科技创新型中小企业上市方式选择影响因素研究

发布时间：2018-01-12 14:07

本文关键词：科技创新型中小企业上市方式选择影响因素研究　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：2013年以来,我国经济增速持续下滑,过去30多年高速增长积累的风险和问题逐渐显现,政府为了应对经济发展"新常态"提出了经济发展要从要素驱动、投资驱动转向创新驱动。科技型企业是国家创新体系中最具有活力的部分,也是国家经济发展的重要推动力,但是由于科技型企业不仅具有普通中小企业抗风险能力弱、财务不透明、管理不规范、价值不确定等特点,同时其自身所面临的巨大市场和技术风险,导致其在发展中受到各种问题所困扰,其中,融资难问题是制约其进一步发展的主要问题,而发行上市是科技型企业获得长远发展的最好选择。企业上市,不仅能筹集自身发展的所需资金,也给社会闲散资金提供了良好的投资机会。而选择适合自身发展状况的上市渠道和方式是企业成功上市的前提,选对上市方式不仅能增加上市成功的可能性而且能尽量减少不必要的上市开支。当前针对我国企业境内上市方式选择的体系化研究较少,运用实证方法研究的相关文献更少,现有的一些研究虽然涉及企业财务因素对上市方式选择的影响,但在指标选取上存在数量不足、样本容量较小等问题,所以研究影响科技创新型中小企业上市方式的主要因素对帮助其成功上市有着重要的实践意义。长期以来,融资渠道单一,难以筹集到足够的发展资金一直是阻碍我国中小企业健康成长的重要问题,银行贷款一直是我国企业融资的首选目标,但由于存在自身发展规模有限、技术风险较大等问题,科技创新型中小企业很难从银行等金融机构获得足够的发展资金。为此,本文主要分析梳理国内外适合科技创新型中小企业上市融资的资本市场和上市方式,力图为处在创业期和成长期的科技创新型中小企业找到适合自身实际情况的上市融资策略。经过研究发现,盈利能力较差、治理能力较弱的企业通过买壳方式更容易达到上市目的;盈利能力、发展能力、资本流动性、运营能力和现金流量的充足性是影响企业上市方式的内在因素,盈利能力强,发展潜力大以及流动性充足的企业更倾向于选择直接IPO上市,而现金流量越充足,营运能力越高的企业选择直接上市的概率反而越小;科研水平、企业性质、所属行业以及所处地区等非财务因素也能对企业上市方式的选择产生影响。
[Abstract]:Since 2013, China's economic growth continued to decline, the past 30 years of rapid growth accumulation of risks and problems gradually emerged. In order to deal with the "new normal" of economic development, the government has proposed that economic development should be driven by elements, investment and innovation. Science and technology enterprises are the most dynamic part of the national innovation system. It is also an important driving force of national economic development, but because of the scientific and technological enterprises not only has the common small and medium-sized enterprises to resist the risk ability is weak, the finance is not transparent, the management is not standard, the value is uncertain and so on. At the same time, the huge market and technological risks it faces, lead to its development by a variety of problems, among which, the financing problem is the main problem restricting its further development. Listing is the best choice for scientific and technological enterprises to obtain long-term development. The listing of enterprises can not only raise the necessary funds for their own development. It also provides a good investment opportunity for social idle funds, and the choice of suitable listing channels and methods is the premise of successful listing. Choosing the right way of listing can not only increase the possibility of successful listing, but also reduce the unnecessary expenditure of listing as far as possible. Although some existing studies involve the influence of enterprise financial factors on the choice of listing mode, there are some problems in the selection of indicators, such as insufficient number of indicators and small sample size. Therefore, it is of great practical significance to study the main factors that affect the mode of listing of science and technology innovation SMEs. For a long time, the financing channel is single. The difficulty of raising enough development funds has been an important problem that hinders the healthy growth of small and medium-sized enterprises in China. Bank loans have always been the first choice of enterprise financing in China, but due to the existence of their own development scale is limited. It is difficult for small and medium-sized enterprises to obtain sufficient development funds from banks and other financial institutions. This paper mainly analyzes the domestic and foreign capital markets and listing methods suitable for the financing of science and technology innovation SMEs. Try to find a suitable listing financing strategy for the technological innovation SMEs in the period of entrepreneurship and growth. Through the research, we find that the profitability is poor. It is easier for the enterprises with weak governance ability to reach the goal of listing through the way of buying the shell; Profitability, development capacity, capital liquidity, operational capacity and cash flow adequacy are the internal factors that affect the way of listing of enterprises, and the profitability is strong. Enterprises with large development potential and sufficient liquidity tend to choose direct IPO listing, but the more sufficient cash flow, the lower the probability of direct listing of enterprises with higher operating capacity; Non-financial factors, such as scientific research level, nature of enterprise, industry and region, can also influence the choice of listing mode.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.44;F832.51

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