SL公司IPO前期运作问题研究

发布时间：2018-06-11 15:42

本文选题：创业板IPO + 股权融资　；参考：《广西大学》2014年硕士论文

【摘要】：在国家政策的正确引导下,我国中小企业迅速发展,在国民经济中的地位愈加重要,中小企业的发展已成为国民经济发展中的基石。然而,融资难问题日益成为困扰中小企业发展的主要障碍。2006年以后,中国证监会陆续启动了国内主板市场、创业板市场、“新三板”市场等场内、场外融资交易平台。中国主板市场和创业板市场等融资平台的启动对发展中的中国企业产生了重要影响。一方面,部分企业通过上市融资迅速确立了自己的产业地位,提升了企业的市场竞争力；另一方面,部分企业却被挡在上市门槛之外,更甚者,付出了企业严重亏损的代价。究其原因,“企业IPO前期运作对策的失误”是企业IPO上市失利的重要原因,因此,企业上市融资需要制定合乎企业实际情况的IPO前期运作问题对策。在这样的背景下,本文以SL公司IPO的前期运作问题为研究对象展开相应的对策研究。本文主要采用文献研究法、比较分析法、进行研究。首先对融资理论、战略理论以及股权融资、IPO运作文献进行搜集、分析,找出相关理论依据；然后采用比较分析法对SL公司现状与IPO上市审核标准进行比较分析,找出SL公司IPO前期运作的存在问题,最后对这些问题进行深入研究后提出问题对策。本文在研究过程中提出一些主要观点,这些观点主要是：企业的融资决策需要从企业战略与融资需求方面进行具体分析。企业IPO的前期运作的基本流程为：企业上市决策做出、设置上市运作机构、确定IPO前期运作内容、进行IPO前期运作(图2-2)。企业IPO前期运作必须严格按照中国证监会对创业板、主板市场的制度、运行机制进行IPO前期运作的具体工作,这些工作重点是要设立符合上市要求的股份公司并依次展开具体工作,这些具体工作应该包含：企业治理架构的调整问题、企业财务重组问题、审核发行人独立问题、消除同业竞争与关联交易等可能存在的问题。其中,对企业IPO前期运作机构设置要建立评价标准,这些标准包含四个维度：顾问机构的从业资质；顾问机构辅导案例与拟上市企业的契合度；顾问机构的工作素养；过去三年顾问机构的辅导业绩。处理同业竞争与关联交易主要有两种方式：通过资本重组(并购或者剥离),破坏同业竞争和关联交易的基础条件；完善公司法人治理结构,防止关联方侵害股东利益和公司权益。
[Abstract]:Under the correct guidance of national policies, the rapid development of small and medium-sized enterprises in China has become increasingly important in the national economy, and the development of small and medium-sized enterprises has become the cornerstone of the development of the national economy. However, the problem of financing difficulties has increasingly become a major obstacle to the development of small and medium-sized enterprises. Since 2006, the CSRC has launched the domestic mainboard market, the growth enterprise market, the "new third board" market and so on. OTC financing trading platform. The launch of financing platforms such as China main Board and growth Enterprise Market has had an important impact on developing Chinese enterprises. On the one hand, some enterprises quickly establish their own industrial status through listed financing, and improve their market competitiveness; on the other hand, some enterprises are blocked from listing threshold, and even more, they pay the price of serious losses. The reason is that "the error of the pre-IPO operation countermeasure" is the important reason for the failure of the IPO. Therefore, it is necessary for the enterprise to formulate the countermeasures for the pre-IPO operation in accordance with the actual situation of the enterprise. Under this background, this paper takes the initial operation of SL company as the research object to carry on the corresponding countermeasure research, this article mainly uses the literature research method, the comparative analysis method, carries on the research. First of all, the financing theory, strategic theory and equity financing IPO operation literature collection, analysis, to find out the relevant theoretical basis; then the use of comparative analysis of SL company status and IPO audit standards for comparative analysis, To find out the existing problems in the early operation of the IPO of SL Company, and finally to make a thorough study of these problems and put forward the countermeasures. In the course of the research, this paper puts forward some main points of view. These viewpoints are as follows: the financing decision of the enterprise needs to be analyzed from the aspects of the enterprise strategy and the financing demand. The basic process of the initial operation of the IPO is: the enterprise makes the decision of listing, sets up the listed operation organization, Determine the content of the pre-IPO operation and conduct the pre-IPO operation (fig. 2-2). The pre-IPO operation of the enterprise must be strictly in accordance with the system and operation mechanism of the China Securities Regulatory Commission for the gem, the main board market, and the operating mechanism for the pre-IPO operation. The focus of these efforts is to set up a joint-stock company that meets the listing requirements and carry out specific work in turn. These specific tasks should include: the adjustment of the corporate governance structure, the issue of corporate financial restructuring, and the examination of the independence of the issuer. In order to eliminate the possible problems such as peer competition and related party transactions, the evaluation criteria should be established for the pre-IPO operating institutions, which include four dimensions: the qualification of consulting institutions; The degree of conformity between counseling cases and enterprises to be listed, the working accomplishment of consulting institutions; There are two main ways to deal with peer competition and related party transactions: through capital reorganization (M & A or divestiture, to destroy the basic conditions of peer competition and related party transactions; to improve the corporate governance structure. To prevent related parties from encroaching on the interests of shareholders and the rights and interests of the company.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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