長(zhǎng)春芳華電子科技公司私募股權(quán)融資策略研究
發(fā)布時(shí)間：2018-09-04 15:13
【摘要】：近年來(lái)，隨著我國(guó)改革開放的不斷深入以及社會(huì)主義市場(chǎng)經(jīng)濟(jì)的快速發(fā)展，以個(gè)體和私有資本為代表的民營(yíng)企業(yè)得以快速發(fā)展，逐漸成為我國(guó)社會(huì)主義市場(chǎng)經(jīng)濟(jì)的重要組成部分。在我國(guó)國(guó)民經(jīng)濟(jì)中，中小企業(yè)占有重要地位，促進(jìn)了國(guó)民經(jīng)濟(jì)的增長(zhǎng)、在拉動(dòng)民間投資、緩解就業(yè)壓力、優(yōu)化經(jīng)濟(jì)結(jié)構(gòu)等方面起到了不可低估的作用。然而，民營(yíng)企業(yè)一直以來(lái)其發(fā)展就受到國(guó)家政策、市場(chǎng)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(yíng)企業(yè)發(fā)展壯大的關(guān)鍵原因。隨著經(jīng)濟(jì)全球化進(jìn)程的加劇，市場(chǎng)競(jìng)爭(zhēng)越來(lái)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(lái)了許多的不確定性。因此只依靠銀行貸款已經(jīng)越來(lái)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(quán)也稱為私人權(quán)益資本或未上市股權(quán)資本，私募的籌集方式與公開上市募集資本方式相對(duì)應(yīng)。私募股權(quán)投資指通過私募形式對(duì)私有企業(yè)，即非上市企業(yè)進(jìn)行的權(quán)益性投資，在交易實(shí)施過程中提前設(shè)計(jì)未來(lái)的退出機(jī)制，一般采取通過上市、并購(gòu)或管理層回購(gòu)等方式，出售所持有的股份獲得利潤(rùn)�？v觀私募股權(quán)的發(fā)展史,這種新興的融資方式,在其短暫的歷史進(jìn)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(xiàn)。史無(wú)前例的展現(xiàn)出巨大的潛能與蓬勃的生長(zhǎng)力。私募股權(quán)融資作為一種新的融資體制已成為越來(lái)越多的中小企業(yè)的主要融資方式。 長(zhǎng)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(chǎn)與銷售的民營(yíng)企業(yè)。公司主要采用TN/STN技術(shù)，產(chǎn)品主要應(yīng)用于U盾、點(diǎn)菜機(jī)、MP3、計(jì)算器、電子詞典等商品的顯示屏及模組，在行業(yè)內(nèi)占有較高的市場(chǎng)份額，具有重要的行業(yè)地位。由于公司現(xiàn)有生產(chǎn)基地車間面積較小，無(wú)法滿足公司快速增長(zhǎng)的業(yè)務(wù)需求，公司新購(gòu)置土地實(shí)施異地?cái)U(kuò)建，計(jì)劃在年底前完成新廠區(qū)建設(shè)及新生產(chǎn)線安裝調(diào)試。項(xiàng)目擴(kuò)建后，產(chǎn)品年產(chǎn)量將得到較大提高。目前公司擴(kuò)建項(xiàng)目遇到了資金瓶頸問題，公司作為民營(yíng)中小企業(yè)很難獲得較低成本的債權(quán)融資，而私募股權(quán)融資不僅能夠?yàn)楣窘鉀Q資金問題，還能幫助企業(yè)規(guī)范公司內(nèi)部治理結(jié)構(gòu)，提高管理水平，，建立起現(xiàn)代企業(yè)制度，推進(jìn)公司的快速健康發(fā)展。 本文根據(jù)公司的實(shí)際情況，公司擴(kuò)產(chǎn)項(xiàng)目擬通過私募股權(quán)融資500萬(wàn)元，為公司制定了切實(shí)可行的融資方案，對(duì)如何選定投資機(jī)構(gòu)，合理進(jìn)行企業(yè)價(jià)值評(píng)估，與投資方磋商融資條款，控制融資風(fēng)險(xiǎn)等環(huán)節(jié)進(jìn)行了詳細(xì)的說明，并對(duì)公司進(jìn)行私募股權(quán)融資所面臨的一系列問題進(jìn)行分析，查找成因，提出合理的解決對(duì)策，以此指導(dǎo)民營(yíng)企業(yè)私募股權(quán)融資的實(shí)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(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F426.63
本文編號(hào)：2222545
[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(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F426.63
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