“天星资本”新三板挂牌失败案例分析

发布时间：2018-04-24 23:08

本文选题：新三板市场 + 天星资本　；参考：《河北经贸大学》2017年硕士论文

【摘要】：我国多层次资本市场从20世纪90年代发展至今已经形成了较为完善的体系系统,新三板市场已经成为我国多层次资本市场的重要组成部分,其定位致力于支持中小企业特别是创新创业型企业发展。在国务院印发《“十三五”国家科技创新规划》中,明确提到要“支持创新创业型企业进入资本市场融资,完善企业兼并重组机制,鼓励发展多种形式的并购融资”,这也极大的促进了新三板市场的发展,2015年更是出现了中小企业井喷般的挂牌新三板现象。2014年4月23日九鼎投资挂牌新三板成为了我国首家成功挂牌的PE投资机构,并在2015年借壳中江地产登陆A股,在此背景下,九鼎模式引发了PE机构挂牌新三板的热潮,“天星资本”作为专注于新三板市场的PE机构当然也在其中,但就在挂牌上市的最后一刻证监会叫停PE机构挂牌事宜,由此引来一系列对于PE机构挂牌新三板问题的思考。PE机构挂牌新三板上市是否扰乱市场定位、规范性运作问题是否存在、PE机构上市后信息披露等问题引起了社会各界广泛关注。本文以“天星资本”挂牌失利这一既具有悲剧色彩同时也具有典型性的案例作为分析对象,通过研究“天星资本”整体公开资料、走访询问相关人员、以及定性分析与定量分析撰写出本文。本文注重“天星资本”自身与整个资本市场的关系的角度来分析这一案例,以私募投资机构挂牌新三板乱象这一大的市场环境为基础,不仅从“天星资本”自身挂牌过程存在的规范性问题予以分析研究,更加的考虑企业长远发展与当前金融监管精神的契合程度,总结这一类企业在规范性上存在的弊病,希望能将PE机构挂牌过程中存在的共性问题提炼出来,通过案例分析,在包括把握监管精神、完善公司治理以及适度信息披露等方面提出相关的建议思考,给类似“天星资本”的PE机构和各挂牌参与方一定的借鉴意思,为我国PE机构健康发展、稳步走向资本市场提供一定的理论支持。本报告共分为五部分:第一部分,本案例分析的背景和意义及相关理论基础;第二部分,对于PE机构挂牌新三板的概括;第三部分,就案例主体进行系统性的介绍;第四部分,分析案例提出挂牌过程存在的问题,提出具体对策建议;第五部分,总结归纳类似PE机构存在问题并为其发展和挂牌提出具体的政策建议。
[Abstract]:Since the development of the multi-level capital market in China in the 1990s, a relatively perfect system has been formed, and the new three-board market has become an important part of the multi-level capital market in our country. Its orientation is dedicated to supporting the development of small and medium-sized enterprises, especially innovative entrepreneurial enterprises. In the "13th Five-Year Plan" issued by the State Council, the State Council explicitly mentioned the need to "support innovative and entrepreneurial enterprises to enter the capital market for financing, perfect the mechanism of enterprise merger and reorganization, and encourage the development of various forms of M & A financing." This has also greatly promoted the development of the new third board market. In 2015, there was a phenomenon of small and medium-sized enterprises listing the new three boards like a blowout. On April 23, 2014, Jiuding investment listed the new third board and became the first PE investment institution in China to successfully list its shares. Under this background, the Jiuding model triggered the upsurge of PE institutions listing the new third board, and "Star Capital", as a PE institution focused on the new third board market, of course, was also among them. However, on the last minute of listing, the CSRC suspended the listing of PE institutions, which led to a series of reflections on the issue of PE institutions listing new third boards... Whether the listing of PE institutions on the new three boards disturbs the market positioning. Whether there is information disclosure after listing of PE institutions has aroused widespread concern from all walks of life. This article takes the case of "Star Capital" listed as a tragic and typical case as an analysis object, through the study of the "Star Capital" as a whole public information, interviews with relevant personnel, And qualitative analysis and quantitative analysis to write this article. This paper focuses on the relationship between the "Star Capital" itself and the whole capital market to analyze this case, based on the market environment of private equity firms listing the new three boards. Not only from the "Star Capital" own listing process of normative problems to be analyzed and studied, more consideration of the long-term development of enterprises and the current spirit of financial supervision, summed up the shortcomings of this kind of enterprises in the normative, I hope to extract the common problems in the process of PE institutions listing, through case analysis, including grasp the spirit of supervision, improve corporate governance and appropriate information disclosure and other aspects of the relevant suggestions, This paper provides some theoretical support for PE institutions like Star Capital and the listed participants, and provides some theoretical support for the healthy development of PE institutions in China and the steady progress towards the capital market. This report is divided into five parts: the first part, the background and significance of the case analysis and the relevant theoretical basis; the second part, the summary of the new three boards listed by PE institutions; the third part, the systemic introduction of the main body of the case; the fourth part, This paper analyzes the problems existing in the process of listing and puts forward specific countermeasures and suggestions. The fifth part summarizes and summarizes the existing problems of similar PE institutions and puts forward specific policy recommendations for its development and listing.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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