本文選題：資本市場　切入點(diǎn)：新三板　出處：《北京交通大學(xué)》2017年碩士論文

【摘要】：近年來,隨著我國大力實(shí)施"走出去"戰(zhàn)略,新三板企業(yè)掀起了海外并購的浪潮,2016年中國新三板企業(yè)海外并購爆發(fā)的一年,無論是并購數(shù)量還是交易規(guī)模均創(chuàng)歷史新高。一方面由于國家政策不斷支持新三板企業(yè)走出國門,擴(kuò)展海外市場;另一方面是企業(yè)自身的戰(zhàn)略布局使然,在全球化的背景下實(shí)現(xiàn)資源優(yōu)化配置,吸收海外先進(jìn)技術(shù)與管理經(jīng)驗(yàn),加速產(chǎn)業(yè)優(yōu)化升級,實(shí)現(xiàn)企業(yè)全球化發(fā)展。我國新三板企業(yè)面臨融資渠道單一、融資成本高、融資成功率低三大難題。為此,國家正積極拓寬融資渠道,構(gòu)建合理的多層次資本市場結(jié)構(gòu),支持和鼓勵中小企業(yè)直接融資。我國新三板市場堅持為中小企業(yè)提供融資平臺的理念,為不能達(dá)到主板、創(chuàng)業(yè)板上市標(biāo)準(zhǔn)的中小型企業(yè)解決融資問題。它不但為中小企業(yè)提供了一個直接的融資平臺,而且對掛牌企業(yè)的其它方式融資具有隱性的推動作用,成為解決我國中小企業(yè)融資難題的關(guān)鍵力量。本文采取理論基礎(chǔ)與案例研究相結(jié)合的方式,首先,對新三板企業(yè)市場及企業(yè)海外并購融資現(xiàn)狀進(jìn)行分析,包括新三板市場的流動性、定向增發(fā)、股權(quán)質(zhì)押。并且分析企業(yè)海外并購現(xiàn)狀、企業(yè)海外并購的動機(jī)和新三板企業(yè)海外并購融資存在的問題及原因分析。其次,對資本市場促進(jìn)新三板市場海外并購的機(jī)理進(jìn)行分析,同時說明資本市場是如何影響新三板企業(yè)海外并購的和資本市場對新三板企業(yè)海外并購的促進(jìn)作用。再次,以2006年新三板海外并購經(jīng)典案例——華清飛揚(yáng)并購韓國COWON SYSTEMS為例,先對案例中的并購方和目標(biāo)企業(yè)的基本情況進(jìn)行介紹,并對并購的動機(jī)、并購的背景以及并購的過程進(jìn)行分析;然后對并購后華清飛揚(yáng)的財務(wù)指標(biāo)和股價變化進(jìn)行分析,通過并購使華清飛揚(yáng)的整體實(shí)力得到提升。以典型案例驗(yàn)證了上述分析。最后,得出相關(guān)結(jié)論:(1)資本市場可以助力新三板企業(yè)進(jìn)行海外并購,通過并購使企業(yè)的整體實(shí)力得到提升,完成企業(yè)升級;(2)新三板企業(yè)海外并購活動使市場的資源得到優(yōu)化,完善我國多層次資本市場體制,為其注入新的活力。
[Abstract]:In recent years, along with our country to vigorously implement the strategy of "going out", the new board enterprises set off a wave of overseas mergers and acquisitions, mergers and acquisitions of overseas Chinese 2016 outbreak of the new three business year, regardless of the number of mergers and acquisitions or the size of the transaction record. On the one hand because of the national policy support the three new board companies to go abroad and expand overseas market; on the other hand is the enterprise strategic layout of its own nature, optimize the allocation of resources under the background of globalization, to absorb foreign advanced technology and management experience, accelerate industrial upgrading, realize the enterprise globalization development. China's new three enterprises are facing financing channels for a single, high cost of financing, financing the low success rate of the three major problems. To this end, the state is actively broaden the financing channels, the construction of multi-level capital market structure, support and encourage the direct financing of small and medium-sized enterprises. The new third market in China adhere to small and medium-sized enterprises The idea is to provide financing platform, can not achieve the motherboard, the gem standard of small and medium-sized enterprises to solve the financing problem. It provides a direct financing platform not only for small and medium-sized enterprises, but also has the hidden role of other ways of financing in listed companies, has become a key force to solve the financing problem of small and medium-sized enterprises in China in this paper. Take the basis of the combination of theory and case study, first of all, the new three board market and enterprises overseas mergers and acquisitions financing situation analysis, liquidity, including the new third market placement, equity pledge. And analysis of overseas mergers and acquisitions the status quo, problems and reasons analysis of financing existing overseas mergers and acquisitions of overseas mergers and acquisitions motivation and three new board business. Secondly, the mechanism of the capital market to promote the new third market of overseas mergers and acquisitions are analyzed, at the same time that the capital market is how to influence the new board Overseas mergers and acquisitions and capital markets to overseas mergers and acquisitions, three new board business promotion. Again, in 2006 the new board -- a classic case of overseas mergers and acquisition of South Korea COWON SYSTEMS Huaqing flying as an example, first in the case of mergers and acquisitions and the basic situation of the target enterprise are introduced, and the motivation, process analysis of mergers and acquisitions and then on the background of mergers and acquisitions; financial performance and stock price changes after the merger of Huaqing flying, the overall strength through merger and acquisition to Huaqing flying has been improved. The above analysis is verified by typical case. Finally, draw relevant conclusions: (1) the capital market can help the new board companies overseas mergers and acquisitions, through mergers and acquisitions to overall strength the enterprise has been improved, to complete the upgrading of enterprises; (2) the new board of overseas mergers and acquisitions activities make the market resources to be optimized to improve China's multi-level capital market system To inject new vitality into it.

【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F832.51

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