本文選題：創(chuàng)業(yè)板IPO + 股權(quán)融資�。� 參考：《廣西大學(xué)》2014年碩士論文

【摘要】：在國家政策的正確引導(dǎo)下,我國中小企業(yè)迅速發(fā)展,在國民經(jīng)濟(jì)中的地位愈加重要,中小企業(yè)的發(fā)展已成為國民經(jīng)濟(jì)發(fā)展中的基石。然而,融資難問題日益成為困擾中小企業(yè)發(fā)展的主要障礙。2006年以后,中國證監(jiān)會(huì)陸續(xù)啟動(dòng)了國內(nèi)主板市場、創(chuàng)業(yè)板市場、“新三板”市場等場內(nèi)、場外融資交易平臺(tái)。 中國主板市場和創(chuàng)業(yè)板市場等融資平臺(tái)的啟動(dòng)對(duì)發(fā)展中的中國企業(yè)產(chǎn)生了重要影響。一方面,部分企業(yè)通過上市融資迅速確立了自己的產(chǎn)業(yè)地位,提升了企業(yè)的市場競爭力；另一方面,部分企業(yè)卻被擋在上市門檻之外,更甚者,付出了企業(yè)嚴(yán)重虧損的代價(jià)。究其原因,“企業(yè)IPO前期運(yùn)作對(duì)策的失誤”是企業(yè)IPO上市失利的重要原因,因此,企業(yè)上市融資需要制定合乎企業(yè)實(shí)際情況的IPO前期運(yùn)作問題對(duì)策。在這樣的背景下,本文以SL公司IPO的前期運(yùn)作問題為研究對(duì)象展開相應(yīng)的對(duì)策研究。 本文主要采用文獻(xiàn)研究法、比較分析法、進(jìn)行研究。首先對(duì)融資理論、戰(zhàn)略理論以及股權(quán)融資、IPO運(yùn)作文獻(xiàn)進(jìn)行搜集、分析,找出相關(guān)理論依據(jù)；然后采用比較分析法對(duì)SL公司現(xiàn)狀與IPO上市審核標(biāo)準(zhǔn)進(jìn)行比較分析,找出SL公司IPO前期運(yùn)作的存在問題,最后對(duì)這些問題進(jìn)行深入研究后提出問題對(duì)策。 本文在研究過程中提出一些主要觀點(diǎn),這些觀點(diǎn)主要是： 企業(yè)的融資決策需要從企業(yè)戰(zhàn)略與融資需求方面進(jìn)行具體分析。 企業(yè)IPO的前期運(yùn)作的基本流程為：企業(yè)上市決策做出、設(shè)置上市運(yùn)作機(jī)構(gòu)、確定IPO前期運(yùn)作內(nèi)容、進(jìn)行IPO前期運(yùn)作(圖2-2)。 企業(yè)IPO前期運(yùn)作必須嚴(yán)格按照中國證監(jiān)會(huì)對(duì)創(chuàng)業(yè)板、主板市場的制度、運(yùn)行機(jī)制進(jìn)行IPO前期運(yùn)作的具體工作,這些工作重點(diǎn)是要設(shè)立符合上市要求的股份公司并依次展開具體工作,這些具體工作應(yīng)該包含：企業(yè)治理架構(gòu)的調(diào)整問題、企業(yè)財(cái)務(wù)重組問題、審核發(fā)行人獨(dú)立問題、消除同業(yè)競爭與關(guān)聯(lián)交易等可能存在的問題。 其中,對(duì)企業(yè)IPO前期運(yùn)作機(jī)構(gòu)設(shè)置要建立評(píng)價(jià)標(biāo)準(zhǔn),這些標(biāo)準(zhǔn)包含四個(gè)維度：顧問機(jī)構(gòu)的從業(yè)資質(zhì)；顧問機(jī)構(gòu)輔導(dǎo)案例與擬上市企業(yè)的契合度；顧問機(jī)構(gòu)的工作素養(yǎng)；過去三年顧問機(jī)構(gòu)的輔導(dǎo)業(yè)績。 處理同業(yè)競爭與關(guān)聯(lián)交易主要有兩種方式：通過資本重組(并購或者剝離),破壞同業(yè)競爭和關(guān)聯(lián)交易的基礎(chǔ)條件；完善公司法人治理結(jié)構(gòu),防止關(guān)聯(lián)方侵害股東利益和公司權(quán)益。
[Abstract]:Under the correct guidance of national policies, the rapid development of small and medium-sized enterprises in China has become increasingly important in the national economy, and the development of small and medium-sized enterprises has become the cornerstone of the development of the national economy. However, the problem of financing difficulties has increasingly become a major obstacle to the development of small and medium-sized enterprises. Since 2006, the CSRC has launched the domestic mainboard market, the growth enterprise market, the "new third board" market and so on. OTC financing trading platform. The launch of financing platforms such as China main Board and growth Enterprise Market has had an important impact on developing Chinese enterprises. On the one hand, some enterprises quickly establish their own industrial status through listed financing, and improve their market competitiveness; on the other hand, some enterprises are blocked from listing threshold, and even more, they pay the price of serious losses. The reason is that "the error of the pre-IPO operation countermeasure" is the important reason for the failure of the IPO. Therefore, it is necessary for the enterprise to formulate the countermeasures for the pre-IPO operation in accordance with the actual situation of the enterprise. Under this background, this paper takes the initial operation of SL company as the research object to carry on the corresponding countermeasure research, this article mainly uses the literature research method, the comparative analysis method, carries on the research. First of all, the financing theory, strategic theory and equity financing IPO operation literature collection, analysis, to find out the relevant theoretical basis; then the use of comparative analysis of SL company status and IPO audit standards for comparative analysis, To find out the existing problems in the early operation of the IPO of SL Company, and finally to make a thorough study of these problems and put forward the countermeasures. In the course of the research, this paper puts forward some main points of view. These viewpoints are as follows: the financing decision of the enterprise needs to be analyzed from the aspects of the enterprise strategy and the financing demand. The basic process of the initial operation of the IPO is: the enterprise makes the decision of listing, sets up the listed operation organization, Determine the content of the pre-IPO operation and conduct the pre-IPO operation (fig. 2-2). The pre-IPO operation of the enterprise must be strictly in accordance with the system and operation mechanism of the China Securities Regulatory Commission for the gem, the main board market, and the operating mechanism for the pre-IPO operation. The focus of these efforts is to set up a joint-stock company that meets the listing requirements and carry out specific work in turn. These specific tasks should include: the adjustment of the corporate governance structure, the issue of corporate financial restructuring, and the examination of the independence of the issuer. In order to eliminate the possible problems such as peer competition and related party transactions, the evaluation criteria should be established for the pre-IPO operating institutions, which include four dimensions: the qualification of consulting institutions; The degree of conformity between counseling cases and enterprises to be listed, the working accomplishment of consulting institutions; There are two main ways to deal with peer competition and related party transactions: through capital reorganization (M & A or divestiture, to destroy the basic conditions of peer competition and related party transactions; to improve the corporate governance structure. To prevent related parties from encroaching on the interests of shareholders and the rights and interests of the company.
【學(xué)位授予單位】：廣西大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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本文編號(hào)：2005812