中小企业在新三板挂牌的研究

发布时间：2018-04-28 06:49

本文选题：中小企业 + 新三板　；参考：《上海交通大学》2014年硕士论文

【摘要】：中小企业在我国经济中占到举足轻重的地位，对于促进全社会的就业、推动技术进步等多方面作出了重大贡献。但是中小企业在发展过程中面临一些瓶颈，比如申办手续复杂、实际税负较重等，其中最大的问题是资金短缺。目前中国企业的融资结构中，银行贷款的占比最大，而中小企业规模较小，且缺乏抵、质押物，因此较难从银行获得贷款，资金问题严重制约了广大中小企业的发展。在中国经济结构转型的过程中，中小企业的作用愈发明显，为了促进中小企业的发展，相关部门也不断出台扶持中小企业的政策与措施，，希望能够改善中小企业融资难的问题，助推中小企业成长。在资本市场层面，陆续推出中小企业集合债券、中小企业集合票据、中小企业私募债、场外市场等金融产品与工具，但是效果却始终不理想，直到新三板扩容并修订与之相关的制度，未来中小企业的融资、发展问题将会得到明显的改善，作为一项新的融资工具，新三板与中小企业集合票据、中小企业集合债券等相比，是更为适合中小企业融资的融资工具。通过在新三板挂牌，中小企业除了可以获得资金之外，还能实现完善公司治理结构、对核心员工实施股权激励等目标，可以说，推进新三板的建设，将成为中国资本市场上里程碑式的一项举措。本文立足于中国资本市场这一历史性的突破，以一个从业人员的角度，分析中小企在新三板挂牌的意义，并提出完善、发展新三板的政策建议，主要有：尽快推出做市商制度、明确转板机制、降低投资者门槛、给予新三板挂牌企业一定的财税方面的优惠等政策。
[Abstract]:Small and medium-sized enterprises (SMEs) play an important role in China's economy and make great contributions to promoting the employment of the whole society and promoting technological progress. However, SMEs face some bottlenecks in the process of development, such as complicated application procedures, heavy actual tax burden, among which the biggest problem is the shortage of funds. At present, in the financing structure of Chinese enterprises, bank loans account for the largest proportion, while small and medium-sized enterprises are small and lack of collateral, so it is difficult to obtain loans from banks, and the problem of capital seriously restricts the development of small and medium-sized enterprises. In the process of China's economic restructuring, the role of SMEs is becoming more and more obvious. In order to promote the development of SMEs, the relevant departments have constantly issued policies and measures to support SMEs, hoping to improve the problem of financing difficulties for SMEs. To boost the growth of small and medium-sized enterprises. At the level of the capital market, financial products and instruments such as small and medium-sized enterprises (SMEs) aggregate bonds, SME collective notes, SMEs' private equity debts, over-the-counter markets, and so on have been launched one after another, but the results have not been satisfactory. Until the expansion of the new third board and the revision of the related system, the financing and development problems of SMEs will be significantly improved in the future. As a new financing tool, the new three boards and small and medium-sized enterprises will collect bills. Compared with small and medium-sized enterprises, it is a more suitable financing tool for small and medium-sized enterprises. By listing on the new third board, small and medium-sized enterprises can not only obtain funds, but also achieve the objectives of perfecting the corporate governance structure and implementing equity incentives to core staff. It can be said that the construction of the new three boards can be promoted. It will be a landmark move in China's capital markets. Based on the historic breakthrough of China's capital market, this paper analyzes the significance of SMEs listing on the new three boards from the perspective of a practitioner, and puts forward some policy suggestions for perfecting and developing the new three boards, mainly as follows: to introduce the market maker system as soon as possible. Clear transfer mechanism, reduce the threshold of investors, give new third board listed enterprises certain fiscal and tax preferential policies.
【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;F276.3

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