【摘要】：中小企業(yè)融資難是困擾世界各國經(jīng)濟(jì)發(fā)展的重要課題,中國作為世界上最大的發(fā)展中國家,同樣面臨著這一緊迫的問題。但是目前中國的金融資本市場(chǎng)尚未健全,融資渠道不暢使得許多中小企業(yè)另辟蹊徑將目光投向了海外。本文希望通過分析中小企業(yè)海外融資的現(xiàn)狀,列舉主要的國際股票市場(chǎng)各自的優(yōu)勢(shì)特點(diǎn),比較中小企業(yè)在各個(gè)國家股票市場(chǎng)IPO的融資成本,最終希望能夠探尋中小企業(yè)在德國法蘭克福證券交易所融資方案的可行性。 本文主要研究中國中小企業(yè)在積極拓展融資渠道方面的新嘗試,首先通過理論模型研究現(xiàn)代企業(yè)的融資方式,再結(jié)合中國社會(huì)的實(shí)際情況和實(shí)務(wù)操作加以分析。目前中小企業(yè)在融資上主要的問題是融資渠道偏少,銀行對(duì)中小企業(yè)“惜貸”,融資市場(chǎng)不成熟,中介擔(dān)保公司數(shù)量上無法滿足中小企業(yè)需求,中小企業(yè)自身管理上缺乏規(guī)范的企業(yè)內(nèi)控,當(dāng)需要風(fēng)險(xiǎn)融資時(shí)無法給出合規(guī)的運(yùn)作報(bào)告。在對(duì)比了世界各地主要證券市場(chǎng)的利弊之后,許多中小企業(yè)謀求在準(zhǔn)入門檻相對(duì)較低的德國法蘭克福證券市場(chǎng)入門級(jí)別(Deutsche Borse Entry Standard)上市的解決方案。 最后本文介紹了筆者在德國交換學(xué)習(xí)期間與企業(yè)合作研究的一個(gè)案例,通過與德國最大的私有銀行資深經(jīng)濟(jì)學(xué)家克里斯蒂安-舒爾茨(Christian Schulz)的溝通,以專家訪談的形式了解該銀行在為中國企業(yè)IPO服務(wù)方面的經(jīng)驗(yàn),通過該銀行的SWOT分析結(jié)合海外投資銀行代理發(fā)行中國企業(yè)上市融資的實(shí)際操作流程,分析某家中國企業(yè)上市的實(shí)務(wù)操作,希望給出合理的中小企業(yè)德國上市輔導(dǎo)意見。
[Abstract]:The difficulty of financing for small and medium-sized enterprises is an important problem that puzzles the economic development of all countries in the world. China, as the largest developing country in the world, is also facing this urgent problem. However, China's financial capital market is not yet sound, financing channels are not smooth, many small and medium-sized enterprises to seek alternative ways to look overseas. This paper aims to analyze the current situation of overseas financing of SMEs, enumerate the advantages and characteristics of major international stock markets, and compare the IPO financing costs of SMEs in each country's stock markets. In the end, I hope to explore the feasibility of SME financing in Frankfurt Stock Exchange. This paper mainly studies the new attempts of Chinese small and medium-sized enterprises in actively expanding financing channels. Firstly, it studies the financing mode of modern enterprises through theoretical model, and then analyzes the actual situation and practical operation of Chinese society. At present, the main problems of SMEs in financing are that the financing channels are on the low side, banks are "reluctant to lend" to SMEs, the financing market is not mature, and the number of intermediary guarantee companies cannot meet the demand of small and medium-sized enterprises. Small and medium-sized enterprises lack of internal control in their own management, and can not give compliance reports when they need risk financing. After comparing the advantages and disadvantages of major securities markets around the world, many SMEs seek solutions for entry-level (Deutsche Borse Entry Standard) listings in Frankfurt, Germany, where entry barriers are relatively low. Finally, this paper introduces a case of cooperation with enterprises during the exchange study in Germany, through communication with Christian Schultz, senior economist of Germany's largest private bank. In the form of an expert interview, we know the bank's experience in serving the IPO of Chinese enterprises. Through the SWOT analysis of the bank, it combines with the actual operation process of the overseas investment bank to issue the listing financing of the Chinese enterprises on an agent basis. This paper analyzes the practical operation of a Chinese enterprise listing, and hopes to give reasonable guidance for the German listing of small and medium-sized enterprises.
【學(xué)位授予單位】：華東理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F276.3;F832.51;F224

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