【摘要】：近年來，隨著我國改革開放的不斷深入以及社會主義市場經(jīng)濟的快速發(fā)展，以個體和私有資本為代表的民營企業(yè)得以快速發(fā)展，逐漸成為我國社會主義市場經(jīng)濟的重要組成部分。在我國國民經(jīng)濟中，中小企業(yè)占有重要地位，促進了國民經(jīng)濟的增長、在拉動民間投資、緩解就業(yè)壓力、優(yōu)化經(jīng)濟結構等方面起到了不可低估的作用。然而，民營企業(yè)一直以來其發(fā)展就受到國家政策、市場環(huán)境以及融資等方面的束縛，尤其融資問題，一直是影響民營企業(yè)發(fā)展壯大的關鍵原因。隨著經(jīng)濟全球化進程的加劇，市場競爭越來越激烈，融資難已經(jīng)成為制約中小企業(yè)發(fā)展的瓶頸，給企業(yè)生存發(fā)展帶來了許多的不確定性。因此只依靠銀行貸款已經(jīng)越來越難以滿足企業(yè)發(fā)展的需要，中小企業(yè)拓展融資渠道的重要性日益凸顯。 私募股權也稱為私人權益資本或未上市股權資本，私募的籌集方式與公開上市募集資本方式相對應。私募股權投資指通過私募形式對私有企業(yè)，即非上市企業(yè)進行的權益性投資，在交易實施過程中提前設計未來的退出機制，一般采取通過上市、并購或管理層回購等方式，出售所持有的股份獲得利潤�？v觀私募股權的發(fā)展史,這種新興的融資方式,在其短暫的歷史進程中,為解決企業(yè)資金瓶頸,尤其是中小企業(yè)的融資做出了非常重要的貢獻。史無前例的展現(xiàn)出巨大的潛能與蓬勃的生長力。私募股權融資作為一種新的融資體制已成為越來越多的中小企業(yè)的主要融資方式。 長春芳華電子成立于2006年，是一家專門從事液晶材料、液晶顯示器、液晶模塊及電子元器件開發(fā)、研制、生產與銷售的民營企業(yè)。公司主要采用TN/STN技術，產品主要應用于U盾、點菜機、MP3、計算器、電子詞典等商品的顯示屏及模組，在行業(yè)內占有較高的市場份額，具有重要的行業(yè)地位。由于公司現(xiàn)有生產基地車間面積較小，無法滿足公司快速增長的業(yè)務需求，公司新購置土地實施異地擴建，計劃在年底前完成新廠區(qū)建設及新生產線安裝調試。項目擴建后，產品年產量將得到較大提高。目前公司擴建項目遇到了資金瓶頸問題，公司作為民營中小企業(yè)很難獲得較低成本的債權融資，而私募股權融資不僅能夠為公司解決資金問題，還能幫助企業(yè)規(guī)范公司內部治理結構，提高管理水平，，建立起現(xiàn)代企業(yè)制度，推進公司的快速健康發(fā)展。 本文根據(jù)公司的實際情況，公司擴產項目擬通過私募股權融資500萬元，為公司制定了切實可行的融資方案，對如何選定投資機構，合理進行企業(yè)價值評估，與投資方磋商融資條款，控制融資風險等環(huán)節(jié)進行了詳細的說明，并對公司進行私募股權融資所面臨的一系列問題進行分析，查找成因，提出合理的解決對策，以此指導民營企業(yè)私募股權融資的實踐。
[Abstract]:In recent years, with the deepening of China's reform and opening up and the rapid development of the socialist market economy, private enterprises, represented by individual and private capital, have developed rapidly. Gradually become an important part of our socialist market economy. In our national economy, small and medium-sized enterprises play an important role in promoting the growth of the national economy, promoting private investment, alleviating the employment pressure, optimizing the economic structure and so on. However, the development of private enterprises has always been restricted by national policies, market environment and financing, especially the financing problem, which has been the key reason to affect the development and growth of private enterprises. With the aggravation of the economic globalization process, the market competition is becoming more and more fierce. The difficulty of financing has become the bottleneck restricting the development of small and medium-sized enterprises, and has brought a lot of uncertainty to the survival and development of enterprises. Therefore, it is more and more difficult to meet the needs of enterprise development by relying on bank loans only, and the importance of developing financing channels for small and medium-sized enterprises is becoming increasingly prominent. Private equity is also called private equity capital or unlisted equity capital. Private equity investment refers to the equity investment of private enterprises, that is, non-listed enterprises, through private equity. In the process of transaction implementation, the future exit mechanism is designed in advance, generally through listing, M & A or management repurchase, etc. Profit from the sale of the shares held. Throughout the history of the development of private equity, this new financing method, in its brief historical process, has made a very important contribution to solving the bottleneck of enterprise capital, especially the financing of small and medium-sized enterprises. Unprecedented display of great potential and vigorous growth. As a new financing system, private equity financing has become the main financing method for more and more small and medium-sized enterprises. Changchun Fanghua Electronics, founded in 2006, is a private enterprise specializing in the development, production and sale of liquid crystal materials, liquid crystal displays, liquid crystal modules and electronic components. The company mainly uses the TN/STN technology, the product mainly applies in the U shield, the point dish machine MP3, the calculator, the electronic dictionary and so on commodity display screen and the module, occupies the high market share in the industry, has the important profession position. Due to the small workshop area of the company's existing production base, the company can not meet the company's rapidly growing business demand. The company has acquired new land to carry out the expansion of the new site, and plans to complete the construction of the new plant area and the installation and commissioning of the new production line by the end of the year. After the expansion of the project, the annual output of products will be greatly increased. At present, the expansion project of the company has encountered the problem of capital bottleneck. As a private medium and small enterprise, it is very difficult for the company to obtain lower cost debt financing. Private equity financing can not only solve the capital problem for the company. It can also help enterprises standardize the internal governance structure, improve the management level, establish modern enterprise system, and promote the rapid and healthy development of the company. According to the actual situation of the company, the expansion project of the company intends to raise 5 million yuan through private equity, which makes a feasible financing plan for the company, and evaluates the value of the enterprise reasonably on how to select the investment institution. This paper discusses the financing terms with the investors, controls the financing risk and so on, analyzes a series of problems faced by the company in the private equity financing, finds out the causes, and puts forward some reasonable solutions. In order to guide private enterprises private equity financing practice.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F426.63

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