科技创业企业在创业板市场中的融资问题研究

发布时间：2018-03-25 02:22

本文选题：科技创业企业　切入点：创业板市场　出处：《上海海洋大学》2012年硕士论文

【摘要】：科技进步推动一国经济发展，高成长性的科技产业越来越成为各国关注的重点，不仅在很大程度上解决了社会就业问题，同时创造了巨大的社会财富。但科技型企业风险大、失败率高、具有很大的不确定性，让风险投资家们望而生畏。资金短缺问题成为科技创业企业发展的主要瓶颈之一，甚至是决定科技创业行动的成败因素。要实现科技创业企业的进一步发展，最大程度地缓解其筹资难题，上市融资是一种可行的渠道。但就目前来看，我国证券市场存在上市融资门槛较高、上市动机引发道德风险、上市公司地区分布不均等问题。 2009年10月30日，深圳创业板市场正式开启，旨在为自主创新企业及其他成长型创业企业提供上市融资服务，不仅在一定程度上为部分科技创业企业缓解了融资难题，也为自主创新国家战略的落实发挥了积极作用。本文研究的目的是结合几个典型创业板市场的上市融资规则，研究处于不同发展阶段的科技创业企业创业板上市融资策略。意义在于有望丰富科技创业企业的融资理论，以帮助科技创业企业谋求更好的发展；对创业板市场融资规则的研究也可以更好的结合中国国情；有利于调整经济结构、转变产业发展方式和科技进步，加快我国建设创新型国家的步伐。基于科技创业企业不同成长阶段理论的发展，尝试从上市融资的角度将科技创业企业分成初创期、拟上市、已上市三个发展阶段，针对三个发展阶段的科技创业企业提出创业板市场融资建议。处于初创阶段的科技创业企业融资渠道单一，筹资活动举步维艰，其融资策略应该是保证生存资金来源的前提下，为上市融资做好前期准备。拟上市阶段的科技创业企业摆脱了生存危机，企业社会形象好、产品知名度大大提高，发展前景基本明朗，社会各界投资者对其也已产生极大投资兴趣，此阶段的主要融资策略就是跻身证券市场，成为上市公司。基于深圳创业板市场公司IPO遭否因素的分析，拟上市科技创业企业应从选定目标市场、提高主营业务的持续盈利能力、适度进行财务包装、规范运行及公司治理、科学编制IPO申报材料和正确选择中介机构等方面努力，以获取上市机会。已上市科技创业企业成功募集到资金，如何保持企业实力，加强品牌建设，建立有效而稳定的营销策略和关系网络；如何可持续发展，争取可行项目再融资，实现企业的做大做强至关重要。通过调研深圳创业板上市的前100家公司的融资情况，，针对目前社会各界关注的IPO超募、大股东套现、高派送等几个典型问题对公司及市场做实证分析。研究结果表明，IPO超募对上市公司造成巨大压力；高管辞职套现极其损害中小投资者利益，也破坏了证券市场优化资源配置功能的发挥。已上市科技创业企业主要应注意信息披露和募集资金的使用问题。
[Abstract]:The advancement of science and technology promotes the economic development of a country. The high growth science and technology industry has become the focus of attention of all countries. It not only solves the problem of social employment to a great extent, but also creates huge social wealth. However, the risk of science and technology enterprises is great. The high failure rate and great uncertainty have made venture capitalists afraid. The shortage of funds has become one of the major bottlenecks in the development of science and technology start-ups. It is even a factor that determines the success or failure of science and technology entrepreneurship. To achieve the further development of science and technology startups and to minimize their financing difficulties, listing financing is a feasible channel. But for the time being, China's securities market has a high threshold of listing financing, listing motivation leads to moral hazard, and the regional distribution of listed companies is not equal. On October 30, 2009, the gem market in Shenzhen officially opened to provide listed financing services for independent innovation enterprises and other growth start-ups, which not only alleviated the financing difficulties for some science and technology start-ups to a certain extent. It also plays an active role in the implementation of the national strategy of independent innovation. The purpose of this paper is to combine the listing and financing rules of several typical gem markets. The significance of this study is to enrich the financing theory of science and technology startups in order to help them to seek better development. The research on the financing rules of the gem market can also better combine with the national conditions of China, which is beneficial to adjust the economic structure, change the mode of industrial development and the progress of science and technology, and accelerate the pace of building an innovative country in our country. Based on the development of the theory of different growth stages of science and technology start-up enterprises, this paper attempts to divide them into three development stages from the angle of listing and financing. In view of the three stages of development of science and technology startups, the paper puts forward the financing suggestions of the gem market. The financing channels of the start-up science and technology startups are single, and the financing activities are difficult, so the financing strategy should be to ensure the survival of the capital source. To prepare for listing financing. The science and technology startups in the stage of listing have got rid of the survival crisis, the corporate social image is good, the product popularity has been greatly improved, and the prospects for development are basically clear. Investors from all walks of life have also shown great interest in it. The main financing strategy at this stage is to enter the securities market and become a listed company. The enterprises to be listed in science and technology startups should make great efforts in selecting target market, improving the sustainable profitability of the main business, appropriately carrying out financial packaging, standardizing operation and corporate governance, scientifically compiling IPO declaration materials and choosing the intermediary organizations correctly, etc. How to keep the strength of the enterprise, strengthen the brand construction, establish the effective and stable marketing strategy and relationship network, how to develop the sustainable development, and how to refinance the feasible project, By investigating the financing situation of the top 100 companies listed on the Shenzhen growth Enterprise Market, aiming at the current concern of all sectors of the society about the IPO super-raising, the majority shareholders will cash in. Some typical problems, such as high delivery, have made empirical analysis on the company and the market. The research results show that excessive IPO raising causes great pressure on the listed companies, and the resignation of senior executives to cash out is extremely harmful to the interests of small and medium-sized investors. It also destroys the function of optimizing the allocation of resources in the stock market. Listed scientific and technological startups should pay attention to the problems of information disclosure and the use of raising funds.
【学位授予单位】：上海海洋大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272;F832.51

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