BY公司新三板融资决策及规划研究

发布时间：2018-02-27 13:48

本文关键词： 高新技术企业新三板融资决策　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国自20世纪90年代场内交易市场建立以来,资本市场经过近三十年的完善发展,已经构建包括场内、场外交易市场在内的多层次资本市场体系。新三板市场自2013年扩容以来已成为重要的场外交易市场,新三板致力于为创新型、创业型、成长型中小微企业提供完善的资本市场,在国家政策的推动下,吸引众多企业在新三板挂牌上市,已经成为众多中小企业首选的融资平台。新三板融资功能得到中小企业的认可,特别是初创期的高新技术企业,但是由于自身发展的限制,初创期的高新技术企业存在法人治理不完善、经营不规范等问题,从规范角度出发,在新三板融资决策过程也是其规范化的过程。规范的企业治理不仅能够提高企业抗风险能力和整体竞争力,也能获得投资者的关注,对企业顺利实现融资起到基础性的作用,因此初创期的高新技术企业需要正视企业存在的各种问题,并解决这些问题,完善治理结构,规范治理体系,以实现在新三板顺利融资。本文的创新点是结合BY公司新三板挂牌的实际案例,从融资决策角度出发,对BY公司新三板融资决策进行研究,全面系统分析BY公司的融资条件及融资能力,对BY公司可选的融资方式进行对比分析,并对BY公司新三板融资实施过程进行规划。本文共分为六部分:第一部分绪论,对研究背景、研究意义、研究内容、方法、国内外学者的研究成果和现状进行介绍。第二部分主要介绍多层次资本市场理论,指出理论基础对我国多层次资本市场建设的指导意义;介绍新三板融资的理论基础,对新三板的融资现状、融资条件进行深入的分析。第三部分进入案例分析,首先介绍BY公司主营业务、主要产品、经营状况,其次对BY公司融资需求进行阐述,最后在此基础上对BY公司进行SWOT分析,对其融资能力进行量化的分析,为BY公司融资方案选择提供依据。第四部分根据BY公司的案例分析,对可选的融资方案进行比较分析,得出在新三板融资是BY公司的最佳选择。第五部分对BY公司新三板融资实施过程进行概述,测算实施成本,重点对新三板挂牌中财务问题进行规范,阐述BY公司新三板融资的收益,提出BY公司新三板融资风险及对策,对BY公司后续融资提出具体的建议。第六部分阐述研究的结论及对新三板市场的展望,提出本文的不足之处。
[Abstract]:Since the establishment of the OTC market in 1990s, the capital market has been developed for nearly 30 years. The new third board market has become an important over-the-counter market since its expansion in 2013. The new third board is committed to providing a sound capital market for innovative, entrepreneurial, and growing small and medium-sized enterprises. Driven by national policies, attracting many enterprises to list on the new third board has become the preferred financing platform for many small and medium-sized enterprises. The financing function of the new third board has been recognized by small and medium-sized enterprises, especially the high-tech enterprises in the initial stage. However, due to the limitations of their own development, the initial high-tech enterprises have problems such as imperfect corporate governance and non-standard management. From a normative point of view, The process of financing decision in the new three boards is also its standardized process. Standard corporate governance can not only improve the ability of resisting risks and overall competitiveness of enterprises, but also get the attention of investors, and play a fundamental role in the smooth realization of financing for enterprises. Therefore, in the initial period of high and new technology enterprises, it is necessary to face up to the various problems existing in the enterprises, and to solve these problems, improve the governance structure, and standardize the governance system. In order to realize the smooth financing in the new third board, the innovation of this paper is to study the financing decision of the new third board of by company from the perspective of financing decision, combining with the actual case of the listing of the new third board of by company. This paper analyzes the financing condition and ability of by Company, compares the financing methods of by Company, and plans the implementation process of the new three boards of by Company. This paper is divided into six parts: the first part is the introduction. The research background, significance, research content, methods, research results and current situation of scholars at home and abroad are introduced. The second part mainly introduces the theory of multi-level capital market. The paper points out the guiding significance of the theoretical basis to the construction of the multi-level capital market in China, introduces the theoretical basis of the financing of the new three boards, analyzes the financing status quo and financing conditions of the new three boards in depth. The third part goes into the case study. First of all, it introduces the main business, main products, operating situation of by Company, and then expounds the financing needs of by Company. Finally, on the basis of this, the paper makes a SWOT analysis on by Company, and makes a quantitative analysis on its financing ability. In the 4th part, according to the case study of by Company, we compare and analyze the optional financing scheme. It is concluded that financing on the new third board is the best choice for by Company. Part 5th summarizes the implementation process of the new third board of the company, calculates the implementation cost, and focuses on standardizing the financial problems in the listing of the new third board. This paper expounds the profit of the financing of the new third board of by Company, puts forward the financing risks and countermeasures of the new third board of by Company, and puts forward some concrete suggestions for the follow-up financing of by Company. Part 6th expounds the conclusions of the research and the prospect of the new third board market. The deficiency of this paper is put forward.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F832.51

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