本文關(guān)鍵詞： 京東東家 眾籌融資 運(yùn)作模式　出處：《北方工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：小微企業(yè)是我國(guó)國(guó)民經(jīng)濟(jì)發(fā)展的重要支柱以及促進(jìn)社會(huì)就業(yè)的主要渠道。近年來,其融資難、融資貴的問題不斷催促著我國(guó)資本市場(chǎng)的多層次發(fā)展,股權(quán)眾籌的快速崛起恰是這其中最重要的產(chǎn)物之一。因此,本文選取了國(guó)內(nèi)當(dāng)下發(fā)展最快、規(guī)模最大的"京東東家"股權(quán)眾籌平臺(tái)為研究對(duì)象,通過對(duì)其進(jìn)行具體的分析研究,得出具有參考價(jià)值的結(jié)論并提出建議措施,為我國(guó)股權(quán)眾籌行業(yè)的發(fā)展貢獻(xiàn)綿薄之力。本文首先對(duì)股權(quán)眾籌行業(yè)的相關(guān)概念特點(diǎn)、發(fā)展現(xiàn)狀、行業(yè)內(nèi)五種基本競(jìng)爭(zhēng)力、行業(yè)內(nèi)主要平臺(tái)競(jìng)爭(zhēng)態(tài)勢(shì)等問題進(jìn)行了具體分析,得出京東東家股權(quán)眾籌平臺(tái)在行業(yè)內(nèi)的競(jìng)爭(zhēng)態(tài)勢(shì)。接著,通過梳理京東東家與京東集團(tuán)的相關(guān)業(yè)務(wù)關(guān)系,得知其平臺(tái)兩大重要業(yè)務(wù)板塊的產(chǎn)生原因。隨后,本文分別對(duì)其平臺(tái)上創(chuàng)投版和消費(fèi)版股權(quán)眾籌融資運(yùn)作模式進(jìn)行了具體分析,包括業(yè)務(wù)定位、運(yùn)作流程、運(yùn)作機(jī)制、風(fēng)險(xiǎn)來源及控制分析等。最后總結(jié)出了京東東家在"領(lǐng)投+跟投"、"小東家計(jì)劃"以及"近乎保本投資"等機(jī)制設(shè)置方面存在的優(yōu)勢(shì),同時(shí)指出了其在發(fā)展過程中存在的不足之處,包括平臺(tái)監(jiān)管的機(jī)制缺失、投融資雙方的信息不對(duì)稱、項(xiàng)目估值的依據(jù)缺乏、投資回收期過長(zhǎng)、退出機(jī)制單一等問題。因此,針對(duì)上述案例研究中發(fā)現(xiàn)的問題,本文以股權(quán)眾籌行業(yè)的發(fā)展為視角,提出了相關(guān)合理性建議,主要有完善我國(guó)股權(quán)眾籌行業(yè)相關(guān)法律法規(guī)的建設(shè)、建立股權(quán)眾籌行業(yè)數(shù)據(jù)庫、設(shè)計(jì)合理的項(xiàng)目估值體系、大力創(chuàng)新股權(quán)眾籌融資退出機(jī)制以及快速開展公募股權(quán)眾籌業(yè)務(wù)等。最后,本文對(duì)股權(quán)眾籌行業(yè)的未來進(jìn)行展望,指出其快速高效的融資模式定會(huì)有效地解決中小微企業(yè)的融資困境,成為多層次資本市場(chǎng)的重要組成部分,為我國(guó)國(guó)民經(jīng)濟(jì)的發(fā)展做出重要貢獻(xiàn)。
[Abstract]:Small and micro businesses is an important pillar of China's national economic development as well as the main channel for the promotion of social employment. In recent years, the financing difficulties, financing expensive problem has urged the development of multi-level capital market in China, the rapid rise of the public to raise equity is the product of one of the most important. Therefore, this paper selects the the current development of the fastest, the largest Jingdong owner equity raised platform as the research object, through the analysis on the specific, draw valuable conclusions and put forward suggestions and measures to raise the industry contribution to the development of China's public equity. The current situation of the development of related concepts, this paper first of all equity to raise the industry, five basic competitive industry, analyzes the main problems in the industry platform competition situation, the Jingdong owner equity raised platform in the industry competition situation then, By combing the Jingdong and Jingdong owner group related business relationship that causes the platform two major business segments. Then, this paper respectively on the platform of its venture capital version and the consumer version of the public to raise equity financing operation mode are analyzed, including business positioning, operation process, operation mechanism, risk source analysis and control etc.. And finally summed up the Jingdong in the club with the cast lead investor + "," young master plan "and" almost guaranteed investment "mechanism of existing advantages, and pointed out its shortcomings existed in the process of development, lack of supervision mechanism including the platform, the information asymmetry of both investment and financing projects. The valuation based on the lack of investment, long payback period, exit mechanism is single. Therefore, according to the case found in the research and development of the public to raise equity industry perspective, put forward reasonable Suggestions include construction of perfecting our country stock raising industry related laws and regulations, the establishment of stock raising industry database, design reasonable project valuation system, innovate the public to raise equity financing exit mechanism and rapid development of the public equity raise public business. Finally, this paper to raise public equity industry prospects for the future and pointed out that the rapid and efficient financing model will effectively solve the financing difficulties of small and micro enterprises, has become an important part of the multi-level capital market, make an important contribution to the development of our national economy.

【學(xué)位授予單位】：北方工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F724.6;F832.51

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本文編號(hào)：1483796