山东GH药业有限公司股权融资问题与对策研究

发布时间：2018-03-20 09:46

本文选题：私募股权投资　切入点：医药商业　出处：《天津商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：本文以一家医药商业企业——山东GH药业有限公司为研究对象,针对其股权融资过程中出现的部分问题,分析原因并提供解决对策。山东GH药业有限公司由于项目需要,需要筹集一定量的资金,对比债务融资与股权融资,GH药业最终选择找私募机构为其投资,随之而来的便是投资资金最后如何退出企业的一系列问题。私募股权投资是一种新兴的资本运作方式,近年来在我国的发展势头迅猛。私募股权投资的目标行业较广泛,而在当代社会人们对医疗和健康的关注度在逐渐增强,使得私募股权投资在医药行业看到了商机,投资的权重也更多的偏向医药行业中发展较好的企业。GH药业属于医疗保健产业,是一种高新技术产业,较容易募集到私募股权投资,尤其是风险投资,更倾向于GH药业这种处于创业期的中小型高新技术企业。于是公司取得了私募投资机构的投资资金,同时需要与投资机构签订一份对赌协议,保证企业每年收益率的基础上,还要保证投资机构能够顺利退出投资。私募股权投资的退出方式有多种,较理想的退出方式即能够将企业顺利推行上市。但是,由于GH药业在营销方式、经营管理等方面还存在一定的不足,使得企业暂时不能满足上市的标准。为了能够帮助企业提高自身盈利能力和在行业中的竞争力,尽早满足上市条件要求成功推行上市,以使得私募股权投资能够顺利退出企业,减少投资机构对企业自身过多的影响,本文以公司近三年经营状况为依据,分析企业在经营能力、盈利能力等方面的不足之处,同时分析企业上市过程中可能面临的风险,分析原因及影响,帮助企业找到能够提前防范风险的对策,也能够对同行业其他需要融资的中小型医药商业企业起到一定的借鉴作用。
[Abstract]:This paper takes Shandong GH Pharmaceutical Co., Ltd., a pharmaceutical commercial enterprise, as the research object, analyzes the reasons and provides solutions to some problems in the process of equity financing. Need to raise a certain amount of money, compared to debt financing and equity financing, GH Pharmaceutical ultimately chose a private equity firm for its investment. Then comes a series of questions about how to exit the enterprise finally. Private equity investment is a new capital operation mode, which has been developing rapidly in China in recent years. The target industries of private equity investment are more extensive. And in contemporary society, people are paying more and more attention to medical care and health, and private equity investment has seen business opportunities in the pharmaceutical industry. The weight of investment is also more biased towards the better developed enterprises in the pharmaceutical industry. The GH pharmaceutical industry belongs to the medical and health care industry. It is a high-tech industry, and it is easier to raise private equity investment, especially venture capital. More inclined to the GH pharmaceutical industry, such small and medium-sized high-tech enterprises in the start-up period. So the company obtained the investment funds of private equity investment institutions, and it also needed to sign a gambling agreement with the investment agencies to ensure the annual return rate of the enterprises on the basis. It is also necessary to ensure that investment institutions can withdraw from their investments smoothly. There are many ways of withdrawing from private equity investment, and the more ideal exit means that enterprises can be successfully listed. However, because of the marketing mode of GH Pharmaceuticals, There are still some deficiencies in operation and management, which make the enterprises temporarily unable to meet the standards of listing. In order to help enterprises to improve their profitability and competitiveness in the industry, and to meet the requirements of listing requirements as soon as possible, they have successfully implemented the listing. In order to make the private equity investment withdraw from the enterprise smoothly and reduce the excessive influence of the investment institution on the enterprise itself, this paper, based on the operating situation of the company in the past three years, analyzes the shortcomings of the enterprise in the aspects of management ability, profitability and so on. At the same time, it analyzes the risks that enterprises may face in the process of listing, analyzes the causes and effects, and helps the enterprises to find countermeasures to prevent the risks ahead of time. It can also be used for reference for other small and medium-sized pharmaceutical enterprises in need of financing in the same industry.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.72

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