新三板对我国私募股权基金发展的促进作用研究

发布时间：2018-01-15 16:44

本文关键词：新三板对我国私募股权基金发展的促进作用研究　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：在当前我国政府的大力鼓励与支持下,我国的民间经济发展活跃,众多中小企业显示出蓬勃的生命力。相对于大中型企业以及国有企业而言,中小企业由于自身资金实力等各方面的问题,难以从银行、场内市场公开发行等传统渠道获得足够的资金支持。但是我们可以看到,随着我国多层次资本市场的不断完善,尤其是自2013年新三板的全国性扩容之路以及我国私募股权投资基金的快速发展,都为我国的中小企业,尤其是科创型中小企业的发展提供了另一个更为有效的资金来源。本文通过现有资料的整合研究,总结了国内外相关领域的现有研究现状,并对我国的新三板以及私募股权投资基金的发展历程和现状进行简单介绍。通过将新三板与我国私募股权基金相结合,我们可以发现新三板的大力发展对我国的私募股权基金具有很大的推动效应。通过九鼎的案例,我们可以发现,借助于全国性的场外市场,我国的私募股权机构可以通过新三板进行挂牌交易,增强其股份流动性,并通过定向增发进行资金融通,将极大地补充其权益资本实力,也可为其增加一定的品牌效益。同时,通过挂牌新三板,可以规范其现有资本以及管理结构,助力其更为稳定长远的发展。对于私募股权基金而言,项目的寻找以及投资后的退出都极为关键。新三板目前过万家的挂牌企业,极大的丰富了私募股权基金的项目来源,降低了其项目的搜寻成本。随着新三板的进一步发展,未来将极有可能成为我国私募股权基金的一大项目池。另一方面,私募股权基金投资的成功退出是整个投资的最后一环,过去私募的退出主要是通过首次公开发行等传统渠道,新三板的存在及快速发展,有效地解决了我国私募股权行业传统退出渠道过于匮乏的现状。数据显示,新三板已然取代首次公开发行成为我国私募股权基金退出的主流渠道。现如今,虽然新三板的挂牌企业已经突破万家大关,但是我们可以看到新三板还是存在一些问题,整个市场在估值、流动性等方面还存在不足之处。文章的最后,笔者通过自己的研究分析,提出了一些如何进一步利用新三板,以此来加快我国私募股权基金发展的建议,希望能够对我国新三板的建设以及私募股权基金的发展产生良好的推动作用。通过本文的研究我们可以发现,新三板对于我国的私募股权基金在资金、项目来源、退出等方面都有的很大的影响作用,对私募股权基金的发展产生了有力的促进作用。未来,随着新三板的进一步完善与发展,以及两者之间相互更深层次的结合,将会对两者发展都将产生更加积极而深远的影响,也将使得我国的多层次资本市场更加完善,满足不同企业的多样化融资需求。
[Abstract]:With the strong encouragement and support of our government at present, the development of our folk economy is active, and many small and medium-sized enterprises show vigorous vitality, compared with large and medium-sized enterprises and state-owned enterprises. Because of their own financial strength and other aspects of the problems, it is difficult for SMEs to obtain sufficient financial support from banks, open market and other traditional channels. But we can see. With the continuous improvement of China's multi-level capital market, especially since 2013, the new three boards of the national expansion of the road and the rapid development of private equity investment funds, are all small and medium-sized enterprises in China. In particular, the development of innovative small and medium-sized enterprises provides another more effective source of funds. Through the integration of existing data, this paper summarizes the current situation of domestic and foreign research in related fields. And the new third board and private equity investment fund development process and status quo are briefly introduced. By combining the new three boards with our private equity fund. We can find that the vigorous development of the new third board has a great impact on the private equity funds in China. Through the case of Jiuding, we can find that, with the help of the national over-the-counter market. China's private equity institutions can be listed through the new third board transactions, enhance its liquidity, and through targeted additional capital financing, will greatly supplement its equity capital strength. At the same time, through the listing of the new third board, it can standardize its existing capital and management structure, help its more stable long-term development. For private equity funds. The search for the project and the exit after the investment are very critical. The new three boards are now more than ten thousand listed enterprises, greatly enriched the private equity fund project sources. With the further development of the new third board, it is very likely to become a large project pool of private equity fund in our country. On the other hand. The successful exit of private equity investment is the last part of the whole investment. In the past, the exit of private equity was mainly through the traditional channels such as initial public offering, the existence and rapid development of the new three boards. The data show that the new third board has replaced the initial public offering as the mainstream channel of private equity fund withdrawal in China. Although the new third board listed enterprises have broken through the threshold, but we can see that there are still some problems in the new third board, the whole market in valuation, liquidity and other aspects are still inadequate. Through my own research and analysis, the author puts forward some suggestions on how to make further use of the new three boards in order to speed up the development of private equity funds in China. Through the research of this paper, we can find that the new three boards can be used to fund the private equity funds in China. Project sources, withdrawal and other aspects have a great impact on the development of private equity funds have a strong role in promoting. In the future, with the further improvement and development of the new three boards. The deeper combination of the two will have a more positive and far-reaching impact on the development of both, and will also make our multi-level capital market more perfect. To meet the diversified financing needs of different enterprises.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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