(duì)于從事軍工行業(yè)的民營(yíng)軍工企業(yè)來(lái)說(shuō),這是一個(gè)百年難遇的歷史機(jī)遇。一方面軍民融合為企業(yè)發(fā)展提供了巨大的商機(jī),開放了一個(gè)更大的市場(chǎng),另一方面,資本市場(chǎng)的創(chuàng)新和開放為公司發(fā)展提供了強(qiáng)勁的動(dòng)力。通過(guò)兩者的有機(jī)結(jié)合,以資本市場(chǎng)作為一個(gè)發(fā)展動(dòng)力,帶動(dòng)產(chǎn)品和產(chǎn)業(yè)的結(jié)構(gòu)性升級(jí)。以資本市場(chǎng)的法律法規(guī)為準(zhǔn)繩,完善DL公司的法人治理和內(nèi)控規(guī)范,以通過(guò)股權(quán)激勵(lì)等方式吸引優(yōu)秀人才,引領(lǐng)DL公司走上新的歷程。本文以MM理論,規(guī)模經(jīng)濟(jì)理論,效率理論,委托-代理股權(quán)激勵(lì)理論等為基礎(chǔ),運(yùn)用了經(jīng)濟(jì)學(xué)、管理學(xué)和人力資源等多學(xué)科知識(shí),以民營(yíng)軍工性質(zhì)的DL公司為研究對(duì)象,在軍民融合背景下,對(duì)資本運(yùn)營(yíng)的各個(gè)階段進(jìn)行了策劃,制定了DL公司資本運(yùn)營(yíng)的目標(biāo)、原則和方案,總結(jié)歷史沿革、同業(yè)競(jìng)爭(zhēng)、財(cái)務(wù)規(guī)范、涉軍事項(xiàng)等核心問(wèn)題的處理實(shí)踐過(guò)程,系統(tǒng)規(guī)劃了上市過(guò)程中組織架構(gòu)及流程重組的實(shí)施、募集資金管理及業(yè)務(wù)發(fā)展規(guī)劃、行業(yè)的發(fā)展及公司市值管理、員工持股計(jì)劃及股權(quán)激勵(lì)等重點(diǎn)事項(xiàng)的處理方案,通過(guò)資本運(yùn)營(yíng)來(lái)實(shí)現(xiàn)國(guó)家軍民融合所帶來(lái)的發(fā)展機(jī)遇。本文首先對(duì)DL公司的基本情況進(jìn)行介紹,分析國(guó)家軍民融合戰(zhàn)略對(duì)其利弊影響;其次,通過(guò)對(duì)資本運(yùn)營(yíng)相關(guān)理論的研究,尋找最合適DL公司資本運(yùn)營(yíng)之路,最后通過(guò)對(duì)自身情況的總結(jié)和探索,對(duì)類似民營(yíng)軍工企業(yè)參與資本市場(chǎng)運(yùn)營(yíng)提供有價(jià)值的參考。本文的第一章為緒論,闡述了選題背景和研究問(wèn)題,明確了研究的目的、意義和方法。第二章為資本運(yùn)營(yíng)理論綜述,從資本運(yùn)營(yíng)的基本概念到主要模式,以及資本運(yùn)營(yíng)相關(guān)經(jīng)濟(jì)學(xué)理論基礎(chǔ)入手,分析其發(fā)展歷程,并對(duì)相關(guān)文獻(xiàn)進(jìn)行了回顧和評(píng)述。第三章為DL公司資本運(yùn)營(yíng)必要性和可行性,介紹了 DL公司的背景,資本運(yùn)營(yíng)的現(xiàn)狀和問(wèn)題,以公司內(nèi)部的人力資源和管理基礎(chǔ)等客觀情況,以及外部市場(chǎng)、產(chǎn)品、競(jìng)爭(zhēng)對(duì)手等為研究對(duì)象,分析DL公司資本運(yùn)營(yíng)的必要性和可行性。第四章為DL公司資本運(yùn)營(yíng)實(shí)踐和規(guī)劃,作為本文的重點(diǎn),本章明確了DL公司資本運(yùn)營(yíng)的目標(biāo)、原則和總體方案,總結(jié)上市過(guò)程中涉及到相關(guān)重要事項(xiàng)的實(shí)踐情況,并對(duì)上市后組織機(jī)構(gòu)、股權(quán)激勵(lì)、業(yè)務(wù)擴(kuò)張和市值管理等活動(dòng)進(jìn)行了規(guī)劃,以相關(guān)經(jīng)濟(jì)學(xué)、管理學(xué)理論為前提,給DL公司上市制訂了切實(shí)可行的路線圖。第五章為結(jié)論和展望,對(duì)本文進(jìn)行了系統(tǒng)的總結(jié),并對(duì)DL公司未來(lái)的資本運(yùn)營(yíng)之路憧憬展望。
[Abstract]:The 13th Five-Year Plan of the State clearly defines the development strategy of civil-military integration, and aims to form a comprehensive, multi-domain, highly effective pattern of military-civilian integration. At the same time, it is clear that the reform of the financial system will be accelerated and the economic efficiency of the financial services entity will be improved. Actively foster an open, transparent and healthily developed capital market, push forward the reform of the stock and bond issuance and trading systems, increase the proportion of direct financing, and reduce the leverage ratio. This is a rare historical opportunity in a century. On the one hand, the integration of the military and the people has provided enormous business opportunities for the development of enterprises, opening up a larger market, on the other hand, The innovation and opening of the capital market provide a strong driving force for the development of the company. Through the organic combination of the two, the capital market is used as a driving force to promote the structural upgrading of products and industries, and the laws and regulations of the capital market are taken