本文選題：新三板公司 + 再融資��； 參考：《首都經濟貿易大學》2017年碩士論文

【摘要】：作為我國場外市場的主要部分,新三板市場主要服務的對象是發(fā)展迅速,沒有達到上市條件的中小型企業(yè),這類企業(yè)由于規(guī)模不大、內部經營能力不足、盈利能力薄弱,所以很難達到主板市場的上市要求,但是這類企業(yè)由于其高成長性和創(chuàng)新性,成為了促進我國經濟迅速發(fā)展的巨大驅動力,2013年,新三板市場進行了擴容,自此新三場掛牌企業(yè)數(shù)量如雨后春筍,迅速增長。所以新三板市場也成為我國中小型企業(yè)獲取資金的一個重要渠道。新增掛牌數(shù)量繼續(xù)激流勇進,2015年新三板新增3557家,而2016年這個數(shù)據(jù)是5019,并且新三板掛牌企業(yè)總數(shù)量也成功跨過了萬家門檻,成為在數(shù)量上當之無愧的“宇宙第一大板”。截至2015年12月31日,全國股份轉讓系統(tǒng)掛牌的企業(yè)數(shù)量達到5406家,其中2015年新三板共完成2565次股票發(fā)行,發(fā)行230.79億股,融資1216.17億元,超過創(chuàng)業(yè)板1156.3億元的融資規(guī)模,新三板的的企業(yè)覆蓋面顯著擴大,市場影響力得到了明顯的提升。然而由于由于新三板市場融資環(huán)境不完善,新三板公司發(fā)展不規(guī)范,相關法律制度不健全等原因,新三板企業(yè)再融資的問題也是諸多,不能及時有效的獲取資金,促進企業(yè)發(fā)展。本文重點研究的內容是新三板公司再融資模式和效應,通過搜集和查閱相關文獻,詳細分析新三板公司再融資的模式、以及再融資模式的效應的相關綜述,并以某新三板掛牌企業(yè)掛牌后的融資模式和融資效應為案例研究對象,探索新三板企業(yè)再融資模式和效應的的可行性,以定向增發(fā)、股權質押融資、重組融資、銀行信貸等融資模式展開分析,分析不同融資模式的融資效應,為其它相似新三板企業(yè)再融資模式提供參考。本文通過比較法、文獻分析法、案例分析法、定量分析法等方法,基于以上研究,結合國內和國外相關理論綜述及經驗指導,從再融資模式和再融資效應兩個方面研究分析,系統(tǒng)的探討新三板公司再融資模式及其效應,并給新三板公司選擇融資模式提供建議。
[Abstract]:As the main part of our country's over-the-counter market, the main service target of the new third-board market is the small and medium-sized enterprises which have developed rapidly and have not reached the listing conditions. Because of their small scale, insufficient internal management ability and weak profitability, these enterprises are weak in profit. Therefore, it is difficult to meet the listing requirements of the main board market, but because of its high growth and innovation, these enterprises have become a huge driving force to promote the rapid economic development of our country. In 2013, the new third board market was expanded. Since then the number of new three listed enterprises such as bamboo shoots, rapid growth. Therefore, the new three-board market has become an important channel for small and medium-sized enterprises to obtain funds. The number of new listings continued to march forward, with 3557 new third boards added in 2015, compared with 5,019 in 2016, and the total number of companies listed on the new third board successfully crossed the threshold of 10,000, making it the "largest board in the universe" in terms of number. As of December 31, 2015, the number of enterprises listed in the national stock transfer system has reached 5406. Among them, the new third board completed 2565 share issues in 2015, issuing 23.079 billion shares and raising 121.617 billion yuan, exceeding the financing scale of 115.63 billion yuan on the gem. The coverage of the new three-board enterprises has significantly expanded, market influence has been significantly enhanced. However, due to the imperfect financing environment of the new third board market, the non-standard development of the new third board company and the imperfect legal system, there are many problems in the refinancing of the new third board enterprise, which can not obtain funds in a timely and effective manner. Promote the development of enterprises. This paper focuses on the refinancing model and effect of the new three board companies, through collecting and consulting relevant literature, the paper analyzes the refinancing model of the new three board companies in detail, as well as the related summary of the effect of the refinancing model. Taking the financing mode and financing effect of a new third board listed enterprise as the case study object, this paper explores the feasibility of the refinancing mode and effect of the new third board enterprise, and aims at directional additional issuance, equity pledge financing, recombination financing, etc. Bank credit and other financing models are analyzed to analyze the financing effects of different financing models to provide reference for other similar new three board enterprises refinancing model. Through comparative method, literature analysis method, case analysis method, quantitative analysis method, based on the above research, combined with domestic and foreign related theoretical review and empirical guidance, from the refinancing model and refinancing effect two aspects research and analysis, This paper systematically discusses the refinancing mode and its effect of the new three board companies, and provides some suggestions for the new three board companies to choose the financing mode.
【學位授予單位】：首都經濟貿易大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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