本文關(guān)鍵詞： 高新技術(shù)企業(yè) 新三板 融資決策　出處：《安徽大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：我國(guó)自20世紀(jì)90年代場(chǎng)內(nèi)交易市場(chǎng)建立以來(lái),資本市場(chǎng)經(jīng)過(guò)近三十年的完善發(fā)展,已經(jīng)構(gòu)建包括場(chǎng)內(nèi)、場(chǎng)外交易市場(chǎng)在內(nèi)的多層次資本市場(chǎng)體系。新三板市場(chǎng)自2013年擴(kuò)容以來(lái)已成為重要的場(chǎng)外交易市場(chǎng),新三板致力于為創(chuàng)新型、創(chuàng)業(yè)型、成長(zhǎng)型中小微企業(yè)提供完善的資本市場(chǎng),在國(guó)家政策的推動(dòng)下,吸引眾多企業(yè)在新三板掛牌上市,已經(jīng)成為眾多中小企業(yè)首選的融資平臺(tái)。新三板融資功能得到中小企業(yè)的認(rèn)可,特別是初創(chuàng)期的高新技術(shù)企業(yè),但是由于自身發(fā)展的限制,初創(chuàng)期的高新技術(shù)企業(yè)存在法人治理不完善、經(jīng)營(yíng)不規(guī)范等問(wèn)題,從規(guī)范角度出發(fā),在新三板融資決策過(guò)程也是其規(guī)范化的過(guò)程。規(guī)范的企業(yè)治理不僅能夠提高企業(yè)抗風(fēng)險(xiǎn)能力和整體競(jìng)爭(zhēng)力,也能獲得投資者的關(guān)注,對(duì)企業(yè)順利實(shí)現(xiàn)融資起到基礎(chǔ)性的作用,因此初創(chuàng)期的高新技術(shù)企業(yè)需要正視企業(yè)存在的各種問(wèn)題,并解決這些問(wèn)題,完善治理結(jié)構(gòu),規(guī)范治理體系,以實(shí)現(xiàn)在新三板順利融資。本文的創(chuàng)新點(diǎn)是結(jié)合BY公司新三板掛牌的實(shí)際案例,從融資決策角度出發(fā),對(duì)BY公司新三板融資決策進(jìn)行研究,全面系統(tǒng)分析BY公司的融資條件及融資能力,對(duì)BY公司可選的融資方式進(jìn)行對(duì)比分析,并對(duì)BY公司新三板融資實(shí)施過(guò)程進(jìn)行規(guī)劃。本文共分為六部分:第一部分緒論,對(duì)研究背景、研究意義、研究?jī)?nèi)容、方法、國(guó)內(nèi)外學(xué)者的研究成果和現(xiàn)狀進(jìn)行介紹。第二部分主要介紹多層次資本市場(chǎng)理論,指出理論基礎(chǔ)對(duì)我國(guó)多層次資本市場(chǎng)建設(shè)的指導(dǎo)意義;介紹新三板融資的理論基礎(chǔ),對(duì)新三板的融資現(xiàn)狀、融資條件進(jìn)行深入的分析。第三部分進(jìn)入案例分析,首先介紹BY公司主營(yíng)業(yè)務(wù)、主要產(chǎn)品、經(jīng)營(yíng)狀況,其次對(duì)BY公司融資需求進(jìn)行闡述,最后在此基礎(chǔ)上對(duì)BY公司進(jìn)行SWOT分析,對(duì)其融資能力進(jìn)行量化的分析,為BY公司融資方案選擇提供依據(jù)。第四部分根據(jù)BY公司的案例分析,對(duì)可選的融資方案進(jìn)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(duì)BY公司新三板融資實(shí)施過(guò)程進(jìn)行概述,測(cè)算實(shí)施成本,重點(diǎn)對(duì)新三板掛牌中財(cái)務(wù)問(wèn)題進(jìn)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(fēng)險(xiǎn)及對(duì)策,對(duì)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(jié)論及對(duì)新三板市場(chǎng)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(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F49;F832.51

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