【摘要】：隨著我國經(jīng)濟(jì)飛速發(fā)展,創(chuàng)新型中小企業(yè)的發(fā)展日益成為促進(jìn)發(fā)展的新力量,對社會的可持續(xù)發(fā)展和國家的產(chǎn)業(yè)結(jié)構(gòu)轉(zhuǎn)型起著積極推動作用。但是創(chuàng)新型中小企業(yè)的發(fā)展卻面臨著融資難的問題,融資渠道非常狹窄,融資成本高,信息比較匱乏等導(dǎo)致創(chuàng)新型中小企業(yè)發(fā)展受到重重阻礙,不少創(chuàng)新型中小企業(yè)在創(chuàng)業(yè)初期就面臨倒閉和破產(chǎn)的風(fēng)險。由此可見,為創(chuàng)新型中小企業(yè)拓展融資渠道及方式尤為重要。新三板的出現(xiàn)為創(chuàng)新型中小企業(yè)融資提供了較好的平臺,因此,對創(chuàng)新型中小企業(yè)新三板融資進(jìn)行研究,不僅具有理論價值,還具有良好的現(xiàn)實(shí)意義。論文以創(chuàng)新型中小企業(yè)為研究對象,在充分研究融資理論、創(chuàng)新型中小企業(yè)及新三板概念的基礎(chǔ)上,對國內(nèi)外與創(chuàng)新型中小企業(yè)融資相關(guān)的文獻(xiàn)進(jìn)行梳理,了解和掌握了相關(guān)的成功經(jīng)驗(yàn)。以S公司為例,分析了創(chuàng)新型中小企業(yè)的融資現(xiàn)狀、及其新三板上市融資過程與成效,分析得出S公司作為一家典型的創(chuàng)新型中小企業(yè),擁有較強(qiáng)的研發(fā)能力和業(yè)務(wù)能力,管理能力也不斷優(yōu)化,但是財務(wù)資金方面表現(xiàn)一般。因此,論文采用模糊綜合評價模型對S公司新三板融資效果進(jìn)行綜合評價,模型參考美國COSO報告的研究成果,構(gòu)建了包括一級指標(biāo)和二級指標(biāo)的綜合評價指標(biāo)模型,進(jìn)而確定和計(jì)算指標(biāo)權(quán)重,通過構(gòu)建評語集和確定隸屬矩陣,完成模糊矩陣運(yùn)算。最終得出結(jié)果:綜合評定分析得出S公司在新三板上市融資中整體表現(xiàn)良好,但仍存在一些問題需要進(jìn)一步改善;從單項(xiàng)指標(biāo)分析得出公司創(chuàng)新能力較好,成長能力表現(xiàn)一般,財務(wù)能力有很多不合理之處,環(huán)境成本情況不樂觀等問題。根據(jù)S公司的案例分析,可以看出造成創(chuàng)新型中小企業(yè)難以上市新三板融資因素有很多,主要包括企業(yè)自身的因素、新三板企業(yè)的價值評估問題、新三板市場的流動性問題、做市商的入市標(biāo)準(zhǔn)問題等等。針對這些問題,論文提出促成了S公司新三板融資的對策,主要有完善企業(yè)組織結(jié)構(gòu)、完善企業(yè)財務(wù)制度、完善企業(yè)內(nèi)部控制制度以及提高企業(yè)核心競爭力等對策。最后,論文呼吁市場和政府,從提高主辦券商積極性、完善轉(zhuǎn)板制度,建立綠色轉(zhuǎn)板通道、降低投資者準(zhǔn)入門檻和政府鼓勵支持創(chuàng)新型中小企業(yè)掛牌新三板等方面支持和促進(jìn)創(chuàng)新型中小企業(yè)新三板上市融資。
[Abstract]:With the rapid development of China's economy, the development of innovative small and medium-sized enterprises (SMEs) is becoming a new force to promote the development of society and the transformation of national industrial structure. However, the development of innovative small and medium-sized enterprises is facing the problem of financing difficulties. The financing channel is very narrow, the financing cost is high, and the lack of information leads to the development of innovative small and medium-sized enterprises being hindered. Many innovative small and medium-sized enterprises are faced with the risk of bankruptcy and bankruptcy in the initial stage. Thus, for innovative small and medium-sized enterprises to expand financing channels and ways are particularly important. The emergence of the new third board provides a better platform for the financing of innovative small and medium-sized enterprises. Therefore, the research on the financing of the new third board of innovative small and medium-sized enterprises has not only theoretical value, but also good practical significance. Based on the research of financing theory, innovative small and medium-sized enterprises and the concept of the new three boards, this paper combs the literature related to the financing of innovative small and medium-sized enterprises at home and abroad. Knowledge and mastery of relevant successful experiences. Taking S Company as an example, this paper analyzes the current financing situation of innovative small and medium-sized enterprises, and the process and effect of the new third board listing, and concludes that S Company, as a typical innovative small and medium-sized enterprise, has strong R & D ability and business ability. The management ability also unceasingly optimizes, but the financial capital aspect performance is ordinary. Therefore, the paper uses the fuzzy comprehensive evaluation model to evaluate the financing effect of the new third board of S Company. Referring to the research results of the COSO report of the United States, the paper constructs a comprehensive evaluation index model, which includes the first class index and the second grade index. Then the index weight is determined and calculated, and the fuzzy matrix operation is completed by constructing the comment set and determining the membership matrix. Finally, the results are as follows: the overall performance of S Company is good in the new third Board listing financing, but there are still some problems need to be further improved; from the single index analysis, it is concluded that the company's innovation ability is better, and its growth ability performance is general. Financial capacity has a lot of unreasonable, environmental costs are not optimistic and other issues. According to the case study of S Company, we can see that there are many factors causing innovative SMEs to be difficult to list on the new third Board, mainly including the factors of the enterprise itself, the value evaluation of the new third board enterprise, and the liquidity problem of the new third board market. Market maker's entry standards and so on. Aiming at these problems, the paper puts forward the countermeasures to promote the financing of the new third board of S Company, which mainly include perfecting the organizational structure of the enterprise, perfecting the financial system of the enterprise, perfecting the internal control system of the enterprise and improving the core competitiveness of the enterprise. Finally, the paper calls on the market and the government to improve the enthusiasm of the hosting securities companies, improve the system of conversion board, and establish a green channel. Lowering the threshold for investors and encouraging the government to support the listing of innovative small and medium-sized enterprises on the new third board and other aspects to support and promote innovative small and medium-sized enterprises new three board listing financing.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F271

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