创新型中小企业S公司新三板上市融资案例研究
发布时间：2018-09-12 19:39
【摘要】：随着我国经济飞速发展,创新型中小企业的发展日益成为促进发展的新力量,对社会的可持续发展和国家的产业结构转型起着积极推动作用。但是创新型中小企业的发展却面临着融资难的问题,融资渠道非常狭窄,融资成本高,信息比较匮乏等导致创新型中小企业发展受到重重阻碍,不少创新型中小企业在创业初期就面临倒闭和破产的风险。由此可见,为创新型中小企业拓展融资渠道及方式尤为重要。新三板的出现为创新型中小企业融资提供了较好的平台,因此,对创新型中小企业新三板融资进行研究,不仅具有理论价值,还具有良好的现实意义。论文以创新型中小企业为研究对象,在充分研究融资理论、创新型中小企业及新三板概念的基础上,对国内外与创新型中小企业融资相关的文献进行梳理,了解和掌握了相关的成功经验。以S公司为例,分析了创新型中小企业的融资现状、及其新三板上市融资过程与成效,分析得出S公司作为一家典型的创新型中小企业,拥有较强的研发能力和业务能力,管理能力也不断优化,但是财务资金方面表现一般。因此,论文采用模糊综合评价模型对S公司新三板融资效果进行综合评价,模型参考美国COSO报告的研究成果,构建了包括一级指标和二级指标的综合评价指标模型,进而确定和计算指标权重,通过构建评语集和确定隶属矩阵,完成模糊矩阵运算。最终得出结果:综合评定分析得出S公司在新三板上市融资中整体表现良好,但仍存在一些问题需要进一步改善;从单项指标分析得出公司创新能力较好,成长能力表现一般,财务能力有很多不合理之处,环境成本情况不乐观等问题。根据S公司的案例分析,可以看出造成创新型中小企业难以上市新三板融资因素有很多,主要包括企业自身的因素、新三板企业的价值评估问题、新三板市场的流动性问题、做市商的入市标准问题等等。针对这些问题,论文提出促成了S公司新三板融资的对策,主要有完善企业组织结构、完善企业财务制度、完善企业内部控制制度以及提高企业核心竞争力等对策。最后,论文呼吁市场和政府,从提高主办券商积极性、完善转板制度,建立绿色转板通道、降低投资者准入门槛和政府鼓励支持创新型中小企业挂牌新三板等方面支持和促进创新型中小企业新三板上市融资。
[Abstract]:With the rapid development of China's economy, the development of innovative small and medium-sized enterprises (SMEs) is becoming a new force to promote the development of society and the transformation of national industrial structure. However, the development of innovative small and medium-sized enterprises is facing the problem of financing difficulties. The financing channel is very narrow, the financing cost is high, and the lack of information leads to the development of innovative small and medium-sized enterprises being hindered. Many innovative small and medium-sized enterprises are faced with the risk of bankruptcy and bankruptcy in the initial stage. Thus, for innovative small and medium-sized enterprises to expand financing channels and ways are particularly important. The emergence of the new third board provides a better platform for the financing of innovative small and medium-sized enterprises. Therefore, the research on the financing of the new third board of innovative small and medium-sized enterprises has not only theoretical value, but also good practical significance. Based on the research of financing theory, innovative small and medium-sized enterprises and the concept of the new three boards, this paper combs the literature related to the financing of innovative small and medium-sized enterprises at home and abroad. Knowledge and mastery of relevant successful experiences. Taking S Company as an example, this paper analyzes the current financing situation of innovative small and medium-sized enterprises, and the process and effect of the new third board listing, and concludes that S Company, as a typical innovative small and medium-sized enterprise, has strong R & D ability and business ability. The management ability also unceasingly optimizes, but the financial capital aspect performance is ordinary. Therefore, the paper uses the fuzzy comprehensive evaluation model to evaluate the financing effect of the new third board of S Company. Referring to the research results of the COSO report of the United States, the paper constructs a comprehensive evaluation index model, which includes the first class index and the second grade index. Then the index weight is determined and calculated, and the fuzzy matrix operation is completed by constructing the comment set and determining the membership matrix. Finally, the results are as follows: the overall performance of S Company is good in the new third Board listing financing, but there are still some problems need to be further improved; from the single index analysis, it is concluded that the company's innovation ability is better, and its growth ability performance is general. Financial capacity has a lot of unreasonable, environmental costs are not optimistic and other issues. According to the case study of S Company, we can see that there are many factors causing innovative SMEs to be difficult to list on the new third Board, mainly including the factors of the enterprise itself, the value evaluation of the new third board enterprise, and the liquidity problem of the new third board market. Market maker's entry standards and so on. Aiming at these problems, the paper puts forward the countermeasures to promote the financing of the new third board of S Company, which mainly include perfecting the organizational structure of the enterprise, perfecting the financial system of the enterprise, perfecting the internal control system of the enterprise and improving the core competitiveness of the enterprise. Finally, the paper calls on the market and the government to improve the enthusiasm of the hosting securities companies, improve the system of conversion board, and establish a green channel. Lowering the threshold for investors and encouraging the government to support the listing of innovative small and medium-sized enterprises on the new third board and other aspects to support and promote innovative small and medium-sized enterprises new three board listing financing.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F271
