【摘要】：改革開放至今，我國民營企業(yè)在整體國民經(jīng)濟(jì)運(yùn)行中發(fā)揮了重要作用，伴隨城鎮(zhèn)化步伐的加快和國家鼓勵(lì)民營經(jīng)濟(jì)發(fā)展的政策機(jī)遇，民營企業(yè)迎來了一個(gè)嶄新的時(shí)代。但同時(shí)，也需要面對和解決各種問題，其中融資問題關(guān)乎民營企業(yè)的生存和發(fā)展。民營企業(yè)尤其是中小民營企業(yè)與國有大企業(yè)相比通過銀行間接融資不具備競爭優(yōu)勢，通過資本市場直接融資,無論發(fā)行債券還是上市,受到的限制也比較多，所以民營企業(yè)普遍存在融資難問題。能否在銀行間接融資與資本市場上直接融資之外尋求融資路徑的突破，來解決民營企業(yè)的融資難題值得研究。 私募股權(quán)投資（Private Equity簡稱“PE”）源于美國，在最近幾年中，中國的私募股權(quán)市場經(jīng)歷了快速發(fā)展的時(shí)期，私募股權(quán)投資總量擴(kuò)大，投資區(qū)域范圍擴(kuò)展，投資重點(diǎn)由國有企業(yè)轉(zhuǎn)向民營企業(yè)，投向更加多元化，國內(nèi)三四線城市的投資環(huán)境和民營企業(yè)的優(yōu)質(zhì)性加快私募股權(quán)投資的步伐。私募股權(quán)融資對民營企業(yè)一次性融資規(guī)模的資格限制比其他融資方式更低，因而對民營企業(yè)產(chǎn)生了巨大的吸引力。蒙牛、新浪及聚眾傳媒成功引入私募股權(quán)投資基金是否就預(yù)示著私募股權(quán)融資更適合民營企業(yè)？但太子奶因私募融資而破產(chǎn),南孚和永樂因此被競爭對手收購，可見私募股權(quán)融資是一項(xiàng)復(fù)雜的資本運(yùn)作過程，，其整個(gè)融資路徑包含對私募投資方的識別、模式設(shè)計(jì)、談判、簽約和退出等諸多環(huán)節(jié),每個(gè)環(huán)節(jié)均存在著風(fēng)險(xiǎn)，都有失敗的可能性。因此，加強(qiáng)民營企業(yè)私募股權(quán)融資路徑的研究，探索對融資路徑進(jìn)行科學(xué)化、專項(xiàng)化及常態(tài)化的管理方法，提高效率和防范風(fēng)險(xiǎn)就具有了十分重要的意義。 AY公司就是在這樣的一個(gè)時(shí)代背景下成長和發(fā)展起來的一家民營企業(yè)。作為國家級農(nóng)業(yè)產(chǎn)業(yè)化龍頭企業(yè)，AY公司在發(fā)展壯大的過程中，同樣遭遇了融資難題。為此，AY公司通過“紅籌股權(quán)模式”引入了一家境外私募股權(quán)投資基金。AY公司通過私募股權(quán)融資彌補(bǔ)了融資缺口，獲取了穩(wěn)定的資金來源，提高了企業(yè)的內(nèi)部管理水平，并完成了企業(yè)的股份制改造，建立起現(xiàn)代企業(yè)制度。但由于企業(yè)缺乏對私募股權(quán)融資路徑進(jìn)行科學(xué)管理的思想，尚未建立一套高效的融資路徑管理體系，內(nèi)部管理水平低下，造成了融資周期長，合同簽約、訂立和執(zhí)行過程付出大量隱性成本，企業(yè)股權(quán)價(jià)值被低估，整個(gè)路徑中蘊(yùn)含著一定的融資風(fēng)險(xiǎn)。本文對AY公司私募股權(quán)融資路徑進(jìn)行個(gè)案研究，在案例分析的過程中運(yùn)用比較分析法研究AY公司私募股權(quán)融資路徑識別過程；運(yùn)用流程分析方法研究私募股權(quán)融資路徑實(shí)施的過程；運(yùn)用SWOT分析方法論證私募股權(quán)融資路徑的有效性，分析其優(yōu)勢、劣勢、機(jī)會和威脅。同時(shí)，對AY公司私募股權(quán)融資路徑管理過程中存在的成本和風(fēng)險(xiǎn)問題進(jìn)行定性分析，查找其成因。最后，運(yùn)用計(jì)劃管理和流程控制等科學(xué)管理方法進(jìn)行融資路徑優(yōu)化，以此指導(dǎo)民營企業(yè)私募股權(quán)融資的實(shí)踐。
[Abstract]:Since the reform and opening up, private enterprises in China have played an important role in the operation of the national economy as a whole. With the acceleration of urbanization and the policy opportunity of encouraging the development of private economy, private enterprises have ushered in a new era. Compared with state-owned enterprises, private enterprises, especially small and medium-sized private enterprises, do not have competitive advantages in indirect financing through banks. Direct financing through capital markets, whether issuing bonds or listing, is also subject to more restrictions. Therefore, private enterprises generally have financing difficulties. It is worthwhile to study how to solve the financing problem of private enterprises by seeking the breakthrough of financing path outside the direct financing in the market.
Private Equity (PE) originated from the United States. In recent years, China's private equity market has experienced a period of rapid development, the total amount of private equity investment has expanded, the scope of investment has expanded, the focus of investment has shifted from state-owned enterprises to private enterprises, and invested in more diversified, domestic investment environment in three or four-tier cities. Private equity financing has a lower qualification limit on the scale of one-off financing for private enterprises than other financing methods, and thus has a great attraction for private enterprises. Whether Mengniu, Sina and mass media successfully introduce private equity investment funds indicates private equity. Private equity financing is a complicated capital operation process. The whole financing path includes identification of private investors, pattern design, negotiation, contract signing and withdrawal, and many other links. Each link exists. Therefore, it is of great significance to strengthen the study of private equity financing paths, explore scientific, specialized and normalized management methods, improve efficiency and prevent risks.
AY Company is a private enterprise that grew up and developed under such a background. As a leading national agricultural industrialization enterprise, AY company also encounters financing difficulties in the process of development and growth. Therefore, AY company introduced a foreign private equity investment fund through the "red-chip equity model". Private equity financing has made up for the financing gap, obtained a stable source of funds, improved the internal management level of enterprises, completed the joint-stock reform of enterprises, and established a modern enterprise system. The system, the low level of internal management, resulting in a long financing cycle, contract signing, signing and execution process to pay a lot of hidden costs, the value of enterprise equity is underestimated, the whole path contains a certain amount of financing risk. This paper studies the process of identifying private equity financing paths of AY company, studies the process of implementing private equity financing paths by using process analysis method, proves the validity of private equity financing paths by using SWOT analysis method, and analyzes their advantages, disadvantages, opportunities and threats. Finally, it uses scientific management methods such as plan management and process control to optimize the financing path, so as to guide the practice of private equity financing in private enterprises.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.4;F276.5

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