AY公司私募股权融资路径研究

发布时间：2018-08-16 07:25

【摘要】：改革开放至今，我国民营企业在整体国民经济运行中发挥了重要作用，伴随城镇化步伐的加快和国家鼓励民营经济发展的政策机遇，民营企业迎来了一个崭新的时代。但同时，也需要面对和解决各种问题，其中融资问题关乎民营企业的生存和发展。民营企业尤其是中小民营企业与国有大企业相比通过银行间接融资不具备竞争优势，通过资本市场直接融资,无论发行债券还是上市,受到的限制也比较多，所以民营企业普遍存在融资难问题。能否在银行间接融资与资本市场上直接融资之外寻求融资路径的突破，来解决民营企业的融资难题值得研究。私募股权投资（Private Equity简称“PE”）源于美国，在最近几年中，中国的私募股权市场经历了快速发展的时期，私募股权投资总量扩大，投资区域范围扩展，投资重点由国有企业转向民营企业，投向更加多元化，国内三四线城市的投资环境和民营企业的优质性加快私募股权投资的步伐。私募股权融资对民营企业一次性融资规模的资格限制比其他融资方式更低，因而对民营企业产生了巨大的吸引力。蒙牛、新浪及聚众传媒成功引入私募股权投资基金是否就预示着私募股权融资更适合民营企业？但太子奶因私募融资而破产,南孚和永乐因此被竞争对手收购，可见私募股权融资是一项复杂的资本运作过程，，其整个融资路径包含对私募投资方的识别、模式设计、谈判、签约和退出等诸多环节,每个环节均存在着风险，都有失败的可能性。因此，加强民营企业私募股权融资路径的研究，探索对融资路径进行科学化、专项化及常态化的管理方法，提高效率和防范风险就具有了十分重要的意义。 AY公司就是在这样的一个时代背景下成长和发展起来的一家民营企业。作为国家级农业产业化龙头企业，AY公司在发展壮大的过程中，同样遭遇了融资难题。为此，AY公司通过“红筹股权模式”引入了一家境外私募股权投资基金。AY公司通过私募股权融资弥补了融资缺口，获取了稳定的资金来源，提高了企业的内部管理水平，并完成了企业的股份制改造，建立起现代企业制度。但由于企业缺乏对私募股权融资路径进行科学管理的思想，尚未建立一套高效的融资路径管理体系，内部管理水平低下，造成了融资周期长，合同签约、订立和执行过程付出大量隐性成本，企业股权价值被低估，整个路径中蕴含着一定的融资风险。本文对AY公司私募股权融资路径进行个案研究，在案例分析的过程中运用比较分析法研究AY公司私募股权融资路径识别过程；运用流程分析方法研究私募股权融资路径实施的过程；运用SWOT分析方法论证私募股权融资路径的有效性，分析其优势、劣势、机会和威胁。同时，对AY公司私募股权融资路径管理过程中存在的成本和风险问题进行定性分析，查找其成因。最后，运用计划管理和流程控制等科学管理方法进行融资路径优化，以此指导民营企业私募股权融资的实践。
[Abstract]:Since the reform and opening up, private enterprises in China have played an important role in the operation of the national economy as a whole. With the acceleration of urbanization and the policy opportunity of encouraging the development of private economy, private enterprises have ushered in a new era. Compared with state-owned enterprises, private enterprises, especially small and medium-sized private enterprises, do not have competitive advantages in indirect financing through banks. Direct financing through capital markets, whether issuing bonds or listing, is also subject to more restrictions. Therefore, private enterprises generally have financing difficulties. It is worthwhile to study how to solve the financing problem of private enterprises by seeking the breakthrough of financing path outside the direct financing in the market.
Private Equity (PE) originated from the United States. In recent years, China's private equity market has experienced a period of rapid development, the total amount of private equity investment has expanded, the scope of investment has expanded, the focus of investment has shifted from state-owned enterprises to private enterprises, and invested in more diversified, domestic investment environment in three or four-tier cities. Private equity financing has a lower qualification limit on the scale of one-off financing for private enterprises than other financing methods, and thus has a great attraction for private enterprises. Whether Mengniu, Sina and mass media successfully introduce private equity investment funds indicates private equity. Private equity financing is a complicated capital operation process. The whole financing path includes identification of private investors, pattern design, negotiation, contract signing and withdrawal, and many other links. Each link exists. Therefore, it is of great significance to strengthen the study of private equity financing paths, explore scientific, specialized and normalized management methods, improve efficiency and prevent risks.
AY Company is a private enterprise that grew up and developed under such a background. As a leading national agricultural industrialization enterprise, AY company also encounters financing difficulties in the process of development and growth. Therefore, AY company introduced a foreign private equity investment fund through the "red-chip equity model". Private equity financing has made up for the financing gap, obtained a stable source of funds, improved the internal management level of enterprises, completed the joint-stock reform of enterprises, and established a modern enterprise system. The system, the low level of internal management, resulting in a long financing cycle, contract signing, signing and execution process to pay a lot of hidden costs, the value of enterprise equity is underestimated, the whole path contains a certain amount of financing risk. This paper studies the process of identifying private equity financing paths of AY company, studies the process of implementing private equity financing paths by using process analysis method, proves the validity of private equity financing paths by using SWOT analysis method, and analyzes their advantages, disadvantages, opportunities and threats. Finally, it uses scientific management methods such as plan management and process control to optimize the financing path, so as to guide the practice of private equity financing in private enterprises.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.4;F276.5

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