本文選題：創(chuàng)業(yè)板 + 三高發(fā)行��； 參考：《華東理工大學(xué)》2013年碩士論文

【摘要】：中國資本市場的發(fā)展經(jīng)歷了整整二十年,經(jīng)過這些年的發(fā)展,其上市公司的數(shù)量以及總市值已經(jīng)不亞于成熟發(fā)達資本市場。二零零九年,千呼萬喚的創(chuàng)業(yè)板在深圳交易所開通,創(chuàng)業(yè)板為中國眾多的中小企業(yè)打開了融資的渠道,解決了中小企業(yè)發(fā)展資金相對較難的問題。一部分優(yōu)秀的中小企業(yè)在獲得資金后,迅速發(fā)展崛起。但是,更多的中小企業(yè)從一開始上市,其目的就是圈錢,通過資本市場實現(xiàn)財富暴增。創(chuàng)業(yè)板企業(yè)三高,即高成長,高科技,高附加值也日益演變成了高股價,高市盈率,高募集資金的新“三高”,其帶來的后果就是不但沒有實現(xiàn)社會資金的優(yōu)化配置,而且讓二級市場的投資者蒙受損失,沒有享受到投資創(chuàng)業(yè)板帶來的相應(yīng)的回報。國民技術(shù)股份有限公司就是典型的三高發(fā)行,從上市股價暴漲到183元到2012年8月,股價已經(jīng)跌到38.8元,二級市場投資者嚴重套牢。國民技術(shù)股份有限公司是創(chuàng)業(yè)板眾多公司中的一個縮影,如何引進國外成熟發(fā)達資本市場的經(jīng)驗,從承銷保薦人制度、IPO詢價模式和機制、信息披露制度、分紅制度退市制度方面加以完成,是擺在中國創(chuàng)業(yè)板面前的一個緊迫問題。 首先,創(chuàng)業(yè)板的定義、特點、目的和意義進行闡述,然后從國外成熟發(fā)達資本證券市場的創(chuàng)業(yè)板發(fā)展歷史進行研究,進而得出其發(fā)展過程中取得的成功經(jīng)驗和失敗教訓(xùn)的理論基礎(chǔ)。 其次,針對國民技術(shù)股份有限公司三高發(fā)行的問題,筆者運用財務(wù)分析、SWOT分析法以及矩陣分析法,對比等技術(shù)及工具,揭示了國民技術(shù)股份有限公司三高發(fā)行的根本原因以及發(fā)行上市后公司經(jīng)營狀況發(fā)生的變化的真正原因。 最后,作者提出了抑制三高發(fā)行的解決辦法,即通過創(chuàng)業(yè)板上市公司承銷、保薦人制度的完善和改建、創(chuàng)業(yè)板上市公司IPO詢價模式和機制的完善和改進、創(chuàng)業(yè)板上市公司信息披露制度的完善和監(jiān)管、創(chuàng)業(yè)板上市公司分紅制度的完善和監(jiān)管、創(chuàng)業(yè)板上市公司退市制度的完善和監(jiān)管等方面,實現(xiàn)中國資本市場創(chuàng)業(yè)板的良性發(fā)展。 本文不僅對國民技術(shù)股份有限公司三高發(fā)行具有深層的反思和實踐意義,而且對業(yè)內(nèi)其他企業(yè)、特別是期望通過IPO公開發(fā)行上市的大量中小企業(yè)也具有一定的參考價值。
[Abstract]:After 20 years of development, the number of listed companies and the total market value of China's capital market have been no less than that of the mature developed capital market.In 2009, the gem was launched on the Shenzhen Stock Exchange. The gem opened financing channels for a large number of small and medium-sized enterprises in China, and solved the relatively difficult problem of SMEs' development funds.Part of the outstanding small and medium enterprises in the access to funds, rapid development and rise.However, more small and medium-sized enterprises listed from the beginning, its purpose is to circle money, through the capital market to achieve wealth boom.The three heights of gem enterprises, that is, high growth, high technology, and high added value, have increasingly evolved into the new "three high" of high stock price, high price-earnings ratio, and high raising funds. The result is that not only has the optimized allocation of social funds not been realized,And let the secondary market investors suffer losses, did not enjoy the corresponding return from investment gem.National Technology Co., Ltd. is a typical listing of the three high, from the stock price jumped to 183 yuan to August 2012, the stock price has fallen to 38.8 yuan, secondary market investors are seriously trapped.National Technology Co., Ltd. is a microcosm of many companies in the gem. How to introduce the experience of foreign mature developed capital market, from underwriting sponsor system to IPO inquiry mode and mechanism, information disclosure system,Dividend system delisting system to be completed, is placed in front of China gem an urgent problem.First of all, the definition, characteristics, purpose and significance of the gem are expounded, and then the history of gem development in the mature developed capital securities market abroad is studied.The theoretical basis of the successful experience and the failure lesson in the process of its development is obtained.Secondly, aiming at the issue of the three high companies of the National Technology Co., Ltd., the author uses the SWOT analysis method of financial analysis and the matrix analysis method, contrast and other techniques and tools.This paper reveals the fundamental reasons of the issuance of the three high companies and the real reasons of the changes in the operating conditions of the companies after the issuance and listing of the National Technology Co., Ltd.Finally, the author puts forward the solutions to restrain the issuance of the three high companies, that is, through the underwriting of the gem listed companies, the perfection and reconstruction of the sponsor system, the perfection and improvement of the IPO inquiry mode and mechanism of the gem listed companies.In order to realize the benign development of China's capital market, the information disclosure system of listed companies on the gem, the dividend system of listed companies on the gem and the delisting system of listed companies on the gem are perfected and supervised.This paper is not only of deep reflection and practical significance to the national technology company, but also has certain reference value to other enterprises in the industry, especially to a large number of small and medium-sized enterprises which expect to go public through IPO.
【學(xué)位授予單位】：華東理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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