长春芳华电子科技公司私募股权融资策略研究

发布时间：2018-09-04 15:13

【摘要】：近年来，随着我国改革开放的不断深入以及社会主义市场经济的快速发展，以个体和私有资本为代表的民营企业得以快速发展，逐渐成为我国社会主义市场经济的重要组成部分。在我国国民经济中，中小企业占有重要地位，促进了国民经济的增长、在拉动民间投资、缓解就业压力、优化经济结构等方面起到了不可低估的作用。然而，民营企业一直以来其发展就受到国家政策、市场环境以及融资等方面的束缚，尤其融资问题，一直是影响民营企业发展壮大的关键原因。随着经济全球化进程的加剧，市场竞争越来越激烈，融资难已经成为制约中小企业发展的瓶颈，给企业生存发展带来了许多的不确定性。因此只依靠银行贷款已经越来越难以满足企业发展的需要，中小企业拓展融资渠道的重要性日益凸显。私募股权也称为私人权益资本或未上市股权资本，私募的筹集方式与公开上市募集资本方式相对应。私募股权投资指通过私募形式对私有企业，即非上市企业进行的权益性投资，在交易实施过程中提前设计未来的退出机制，一般采取通过上市、并购或管理层回购等方式，出售所持有的股份获得利润。纵观私募股权的发展史,这种新兴的融资方式,在其短暂的历史进程中,为解决企业资金瓶颈,尤其是中小企业的融资做出了非常重要的贡献。史无前例的展现出巨大的潜能与蓬勃的生长力。私募股权融资作为一种新的融资体制已成为越来越多的中小企业的主要融资方式。长春芳华电子成立于2006年，是一家专门从事液晶材料、液晶显示器、液晶模块及电子元器件开发、研制、生产与销售的民营企业。公司主要采用TN/STN技术，产品主要应用于U盾、点菜机、MP3、计算器、电子词典等商品的显示屏及模组，在行业内占有较高的市场份额，具有重要的行业地位。由于公司现有生产基地车间面积较小，无法满足公司快速增长的业务需求，公司新购置土地实施异地扩建，计划在年底前完成新厂区建设及新生产线安装调试。项目扩建后，产品年产量将得到较大提高。目前公司扩建项目遇到了资金瓶颈问题，公司作为民营中小企业很难获得较低成本的债权融资，而私募股权融资不仅能够为公司解决资金问题，还能帮助企业规范公司内部治理结构，提高管理水平，，建立起现代企业制度，推进公司的快速健康发展。本文根据公司的实际情况，公司扩产项目拟通过私募股权融资500万元，为公司制定了切实可行的融资方案，对如何选定投资机构，合理进行企业价值评估，与投资方磋商融资条款，控制融资风险等环节进行了详细的说明，并对公司进行私募股权融资所面临的一系列问题进行分析，查找成因，提出合理的解决对策，以此指导民营企业私募股权融资的实践。
[Abstract]:In recent years, with the deepening of China's reform and opening up and the rapid development of the socialist market economy, private enterprises, represented by individual and private capital, have developed rapidly. Gradually become an important part of our socialist market economy. In our national economy, small and medium-sized enterprises play an important role in promoting the growth of the national economy, promoting private investment, alleviating the employment pressure, optimizing the economic structure and so on. However, the development of private enterprises has always been restricted by national policies, market environment and financing, especially the financing problem, which has been the key reason to affect the development and growth of private enterprises. With the aggravation of the economic globalization process, the market competition is becoming more and more fierce. The difficulty of financing has become the bottleneck restricting the development of small and medium-sized enterprises, and has brought a lot of uncertainty to the survival and development of enterprises. Therefore, it is more and more difficult to meet the needs of enterprise development by relying on bank loans only, and the importance of developing financing channels for small and medium-sized enterprises is becoming increasingly prominent. Private equity is also called private equity capital or unlisted equity capital. Private equity investment refers to the equity investment of private enterprises, that is, non-listed enterprises, through private equity. In the process of transaction implementation, the future exit mechanism is designed in advance, generally through listing, M & A or management repurchase, etc. Profit from the sale of the shares held. Throughout the history of the development of private equity, this new financing method, in its brief historical process, has made a very important contribution to solving the bottleneck of enterprise capital, especially the financing of small and medium-sized enterprises. Unprecedented display of great potential and vigorous growth. As a new financing system, private equity financing has become the main financing method for more and more small and medium-sized enterprises. Changchun Fanghua Electronics, founded in 2006, is a private enterprise specializing in the development, production and sale of liquid crystal materials, liquid crystal displays, liquid crystal modules and electronic components. The company mainly uses the TN/STN technology, the product mainly applies in the U shield, the point dish machine MP3, the calculator, the electronic dictionary and so on commodity display screen and the module, occupies the high market share in the industry, has the important profession position. Due to the small workshop area of the company's existing production base, the company can not meet the company's rapidly growing business demand. The company has acquired new land to carry out the expansion of the new site, and plans to complete the construction of the new plant area and the installation and commissioning of the new production line by the end of the year. After the expansion of the project, the annual output of products will be greatly increased. At present, the expansion project of the company has encountered the problem of capital bottleneck. As a private medium and small enterprise, it is very difficult for the company to obtain lower cost debt financing. Private equity financing can not only solve the capital problem for the company. It can also help enterprises standardize the internal governance structure, improve the management level, establish modern enterprise system, and promote the rapid and healthy development of the company. According to the actual situation of the company, the expansion project of the company intends to raise 5 million yuan through private equity, which makes a feasible financing plan for the company, and evaluates the value of the enterprise reasonably on how to select the investment institution. This paper discusses the financing terms with the investors, controls the financing risk and so on, analyzes a series of problems faced by the company in the private equity financing, finds out the causes, and puts forward some reasonable solutions. In order to guide private enterprises private equity financing practice.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F426.63

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