本文關(guān)鍵詞：新三板對我國私募股權(quán)基金發(fā)展的促進作用研究　出處：《安徽大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：在當(dāng)前我國政府的大力鼓勵與支持下,我國的民間經(jīng)濟發(fā)展活躍,眾多中小企業(yè)顯示出蓬勃的生命力。相對于大中型企業(yè)以及國有企業(yè)而言,中小企業(yè)由于自身資金實力等各方面的問題,難以從銀行、場內(nèi)市場公開發(fā)行等傳統(tǒng)渠道獲得足夠的資金支持。但是我們可以看到,隨著我國多層次資本市場的不斷完善,尤其是自2013年新三板的全國性擴容之路以及我國私募股權(quán)投資基金的快速發(fā)展,都為我國的中小企業(yè),尤其是科創(chuàng)型中小企業(yè)的發(fā)展提供了另一個更為有效的資金來源。本文通過現(xiàn)有資料的整合研究,總結(jié)了國內(nèi)外相關(guān)領(lǐng)域的現(xiàn)有研究現(xiàn)狀,并對我國的新三板以及私募股權(quán)投資基金的發(fā)展歷程和現(xiàn)狀進行簡單介紹。通過將新三板與我國私募股權(quán)基金相結(jié)合,我們可以發(fā)現(xiàn)新三板的大力發(fā)展對我國的私募股權(quán)基金具有很大的推動效應(yīng)。通過九鼎的案例,我們可以發(fā)現(xiàn),借助于全國性的場外市場,我國的私募股權(quán)機構(gòu)可以通過新三板進行掛牌交易,增強其股份流動性,并通過定向增發(fā)進行資金融通,將極大地補充其權(quán)益資本實力,也可為其增加一定的品牌效益。同時,通過掛牌新三板,可以規(guī)范其現(xiàn)有資本以及管理結(jié)構(gòu),助力其更為穩(wěn)定長遠的發(fā)展。對于私募股權(quán)基金而言,項目的尋找以及投資后的退出都極為關(guān)鍵。新三板目前過萬家的掛牌企業(yè),極大的豐富了私募股權(quán)基金的項目來源,降低了其項目的搜尋成本。隨著新三板的進一步發(fā)展,未來將極有可能成為我國私募股權(quán)基金的一大項目池。另一方面,私募股權(quán)基金投資的成功退出是整個投資的最后一環(huán),過去私募的退出主要是通過首次公開發(fā)行等傳統(tǒng)渠道,新三板的存在及快速發(fā)展,有效地解決了我國私募股權(quán)行業(yè)傳統(tǒng)退出渠道過于匱乏的現(xiàn)狀。數(shù)據(jù)顯示,新三板已然取代首次公開發(fā)行成為我國私募股權(quán)基金退出的主流渠道�，F(xiàn)如今,雖然新三板的掛牌企業(yè)已經(jīng)突破萬家大關(guān),但是我們可以看到新三板還是存在一些問題,整個市場在估值、流動性等方面還存在不足之處。文章的最后,筆者通過自己的研究分析,提出了一些如何進一步利用新三板,以此來加快我國私募股權(quán)基金發(fā)展的建議,希望能夠?qū)ξ覈氯宓慕ㄔO(shè)以及私募股權(quán)基金的發(fā)展產(chǎn)生良好的推動作用。通過本文的研究我們可以發(fā)現(xiàn),新三板對于我國的私募股權(quán)基金在資金、項目來源、退出等方面都有的很大的影響作用,對私募股權(quán)基金的發(fā)展產(chǎn)生了有力的促進作用。未來,隨著新三板的進一步完善與發(fā)展,以及兩者之間相互更深層次的結(jié)合,將會對兩者發(fā)展都將產(chǎn)生更加積極而深遠的影響,也將使得我國的多層次資本市場更加完善,滿足不同企業(yè)的多樣化融資需求。
[Abstract]:With the strong encouragement and support of our government at present, the development of our folk economy is active, and many small and medium-sized enterprises show vigorous vitality, compared with large and medium-sized enterprises and state-owned enterprises. Because of their own financial strength and other aspects of the problems, it is difficult for SMEs to obtain sufficient financial support from banks, open market and other traditional channels. But we can see. With the continuous improvement of China's multi-level capital market, especially since 2013, the new three boards of the national expansion of the road and the rapid development of private equity investment funds, are all small and medium-sized enterprises in China. In particular, the development of innovative small and medium-sized enterprises provides another more effective source of funds. Through the integration of existing data, this paper summarizes the current situation of domestic and foreign research in related fields. And the new third board and private equity investment fund development process and status quo are briefly introduced. By combining the new three boards with our private equity fund. We can find that the vigorous development of the new third board has a great impact on the private equity funds in China. Through the case of Jiuding, we can find that, with the help of the national over-the-counter market. China's private equity institutions can be listed through the new third board transactions, enhance its liquidity, and through targeted additional capital financing, will greatly supplement its equity capital strength. At the same time, through the listing of the new third board, it can standardize its existing capital and management structure, help its more stable long-term development. For private equity funds. The search for the project and the exit after the investment are very critical. The new three boards are now more than ten thousand listed enterprises, greatly enriched the private equity fund project sources. With the further development of the new third board, it is very likely to become a large project pool of private equity fund in our country. On the other hand. The successful exit of private equity investment is the last part of the whole investment. In the past, the exit of private equity was mainly through the traditional channels such as initial public offering, the existence and rapid development of the new three boards. The data show that the new third board has replaced the initial public offering as the mainstream channel of private equity fund withdrawal in China. Although the new third board listed enterprises have broken through the threshold, but we can see that there are still some problems in the new third board, the whole market in valuation, liquidity and other aspects are still inadequate. Through my own research and analysis, the author puts forward some suggestions on how to make further use of the new three boards in order to speed up the development of private equity funds in China. Through the research of this paper, we can find that the new three boards can be used to fund the private equity funds in China. Project sources, withdrawal and other aspects have a great impact on the development of private equity funds have a strong role in promoting. In the future, with the further improvement and development of the new three boards. The deeper combination of the two will have a more positive and far-reaching impact on the development of both, and will also make our multi-level capital market more perfect. To meet the diversified financing needs of different enterprises.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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