新三板公司再融资模式及效应研究

发布时间：2018-06-16 00:47

本文选题：新三板公司 + 再融资　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：作为我国场外市场的主要部分,新三板市场主要服务的对象是发展迅速,没有达到上市条件的中小型企业,这类企业由于规模不大、内部经营能力不足、盈利能力薄弱,所以很难达到主板市场的上市要求,但是这类企业由于其高成长性和创新性,成为了促进我国经济迅速发展的巨大驱动力,2013年,新三板市场进行了扩容,自此新三场挂牌企业数量如雨后春笋,迅速增长。所以新三板市场也成为我国中小型企业获取资金的一个重要渠道。新增挂牌数量继续激流勇进,2015年新三板新增3557家,而2016年这个数据是5019,并且新三板挂牌企业总数量也成功跨过了万家门槛,成为在数量上当之无愧的“宇宙第一大板”。截至2015年12月31日,全国股份转让系统挂牌的企业数量达到5406家,其中2015年新三板共完成2565次股票发行,发行230.79亿股,融资1216.17亿元,超过创业板1156.3亿元的融资规模,新三板的的企业覆盖面显著扩大,市场影响力得到了明显的提升。然而由于由于新三板市场融资环境不完善,新三板公司发展不规范,相关法律制度不健全等原因,新三板企业再融资的问题也是诸多,不能及时有效的获取资金,促进企业发展。本文重点研究的内容是新三板公司再融资模式和效应,通过搜集和查阅相关文献,详细分析新三板公司再融资的模式、以及再融资模式的效应的相关综述,并以某新三板挂牌企业挂牌后的融资模式和融资效应为案例研究对象,探索新三板企业再融资模式和效应的的可行性,以定向增发、股权质押融资、重组融资、银行信贷等融资模式展开分析,分析不同融资模式的融资效应,为其它相似新三板企业再融资模式提供参考。本文通过比较法、文献分析法、案例分析法、定量分析法等方法,基于以上研究,结合国内和国外相关理论综述及经验指导,从再融资模式和再融资效应两个方面研究分析,系统的探讨新三板公司再融资模式及其效应,并给新三板公司选择融资模式提供建议。
[Abstract]:As the main part of our country's over-the-counter market, the main service target of the new third-board market is the small and medium-sized enterprises which have developed rapidly and have not reached the listing conditions. Because of their small scale, insufficient internal management ability and weak profitability, these enterprises are weak in profit. Therefore, it is difficult to meet the listing requirements of the main board market, but because of its high growth and innovation, these enterprises have become a huge driving force to promote the rapid economic development of our country. In 2013, the new third board market was expanded. Since then the number of new three listed enterprises such as bamboo shoots, rapid growth. Therefore, the new three-board market has become an important channel for small and medium-sized enterprises to obtain funds. The number of new listings continued to march forward, with 3557 new third boards added in 2015, compared with 5,019 in 2016, and the total number of companies listed on the new third board successfully crossed the threshold of 10,000, making it the "largest board in the universe" in terms of number. As of December 31, 2015, the number of enterprises listed in the national stock transfer system has reached 5406. Among them, the new third board completed 2565 share issues in 2015, issuing 23.079 billion shares and raising 121.617 billion yuan, exceeding the financing scale of 115.63 billion yuan on the gem. The coverage of the new three-board enterprises has significantly expanded, market influence has been significantly enhanced. However, due to the imperfect financing environment of the new third board market, the non-standard development of the new third board company and the imperfect legal system, there are many problems in the refinancing of the new third board enterprise, which can not obtain funds in a timely and effective manner. Promote the development of enterprises. This paper focuses on the refinancing model and effect of the new three board companies, through collecting and consulting relevant literature, the paper analyzes the refinancing model of the new three board companies in detail, as well as the related summary of the effect of the refinancing model. Taking the financing mode and financing effect of a new third board listed enterprise as the case study object, this paper explores the feasibility of the refinancing mode and effect of the new third board enterprise, and aims at directional additional issuance, equity pledge financing, recombination financing, etc. Bank credit and other financing models are analyzed to analyze the financing effects of different financing models to provide reference for other similar new three board enterprises refinancing model. Through comparative method, literature analysis method, case analysis method, quantitative analysis method, based on the above research, combined with domestic and foreign related theoretical review and empirical guidance, from the refinancing model and refinancing effect two aspects research and analysis, This paper systematically discusses the refinancing mode and its effect of the new three board companies, and provides some suggestions for the new three board companies to choose the financing mode.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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