DL公司军民融合背景下资本运营研究

发布时间：2018-03-08 06:39

本文选题：资本运营　切入点：上市　出处：《南京大学》2017年硕士论文　论文类型：学位论文

【摘要】：国家“十三五”规划明确了军民融合发展战略,目标形成全要素、多领域、高效益的军民深度融合发展格局。同时明确加快金融体制改革,提高金融服务实体经济效率,积极培育公开透明、健康发展的资本市场,推进股票和债券发行交易制度改革,提高直接融资比重,降低杠杆率。对于从事军工行业的民营军工企业来说,这是一个百年难遇的历史机遇。一方面军民融合为企业发展提供了巨大的商机,开放了一个更大的市场,另一方面,资本市场的创新和开放为公司发展提供了强劲的动力。通过两者的有机结合,以资本市场作为一个发展动力,带动产品和产业的结构性升级。以资本市场的法律法规为准绳,完善DL公司的法人治理和内控规范,以通过股权激励等方式吸引优秀人才,引领DL公司走上新的历程。本文以MM理论,规模经济理论,效率理论,委托-代理股权激励理论等为基础,运用了经济学、管理学和人力资源等多学科知识,以民营军工性质的DL公司为研究对象,在军民融合背景下,对资本运营的各个阶段进行了策划,制定了DL公司资本运营的目标、原则和方案,总结历史沿革、同业竞争、财务规范、涉军事项等核心问题的处理实践过程,系统规划了上市过程中组织架构及流程重组的实施、募集资金管理及业务发展规划、行业的发展及公司市值管理、员工持股计划及股权激励等重点事项的处理方案,通过资本运营来实现国家军民融合所带来的发展机遇。本文首先对DL公司的基本情况进行介绍,分析国家军民融合战略对其利弊影响;其次,通过对资本运营相关理论的研究,寻找最合适DL公司资本运营之路,最后通过对自身情况的总结和探索,对类似民营军工企业参与资本市场运营提供有价值的参考。本文的第一章为绪论,阐述了选题背景和研究问题,明确了研究的目的、意义和方法。第二章为资本运营理论综述,从资本运营的基本概念到主要模式,以及资本运营相关经济学理论基础入手,分析其发展历程,并对相关文献进行了回顾和评述。第三章为DL公司资本运营必要性和可行性,介绍了 DL公司的背景,资本运营的现状和问题,以公司内部的人力资源和管理基础等客观情况,以及外部市场、产品、竞争对手等为研究对象,分析DL公司资本运营的必要性和可行性。第四章为DL公司资本运营实践和规划,作为本文的重点,本章明确了DL公司资本运营的目标、原则和总体方案,总结上市过程中涉及到相关重要事项的实践情况,并对上市后组织机构、股权激励、业务扩张和市值管理等活动进行了规划,以相关经济学、管理学理论为前提,给DL公司上市制订了切实可行的路线图。第五章为结论和展望,对本文进行了系统的总结,并对DL公司未来的资本运营之路憧憬展望。
[Abstract]:The 13th Five-Year Plan of the State clearly defines the development strategy of civil-military integration, and aims to form a comprehensive, multi-domain, highly effective pattern of military-civilian integration. At the same time, it is clear that the reform of the financial system will be accelerated and the economic efficiency of the financial services entity will be improved. Actively foster an open, transparent and healthily developed capital market, push forward the reform of the stock and bond issuance and trading systems, increase the proportion of direct financing, and reduce the leverage ratio. This is a rare historical opportunity in a century. On the one hand, the integration of the military and the people has provided enormous business opportunities for the development of enterprises, opening up a larger market, on the other hand, The innovation and opening of the capital market provide a strong driving force for the development of the company. Through the organic combination of the two, the capital market is used as a driving force to promote the structural upgrading of products and industries, and the laws and regulations of the capital market are taken as the yardstick. Improve the legal person governance and internal control of DL Company, attract outstanding talents by means of equity incentive and lead DL Company into a new course. This paper uses MM theory, scale economy theory, efficiency theory, etc. Based on the principal-agent equity incentive theory, this paper applies the multidisciplinary knowledge of economics, management and human resources, and takes DL Company, which is a private military industry company, as the research object, under the background of the integration of military and civil. This paper plans the various stages of capital operation, formulates the objectives, principles and schemes of DL company's capital operation, sums up the process of handling the core issues, such as historical evolution, peer competition, financial norm, military affairs, etc. It systematically plans the implementation of organizational structure and process reengineering, the management of raising funds and business development, the development of the industry and the management of market value, the employee stock ownership plan and the equity incentive, etc. This paper first introduces the basic situation of DL company, analyzes the advantages and disadvantages of the strategy of national civil-military integration; secondly, through the study of the theory of capital operation, To find the most suitable way of capital operation of DL Company, finally through the summary and exploration of its own situation, to provide a valuable reference for similar private military enterprises to participate in the capital market operation. The first chapter of this paper is the introduction. The purpose, significance and method of the research are expounded. Chapter two is a summary of the capital operation theory, from the basic concept to the main mode of capital operation, as well as the theoretical basis of the related economics of capital operation. The third chapter is about the necessity and feasibility of DL company's capital operation, introduces the background of DL company, the present situation and problems of capital operation. The necessity and feasibility of capital operation of DL Company are analyzed with the objective situation of internal human resources and management foundation, as well as the external market, products and competitors. Chapter 4th is the practice and plan of capital operation of DL Company. As the focus of this paper, this chapter clarifies the objectives, principles and overall plan of DL company's capital operation, summarizes the practice of related important issues in the process of listing, and gives an incentive to the organization and stock ownership after listing. Business expansion and market value management activities were planned. Based on the relevant economics and management theory, a feasible road map was drawn up for DL Company's listing. Chapter 5th was the conclusion and prospect, and this article was systematically summarized. And look forward to the future of DL company's capital operation.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.474;F406.7

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