本文選題：私募股權(quán)　切入點(diǎn)：控制權(quán)風(fēng)險　出處：《吉林財經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：在國家鼓勵萬眾創(chuàng)業(yè)、大眾創(chuàng)新的大背景下,人們創(chuàng)業(yè)熱情高漲,中小企業(yè)如雨后春筍般的出現(xiàn)。初創(chuàng)企業(yè)在發(fā)展過程中遇到資金短缺時,更傾向于采用風(fēng)險資本如私募股權(quán)、天使資本等進(jìn)行融資。這些新型融資方式的優(yōu)點(diǎn)是操作程序簡單,方便快捷,獲取資金的額度高。然而引入資本后,創(chuàng)始人出局的案例不勝枚舉。創(chuàng)始人要想掌握企業(yè)控制權(quán),不能僅僅靠情懷,因為資本市場的發(fā)展已經(jīng)進(jìn)入了一個股權(quán)為王的時代。因此研究企業(yè)如何防范股權(quán)融資風(fēng)險,掌握企業(yè)的控制權(quán),對于創(chuàng)始人來說十分重要。企業(yè)應(yīng)當(dāng)建立完善的私募股權(quán)風(fēng)險控制體系,一方面利于企業(yè)自身的發(fā)展,另一方面也能增加資本市場投資者的信心,降低企業(yè)融資的難度。本文主要采用案例分析理論研究法,通過俏江南股份有限公司采用私募股權(quán)融資風(fēng)險失控這一案例,來系統(tǒng)分析中小企業(yè)采用股權(quán)融資產(chǎn)生風(fēng)險的原因及應(yīng)該注意的問題。首先,對俏江南的融資背景進(jìn)行了介紹,其次,采用理論研究的方法,對俏江南采用雇傭經(jīng)理人管理企業(yè)帶來的委托代理風(fēng)險總結(jié)出諸如監(jiān)控企業(yè)業(yè)績,拓展產(chǎn)業(yè)鏈,提高產(chǎn)品競爭力等經(jīng)驗教訓(xùn);對簽訂的不完全契約帶來的協(xié)議風(fēng)險,總結(jié)了沒有聘請專業(yè)的律師、會計師來審核協(xié)議條款,對企業(yè)進(jìn)行不合理估值的教訓(xùn);對公司股權(quán)被稀釋的風(fēng)險,總結(jié)的原因是沒有重視股權(quán)的作用,股份代表的權(quán)利不合理等。然后,對企業(yè)發(fā)展的外部因素的變化,如國家政策,行業(yè)周期及結(jié)構(gòu)性調(diào)整對公司的影響進(jìn)行了闡述,最后,對一般的中小企業(yè)采用股權(quán)融資防范股權(quán)風(fēng)險,給出了一系列的建議,諸如理性看待私募融資對企業(yè)的作用,關(guān)注隱性成本認(rèn)真決定融資規(guī)模和融資期限等建議。
[Abstract]:In the context of the state encouraging mass entrepreneurship and mass innovation, people have a high enthusiasm for entrepreneurship, and small and medium-sized enterprises are springing up. When startups encounter a shortage of capital during their development, they are more inclined to use venture capital such as private equity. The advantages of these new forms of financing are simple procedures, ease of operation, and high access to funds. However, after the introduction of capital, there are numerous cases in which the founders are out. We can't just rely on emotion, because the development of the capital market has entered an era in which equity is king. Therefore, research on how to guard against equity financing risks and grasp the control rights of enterprises. It is very important for the founders. Enterprises should establish a sound private equity risk control system, which is conducive to the development of the enterprise itself, on the other hand, it can also increase the confidence of investors in the capital market. To reduce the difficulty of enterprise financing. This paper mainly adopts the case analysis theory research method, and adopts the case of "private equity financing risk out of control" by Qiajiangnan Stock Co., Ltd. First of all, the financing background of South Beauty is introduced. Secondly, the method of theoretical research is used to analyze the causes of risk caused by equity financing in small and medium-sized enterprises. The principal-agent risks brought by employing managers to manage enterprises in South Beauty are summarized, such as monitoring enterprise performance, expanding industry chain, improving product competitiveness, etc. Summed up the lessons of not hiring professional lawyers and accountants to review the terms of the agreement and carrying out unreasonable valuation of the enterprise; the reason for the risk of dilution of the company's equity is that it does not attach importance to the role of equity. Then, the changes of external factors of enterprise development, such as national policy, industry cycle and structural adjustment, are expounded. This paper puts forward a series of suggestions on how to use equity financing to guard against equity risk, such as the rational view of the role of private equity financing on the enterprises, the attention to the hidden cost to determine the scale and duration of financing seriously, and so on.
【學(xué)位授予單位】：吉林財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F715.5;F719.3

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 羅少娟;;風(fēng)險控制策略在私募股權(quán)融資的分析[J];財經(jīng)界(學(xué)術(shù)版);2017年01期

2 梅彩;;我國中小企業(yè)私募股權(quán)融資問題分析[J];經(jīng)營管理者;2016年30期

3 汪丹丹;;我國中小企業(yè)私募股權(quán)融資問題分析[J];商;2016年23期

4 王瑜;曹曉路;;私募股權(quán)投資基金的法律監(jiān)管[J];社會科學(xué)家;2016年02期

5 李晟然;;我國中小企業(yè)私募股權(quán)融資發(fā)展現(xiàn)狀及對策[J];財經(jīng)界(學(xué)術(shù)版);2015年12期

6 牛廣宇;;企業(yè)融資策略與風(fēng)險防范[J];經(jīng)濟(jì)師;2015年02期

7 盧永紅;;我國中小企業(yè)對私募股權(quán)融資模式的應(yīng)用[J];現(xiàn)代經(jīng)濟(jì)信息;2014年24期

8 楊曉婷;;中小企業(yè)私募股權(quán)融資淺談[J];西部財會;2014年12期

9 溫素霞;賈娟;白云;;私募股權(quán)投資在科技型中小企業(yè)融資中的作用[J];現(xiàn)代經(jīng)濟(jì)信息;2014年19期

10 柴希;;探析私募股權(quán)投資中的風(fēng)險控制策略[J];時代金融;2014年18期

相關(guān)碩士學(xué)位論文 前2條

1 周藝;民營企業(yè)私募股權(quán)融資風(fēng)險研究[D];西南財經(jīng)大學(xué);2011年

2 徐玉現(xiàn);我國高新技術(shù)企業(yè)私募股權(quán)融資研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2009年

，

本文編號：1636151