本文關鍵詞：科技創(chuàng)新型中小企業(yè)上市方式選擇影響因素研究　出處：《哈爾濱商業(yè)大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 中小企業(yè) 上市渠道 上市方式

【摘要】：2013年以來,我國經濟增速持續(xù)下滑,過去30多年高速增長積累的風險和問題逐漸顯現(xiàn),政府為了應對經濟發(fā)展"新常態(tài)"提出了經濟發(fā)展要從要素驅動、投資驅動轉向創(chuàng)新驅動。科技型企業(yè)是國家創(chuàng)新體系中最具有活力的部分,也是國家經濟發(fā)展的重要推動力,但是由于科技型企業(yè)不僅具有普通中小企業(yè)抗風險能力弱、財務不透明、管理不規(guī)范、價值不確定等特點,同時其自身所面臨的巨大市場和技術風險,導致其在發(fā)展中受到各種問題所困擾,其中,融資難問題是制約其進一步發(fā)展的主要問題,而發(fā)行上市是科技型企業(yè)獲得長遠發(fā)展的最好選擇。企業(yè)上市,不僅能籌集自身發(fā)展的所需資金,也給社會閑散資金提供了良好的投資機會。而選擇適合自身發(fā)展狀況的上市渠道和方式是企業(yè)成功上市的前提,選對上市方式不僅能增加上市成功的可能性而且能盡量減少不必要的上市開支。當前針對我國企業(yè)境內上市方式選擇的體系化研究較少,運用實證方法研究的相關文獻更少,現(xiàn)有的一些研究雖然涉及企業(yè)財務因素對上市方式選擇的影響,但在指標選取上存在數(shù)量不足、樣本容量較小等問題,所以研究影響科技創(chuàng)新型中小企業(yè)上市方式的主要因素對幫助其成功上市有著重要的實踐意義。長期以來,融資渠道單一,難以籌集到足夠的發(fā)展資金一直是阻礙我國中小企業(yè)健康成長的重要問題,銀行貸款一直是我國企業(yè)融資的首選目標,但由于存在自身發(fā)展規(guī)模有限、技術風險較大等問題,科技創(chuàng)新型中小企業(yè)很難從銀行等金融機構獲得足夠的發(fā)展資金。為此,本文主要分析梳理國內外適合科技創(chuàng)新型中小企業(yè)上市融資的資本市場和上市方式,力圖為處在創(chuàng)業(yè)期和成長期的科技創(chuàng)新型中小企業(yè)找到適合自身實際情況的上市融資策略。經過研究發(fā)現(xiàn),盈利能力較差、治理能力較弱的企業(yè)通過買殼方式更容易達到上市目的;盈利能力、發(fā)展能力、資本流動性、運營能力和現(xiàn)金流量的充足性是影響企業(yè)上市方式的內在因素,盈利能力強,發(fā)展?jié)摿Υ笠约傲鲃有猿渥愕钠髽I(yè)更傾向于選擇直接IPO上市,而現(xiàn)金流量越充足,營運能力越高的企業(yè)選擇直接上市的概率反而越小;科研水平、企業(yè)性質、所屬行業(yè)以及所處地區(qū)等非財務因素也能對企業(yè)上市方式的選擇產生影響。
[Abstract]:Since 2013, China's economic growth continued to decline, the past 30 years of rapid growth accumulation of risks and problems gradually emerged. In order to deal with the "new normal" of economic development, the government has proposed that economic development should be driven by elements, investment and innovation. Science and technology enterprises are the most dynamic part of the national innovation system. It is also an important driving force of national economic development, but because of the scientific and technological enterprises not only has the common small and medium-sized enterprises to resist the risk ability is weak, the finance is not transparent, the management is not standard, the value is uncertain and so on. At the same time, the huge market and technological risks it faces, lead to its development by a variety of problems, among which, the financing problem is the main problem restricting its further development. Listing is the best choice for scientific and technological enterprises to obtain long-term development. The listing of enterprises can not only raise the necessary funds for their own development. It also provides a good investment opportunity for social idle funds, and the choice of suitable listing channels and methods is the premise of successful listing. Choosing the right way of listing can not only increase the possibility of successful listing, but also reduce the unnecessary expenditure of listing as far as possible. Although some existing studies involve the influence of enterprise financial factors on the choice of listing mode, there are some problems in the selection of indicators, such as insufficient number of indicators and small sample size. Therefore, it is of great practical significance to study the main factors that affect the mode of listing of science and technology innovation SMEs. For a long time, the financing channel is single. The difficulty of raising enough development funds has been an important problem that hinders the healthy growth of small and medium-sized enterprises in China. Bank loans have always been the first choice of enterprise financing in China, but due to the existence of their own development scale is limited. It is difficult for small and medium-sized enterprises to obtain sufficient development funds from banks and other financial institutions. This paper mainly analyzes the domestic and foreign capital markets and listing methods suitable for the financing of science and technology innovation SMEs. Try to find a suitable listing financing strategy for the technological innovation SMEs in the period of entrepreneurship and growth. Through the research, we find that the profitability is poor. It is easier for the enterprises with weak governance ability to reach the goal of listing through the way of buying the shell; Profitability, development capacity, capital liquidity, operational capacity and cash flow adequacy are the internal factors that affect the way of listing of enterprises, and the profitability is strong. Enterprises with large development potential and sufficient liquidity tend to choose direct IPO listing, but the more sufficient cash flow, the lower the probability of direct listing of enterprises with higher operating capacity; Non-financial factors, such as scientific research level, nature of enterprise, industry and region, can also influence the choice of listing mode.
【學位授予單位】：哈爾濱商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F276.44;F832.51

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