as the yardstick. Improve the legal person governance and internal control of DL Company, attract outstanding talents by means of equity incentive and lead DL Company into a new course. This paper uses MM theory, scale economy theory, efficiency theory, etc. Based on the principal-agent equity incentive theory, this paper applies the multidisciplinary knowledge of economics, management and human resources, and takes DL Company, which is a private military industry company, as the research object, under the background of the integration of military and civil. This paper plans the various stages of capital operation, formulates the objectives, principles and schemes of DL company's capital operation, sums up the process of handling the core issues, such as historical evolution, peer competition, financial norm, military affairs, etc. It systematically plans the implementation of organizational structure and process reengineering, the management of raising funds and business development, the development of the industry and the management of market value, the employee stock ownership plan and the equity incentive, etc. This paper first introduces the basic situation of DL company, analyzes the advantages and disadvantages of the strategy of national civil-military integration; secondly, through the study of the theory of capital operation, To find the most suitable way of capital operation of DL Company, finally through the summary and exploration of its own situation, to provide a valuable reference for similar private military enterprises to participate in the capital market operation. The first chapter of this paper is the introduction. The purpose, significance and method of the research are expounded. Chapter two is a summary of the capital operation theory, from the basic concept to the main mode of capital operation, as well as the theoretical basis of the related economics of capital operation. The third chapter is about the necessity and feasibility of DL company's capital operation, introduces the background of DL company, the present situation and problems of capital operation. The necessity and feasibility of capital operation of DL Company are analyzed with the objective situation of internal human resources and management foundation, as well as the external market, products and competitors. Chapter 4th is the practice and plan of capital operation of DL Company. As the focus of this paper, this chapter clarifies the objectives, principles and overall plan of DL company's capital operation, summarizes the practice of related important issues in the process of listing, and gives an incentive to the organization and stock ownership after listing. Business expansion and market value management activities were planned. Based on the relevant economics and management theory, a feasible road map was drawn up for DL Company's listing. Chapter 5th was the conclusion and prospect, and this article was systematically summarized. And look forward to the future of DL company's capital operation.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.474;F406.7

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本文編號(hào)：1582826