主板上市公司非公开发行股票融资效率问题研究

发布时间：2018-05-15 10:10

本文选题：上市公司 + 非公开发行　；参考：《上海交通大学》2014年硕士论文

【摘要】：非公开发行已经成为上市公司首选的证券融资方式,对于解决企业资金困境、优化企业资产结构、促进企业发展、繁荣中国资本市场具有十分重要的意义。但在实际操作中,受政策、法规、部门规章甚至监管部门内部不成文规定的约束,非公开发行需要经过董事会决议、股东大会决议、相关部门审核、证监会发审委审核、证监会核准等步骤。冗长繁复的流程,使得非公开发行的融资效率十分低下,严重制约了企业的发展速度,不利于中国资本市场的繁荣发展。基于上述原因,上市公司非公开发行股票融资效率问题值得关注,如何尊重市场、简政放权、提高非公开发行效率值得探寻。本文阐述了我国上市公司非公开发行股票融资的现状,就非公开发行存在的低效现象进行了分析,对核准制下非公开发行制度存在的问题做了深入剖析,并结合将要推行的IPO注册制就如何提高非公开发行的融资效率提出了建议。
[Abstract]:Non-public offering has become the first choice of securities financing for listed companies. It is of great significance to solve the financial difficulties of enterprises, optimize the structure of assets, promote the development of enterprises and prosper the Chinese capital market. However, in practice, subject to the unwritten provisions of policies, regulations, departmental regulations and even the internal regulations of the regulatory authorities, a non-public issue needs to go through a resolution of the board of directors, a resolution of the shareholders' general meeting, an examination and approval by the relevant department, and an examination and approval by the Securities Regulatory Commission (CSRC). CSRC approval and other steps. The long and complicated process makes the financing efficiency of non-public offering very low, which seriously restricts the development speed of enterprises and is not conducive to the prosperity and development of China's capital market. Based on the above reasons, the financing efficiency of non-public issue of listed companies is worthy of attention, how to respect the market, simplify the decentralization of power, improve the efficiency of non-public issuance is worth exploring. This paper expounds the current situation of non-public issuing stock financing of listed companies in China, analyzes the inefficient phenomenon of non-public issuance, and makes a thorough analysis of the problems existing in the non-public issuance system under the approval system. In combination with the IPO registration system to be implemented, the paper puts forward some suggestions on how to improve the financing efficiency of private offerings.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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