本文選題：中小企業(yè) + 新三板　； 參考：《上海交通大學(xué)》2014年碩士論文

【摘要】：中小企業(yè)在我國(guó)經(jīng)濟(jì)中占到舉足輕重的地位，對(duì)于促進(jìn)全社會(huì)的就業(yè)、推動(dòng)技術(shù)進(jìn)步等多方面作出了重大貢獻(xiàn)。但是中小企業(yè)在發(fā)展過(guò)程中面臨一些瓶頸，比如申辦手續(xù)復(fù)雜、實(shí)際稅負(fù)較重等，其中最大的問(wèn)題是資金短缺。目前中國(guó)企業(yè)的融資結(jié)構(gòu)中，銀行貸款的占比最大，而中小企業(yè)規(guī)模較小，且缺乏抵、質(zhì)押物，因此較難從銀行獲得貸款，資金問(wèn)題嚴(yán)重制約了廣大中小企業(yè)的發(fā)展。 在中國(guó)經(jīng)濟(jì)結(jié)構(gòu)轉(zhuǎn)型的過(guò)程中，中小企業(yè)的作用愈發(fā)明顯，為了促進(jìn)中小企業(yè)的發(fā)展，相關(guān)部門也不斷出臺(tái)扶持中小企業(yè)的政策與措施，，希望能夠改善中小企業(yè)融資難的問(wèn)題，助推中小企業(yè)成長(zhǎng)。在資本市場(chǎng)層面，陸續(xù)推出中小企業(yè)集合債券、中小企業(yè)集合票據(jù)、中小企業(yè)私募債、場(chǎng)外市場(chǎng)等金融產(chǎn)品與工具，但是效果卻始終不理想，直到新三板擴(kuò)容并修訂與之相關(guān)的制度，未來(lái)中小企業(yè)的融資、發(fā)展問(wèn)題將會(huì)得到明顯的改善，作為一項(xiàng)新的融資工具，新三板與中小企業(yè)集合票據(jù)、中小企業(yè)集合債券等相比，是更為適合中小企業(yè)融資的融資工具。通過(guò)在新三板掛牌，中小企業(yè)除了可以獲得資金之外，還能實(shí)現(xiàn)完善公司治理結(jié)構(gòu)、對(duì)核心員工實(shí)施股權(quán)激勵(lì)等目標(biāo)，可以說(shuō)，推進(jìn)新三板的建設(shè)，將成為中國(guó)資本市場(chǎng)上里程碑式的一項(xiàng)舉措。 本文立足于中國(guó)資本市場(chǎng)這一歷史性的突破，以一個(gè)從業(yè)人員的角度，分析中小企在新三板掛牌的意義，并提出完善、發(fā)展新三板的政策建議，主要有：盡快推出做市商制度、明確轉(zhuǎn)板機(jī)制、降低投資者門檻、給予新三板掛牌企業(yè)一定的財(cái)稅方面的優(yōu)惠等政策。
[Abstract]:Small and medium-sized enterprises (SMEs) play an important role in China's economy and make great contributions to promoting the employment of the whole society and promoting technological progress. However, SMEs face some bottlenecks in the process of development, such as complicated application procedures, heavy actual tax burden, among which the biggest problem is the shortage of funds. At present, in the financing structure of Chinese enterprises, bank loans account for the largest proportion, while small and medium-sized enterprises are small and lack of collateral, so it is difficult to obtain loans from banks, and the problem of capital seriously restricts the development of small and medium-sized enterprises. In the process of China's economic restructuring, the role of SMEs is becoming more and more obvious. In order to promote the development of SMEs, the relevant departments have constantly issued policies and measures to support SMEs, hoping to improve the problem of financing difficulties for SMEs. To boost the growth of small and medium-sized enterprises. At the level of the capital market, financial products and instruments such as small and medium-sized enterprises (SMEs) aggregate bonds, SME collective notes, SMEs' private equity debts, over-the-counter markets, and so on have been launched one after another, but the results have not been satisfactory. Until the expansion of the new third board and the revision of the related system, the financing and development problems of SMEs will be significantly improved in the future. As a new financing tool, the new three boards and small and medium-sized enterprises will collect bills. Compared with small and medium-sized enterprises, it is a more suitable financing tool for small and medium-sized enterprises. By listing on the new third board, small and medium-sized enterprises can not only obtain funds, but also achieve the objectives of perfecting the corporate governance structure and implementing equity incentives to core staff. It can be said that the construction of the new three boards can be promoted. It will be a landmark move in China's capital markets. Based on the historic breakthrough of China's capital market, this paper analyzes the significance of SMEs listing on the new three boards from the perspective of a practitioner, and puts forward some policy suggestions for perfecting and developing the new three boards, mainly as follows: to introduce the market maker system as soon as possible. Clear transfer mechanism, reduce the threshold of investors, give new third board listed enterprises certain fiscal and tax preferential policies.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F276.3

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