京东东家众筹融资运作模式研究

发布时间：2018-02-02 06:02

本文关键词： 京东东家众筹融资运作模式　出处：《北方工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：小微企业是我国国民经济发展的重要支柱以及促进社会就业的主要渠道。近年来,其融资难、融资贵的问题不断催促着我国资本市场的多层次发展,股权众筹的快速崛起恰是这其中最重要的产物之一。因此,本文选取了国内当下发展最快、规模最大的"京东东家"股权众筹平台为研究对象,通过对其进行具体的分析研究,得出具有参考价值的结论并提出建议措施,为我国股权众筹行业的发展贡献绵薄之力。本文首先对股权众筹行业的相关概念特点、发展现状、行业内五种基本竞争力、行业内主要平台竞争态势等问题进行了具体分析,得出京东东家股权众筹平台在行业内的竞争态势。接着,通过梳理京东东家与京东集团的相关业务关系,得知其平台两大重要业务板块的产生原因。随后,本文分别对其平台上创投版和消费版股权众筹融资运作模式进行了具体分析,包括业务定位、运作流程、运作机制、风险来源及控制分析等。最后总结出了京东东家在"领投+跟投"、"小东家计划"以及"近乎保本投资"等机制设置方面存在的优势,同时指出了其在发展过程中存在的不足之处,包括平台监管的机制缺失、投融资双方的信息不对称、项目估值的依据缺乏、投资回收期过长、退出机制单一等问题。因此,针对上述案例研究中发现的问题,本文以股权众筹行业的发展为视角,提出了相关合理性建议,主要有完善我国股权众筹行业相关法律法规的建设、建立股权众筹行业数据库、设计合理的项目估值体系、大力创新股权众筹融资退出机制以及快速开展公募股权众筹业务等。最后,本文对股权众筹行业的未来进行展望,指出其快速高效的融资模式定会有效地解决中小微企业的融资困境,成为多层次资本市场的重要组成部分,为我国国民经济的发展做出重要贡献。
[Abstract]:Small and micro businesses is an important pillar of China's national economic development as well as the main channel for the promotion of social employment. In recent years, the financing difficulties, financing expensive problem has urged the development of multi-level capital market in China, the rapid rise of the public to raise equity is the product of one of the most important. Therefore, this paper selects the the current development of the fastest, the largest Jingdong owner equity raised platform as the research object, through the analysis on the specific, draw valuable conclusions and put forward suggestions and measures to raise the industry contribution to the development of China's public equity. The current situation of the development of related concepts, this paper first of all equity to raise the industry, five basic competitive industry, analyzes the main problems in the industry platform competition situation, the Jingdong owner equity raised platform in the industry competition situation then, By combing the Jingdong and Jingdong owner group related business relationship that causes the platform two major business segments. Then, this paper respectively on the platform of its venture capital version and the consumer version of the public to raise equity financing operation mode are analyzed, including business positioning, operation process, operation mechanism, risk source analysis and control etc.. And finally summed up the Jingdong in the club with the cast lead investor + "," young master plan "and" almost guaranteed investment "mechanism of existing advantages, and pointed out its shortcomings existed in the process of development, lack of supervision mechanism including the platform, the information asymmetry of both investment and financing projects. The valuation based on the lack of investment, long payback period, exit mechanism is single. Therefore, according to the case found in the research and development of the public to raise equity industry perspective, put forward reasonable Suggestions include construction of perfecting our country stock raising industry related laws and regulations, the establishment of stock raising industry database, design reasonable project valuation system, innovate the public to raise equity financing exit mechanism and rapid development of the public equity raise public business. Finally, this paper to raise public equity industry prospects for the future and pointed out that the rapid and efficient financing model will effectively solve the financing difficulties of small and micro enterprises, has become an important part of the multi-level capital market, make an important contribution to the development of our national economy.

【学位授予单位】：北方工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.51

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