俏江南股份有限公司股权风险失控案

发布时间：2018-03-19 21:49

本文选题：私募股权　切入点：控制权风险　出处：《吉林财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：在国家鼓励万众创业、大众创新的大背景下,人们创业热情高涨,中小企业如雨后春笋般的出现。初创企业在发展过程中遇到资金短缺时,更倾向于采用风险资本如私募股权、天使资本等进行融资。这些新型融资方式的优点是操作程序简单,方便快捷,获取资金的额度高。然而引入资本后,创始人出局的案例不胜枚举。创始人要想掌握企业控制权,不能仅仅靠情怀,因为资本市场的发展已经进入了一个股权为王的时代。因此研究企业如何防范股权融资风险,掌握企业的控制权,对于创始人来说十分重要。企业应当建立完善的私募股权风险控制体系,一方面利于企业自身的发展,另一方面也能增加资本市场投资者的信心,降低企业融资的难度。本文主要采用案例分析理论研究法,通过俏江南股份有限公司采用私募股权融资风险失控这一案例,来系统分析中小企业采用股权融资产生风险的原因及应该注意的问题。首先,对俏江南的融资背景进行了介绍,其次,采用理论研究的方法,对俏江南采用雇佣经理人管理企业带来的委托代理风险总结出诸如监控企业业绩,拓展产业链,提高产品竞争力等经验教训;对签订的不完全契约带来的协议风险,总结了没有聘请专业的律师、会计师来审核协议条款,对企业进行不合理估值的教训;对公司股权被稀释的风险,总结的原因是没有重视股权的作用,股份代表的权利不合理等。然后,对企业发展的外部因素的变化,如国家政策,行业周期及结构性调整对公司的影响进行了阐述,最后,对一般的中小企业采用股权融资防范股权风险,给出了一系列的建议,诸如理性看待私募融资对企业的作用,关注隐性成本认真决定融资规模和融资期限等建议。
[Abstract]:In the context of the state encouraging mass entrepreneurship and mass innovation, people have a high enthusiasm for entrepreneurship, and small and medium-sized enterprises are springing up. When startups encounter a shortage of capital during their development, they are more inclined to use venture capital such as private equity. The advantages of these new forms of financing are simple procedures, ease of operation, and high access to funds. However, after the introduction of capital, there are numerous cases in which the founders are out. We can't just rely on emotion, because the development of the capital market has entered an era in which equity is king. Therefore, research on how to guard against equity financing risks and grasp the control rights of enterprises. It is very important for the founders. Enterprises should establish a sound private equity risk control system, which is conducive to the development of the enterprise itself, on the other hand, it can also increase the confidence of investors in the capital market. To reduce the difficulty of enterprise financing. This paper mainly adopts the case analysis theory research method, and adopts the case of "private equity financing risk out of control" by Qiajiangnan Stock Co., Ltd. First of all, the financing background of South Beauty is introduced. Secondly, the method of theoretical research is used to analyze the causes of risk caused by equity financing in small and medium-sized enterprises. The principal-agent risks brought by employing managers to manage enterprises in South Beauty are summarized, such as monitoring enterprise performance, expanding industry chain, improving product competitiveness, etc. Summed up the lessons of not hiring professional lawyers and accountants to review the terms of the agreement and carrying out unreasonable valuation of the enterprise; the reason for the risk of dilution of the company's equity is that it does not attach importance to the role of equity. Then, the changes of external factors of enterprise development, such as national policy, industry cycle and structural adjustment, are expounded. This paper puts forward a series of suggestions on how to use equity financing to guard against equity risk, such as the rational view of the role of private equity financing on the enterprises, the attention to the hidden cost to determine the scale and duration of financing seriously, and so on.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F715.5;F719.3

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