本文關鍵詞： 高新技術企業(yè) 新三板 融資決策　出處：《安徽大學》2017年碩士論文　論文類型：學位論文

【摘要】：我國自20世紀90年代場內交易市場建立以來,資本市場經過近三十年的完善發(fā)展,已經構建包括場內、場外交易市場在內的多層次資本市場體系。新三板市場自2013年擴容以來已成為重要的場外交易市場,新三板致力于為創(chuàng)新型、創(chuàng)業(yè)型、成長型中小微企業(yè)提供完善的資本市場,在國家政策的推動下,吸引眾多企業(yè)在新三板掛牌上市,已經成為眾多中小企業(yè)首選的融資平臺。新三板融資功能得到中小企業(yè)的認可,特別是初創(chuàng)期的高新技術企業(yè),但是由于自身發(fā)展的限制,初創(chuàng)期的高新技術企業(yè)存在法人治理不完善、經營不規(guī)范等問題,從規(guī)范角度出發(fā),在新三板融資決策過程也是其規(guī)范化的過程。規(guī)范的企業(yè)治理不僅能夠提高企業(yè)抗風險能力和整體競爭力,也能獲得投資者的關注,對企業(yè)順利實現融資起到基礎性的作用,因此初創(chuàng)期的高新技術企業(yè)需要正視企業(yè)存在的各種問題,并解決這些問題,完善治理結構,規(guī)范治理體系,以實現在新三板順利融資。本文的創(chuàng)新點是結合BY公司新三板掛牌的實際案例,從融資決策角度出發(fā),對BY公司新三板融資決策進行研究,全面系統(tǒng)分析BY公司的融資條件及融資能力,對BY公司可選的融資方式進行對比分析,并對BY公司新三板融資實施過程進行規(guī)劃。本文共分為六部分:第一部分緒論,對研究背景、研究意義、研究內容、方法、國內外學者的研究成果和現狀進行介紹。第二部分主要介紹多層次資本市場理論,指出理論基礎對我國多層次資本市場建設的指導意義;介紹新三板融資的理論基礎,對新三板的融資現狀、融資條件進行深入的分析。第三部分進入案例分析,首先介紹BY公司主營業(yè)務、主要產品、經營狀況,其次對BY公司融資需求進行闡述,最后在此基礎上對BY公司進行SWOT分析,對其融資能力進行量化的分析,為BY公司融資方案選擇提供依據。第四部分根據BY公司的案例分析,對可選的融資方案進行比較分析,得出在新三板融資是BY公司的最佳選擇。第五部分對BY公司新三板融資實施過程進行概述,測算實施成本,重點對新三板掛牌中財務問題進行規(guī)范,闡述BY公司新三板融資的收益,提出BY公司新三板融資風險及對策,對BY公司后續(xù)融資提出具體的建議。第六部分闡述研究的結論及對新三板市場的展望,提出本文的不足之處。
[Abstract]:Since the establishment of the OTC market in 1990s, the capital market has been developed for nearly 30 years. The new third board market has become an important over-the-counter market since its expansion in 2013. The new third board is committed to providing a sound capital market for innovative, entrepreneurial, and growing small and medium-sized enterprises. Driven by national policies, attracting many enterprises to list on the new third board has become the preferred financing platform for many small and medium-sized enterprises. The financing function of the new third board has been recognized by small and medium-sized enterprises, especially the high-tech enterprises in the initial stage. However, due to the limitations of their own development, the initial high-tech enterprises have problems such as imperfect corporate governance and non-standard management. From a normative point of view, The process of financing decision in the new three boards is also its standardized process. Standard corporate governance can not only improve the ability of resisting risks and overall competitiveness of enterprises, but also get the attention of investors, and play a fundamental role in the smooth realization of financing for enterprises. Therefore, in the initial period of high and new technology enterprises, it is necessary to face up to the various problems existing in the enterprises, and to solve these problems, improve the governance structure, and standardize the governance system. In order to realize the smooth financing in the new third board, the innovation of this paper is to study the financing decision of the new third board of by company from the perspective of financing decision, combining with the actual case of the listing of the new third board of by company. This paper analyzes the financing condition and ability of by Company, compares the financing methods of by Company, and plans the implementation process of the new three boards of by Company. This paper is divided into six parts: the first part is the introduction. The research background, significance, research content, methods, research results and current situation of scholars at home and abroad are introduced. The second part mainly introduces the theory of multi-level capital market. The paper points out the guiding significance of the theoretical basis to the construction of the multi-level capital market in China, introduces the theoretical basis of the financing of the new three boards, analyzes the financing status quo and financing conditions of the new three boards in depth. The third part goes into the case study. First of all, it introduces the main business, main products, operating situation of by Company, and then expounds the financing needs of by Company. Finally, on the basis of this, the paper makes a SWOT analysis on by Company, and makes a quantitative analysis on its financing ability. In the 4th part, according to the case study of by Company, we compare and analyze the optional financing scheme. It is concluded that financing on the new third board is the best choice for by Company. Part 5th summarizes the implementation process of the new third board of the company, calculates the implementation cost, and focuses on standardizing the financial problems in the listing of the new third board. This paper expounds the profit of the financing of the new third board of by Company, puts forward the financing risks and countermeasures of the new third board of by Company, and puts forward some concrete suggestions for the follow-up financing of by Company. Part 6th expounds the conclusions of the research and the prospect of the new third board market. The deficiency of this paper is put forward.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F49;F832.51

【參考文獻】

相關期刊論文 前10條

1 何啟志;;經濟新常態(tài)下的多層次資本市場建設[J];財貿研究;2016年04期

2 孫翠娥;;我國新三板轉板上市制度研究——以新三板企業(yè)直接轉板升級為視角[J];法制與經濟;2016年07期

3 鄭志丹;宋朋;;多層次資本市場與資源配置效率[J];金融發(fā)展研究;2016年05期

4 徐鑫呈;;新三板融資現狀及問題[J];財經界(學術版);2016年07期

5 魯靜;安增龍;;新三板做市商制度對中小企業(yè)融資的影響[J];黑龍江八一農墾大學學報;2016年01期

6 葛晉;;新三板市場發(fā)展問題及展望研究[J];現代商業(yè);2016年05期

7 李娜;;企業(yè)掛牌新三板的主要財務問題[J];企業(yè)改革與管理;2016年01期

8 李耀鵬;;新三板融資新模式[J];現代經濟信息;2016年01期

9 雷婷;;科技型中小企業(yè)新三板掛牌規(guī)范問題分析[J];經營管理者;2015年36期

10 蘇雅;;科技型中小企業(yè)新三板融資問題研究[J];科學管理研究;2015年06期

相關重要報紙文章 前1條

1 許志峰;;新三板分層方案出爐[N];人民日報;2015年

相關碩士學位論文 前3條

1 柴利娟;我國新三板掛牌企業(yè)融資效率的實證研究[D];沈陽大學;2016年

2 陸建民;從英美三板市場定位及特點看我國新三板市場的建設[D];東北財經大學;2013年

3 何婷英;產業(yè)組織結構優(yōu)化與我國多層次資本市場體系研究[D];廈門大學;2008年

，

本文編號：1542925