本文编号：2240028
[Abstract]:With the rapid development of China's economy, the development of innovative small and medium-sized enterprises (SMEs) is becoming a new force to promote the development of society and the transformation of national industrial structure. However, the development of innovative small and medium-sized enterprises is facing the problem of financing difficulties. The financing channel is very narrow, the financing cost is high, and the lack of information leads to the development of innovative small and medium-sized enterprises being hindered. Many innovative small and medium-sized enterprises are faced with the risk of bankruptcy and bankruptcy in the initial stage. Thus, for innovative small and medium-sized enterprises to expand financing channels and ways are particularly important. The emergence of the new third board provides a better platform for the financing of innovative small and medium-sized enterprises. Therefore, the research on the financing of the new third board of innovative small and medium-sized enterprises has not only theoretical value, but also good practical significance. Based on the research of financing theory, innovative small and medium-sized enterprises and the concept of the new three boards, this paper combs the literature related to the financing of innovative small and medium-sized enterprises at home and abroad. Knowledge and mastery of relevant successful experiences. Taking S Company as an example, this paper analyzes the current financing situation of innovative small and medium-sized enterprises, and the process and effect of the new third board listing, and concludes that S Company, as a typical innovative small and medium-sized enterprise, has strong R & D ability and business ability. The management ability also unceasingly optimizes, but the financial capital aspect performance is ordinary. Therefore, the paper uses the fuzzy comprehensive evaluation model to evaluate the financing effect of the new third board of S Company. Referring to the research results of the COSO report of the United States, the paper constructs a comprehensive evaluation index model, which includes the first class index and the second grade index. Then the index weight is determined and calculated, and the fuzzy matrix operation is completed by constructing the comment set and determining the membership matrix. Finally, the results are as follows: the overall performance of S Company is good in the new third Board listing financing, but there are still some problems need to be further improved; from the single index analysis, it is concluded that the company's innovation ability is better, and its growth ability performance is general. Financial capacity has a lot of unreasonable, environmental costs are not optimistic and other issues. According to the case study of S Company, we can see that there are many factors causing innovative SMEs to be difficult to list on the new third Board, mainly including the factors of the enterprise itself, the value evaluation of the new third board enterprise, and the liquidity problem of the new third board market. Market maker's entry standards and so on. Aiming at these problems, the paper puts forward the countermeasures to promote the financing of the new third board of S Company, which mainly include perfecting the organizational structure of the enterprise, perfecting the financial system of the enterprise, perfecting the internal control system of the enterprise and improving the core competitiveness of the enterprise. Finally, the paper calls on the market and the government to improve the enthusiasm of the hosting securities companies, improve the system of conversion board, and establish a green channel. Lowering the threshold for investors and encouraging the government to support the listing of innovative small and medium-sized enterprises on the new third board and other aspects to support and promote innovative small and medium-sized enterprises new three board listing financing.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F271
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