中国中小企业赴德IPO融资的策略分析
发布时间：2019-01-06 12:50
【摘要】：中小企业融资难是困扰世界各国经济发展的重要课题,中国作为世界上最大的发展中国家,同样面临着这一紧迫的问题。但是目前中国的金融资本市场尚未健全,融资渠道不畅使得许多中小企业另辟蹊径将目光投向了海外。本文希望通过分析中小企业海外融资的现状,列举主要的国际股票市场各自的优势特点,比较中小企业在各个国家股票市场IPO的融资成本,最终希望能够探寻中小企业在德国法兰克福证券交易所融资方案的可行性。 本文主要研究中国中小企业在积极拓展融资渠道方面的新尝试,首先通过理论模型研究现代企业的融资方式,再结合中国社会的实际情况和实务操作加以分析。目前中小企业在融资上主要的问题是融资渠道偏少,银行对中小企业“惜贷”,融资市场不成熟,中介担保公司数量上无法满足中小企业需求,中小企业自身管理上缺乏规范的企业内控,当需要风险融资时无法给出合规的运作报告。在对比了世界各地主要证券市场的利弊之后,许多中小企业谋求在准入门槛相对较低的德国法兰克福证券市场入门级别(Deutsche Borse Entry Standard)上市的解决方案。 最后本文介绍了笔者在德国交换学习期间与企业合作研究的一个案例,通过与德国最大的私有银行资深经济学家克里斯蒂安-舒尔茨(Christian Schulz)的沟通,以专家访谈的形式了解该银行在为中国企业IPO服务方面的经验,通过该银行的SWOT分析结合海外投资银行代理发行中国企业上市融资的实际操作流程,分析某家中国企业上市的实务操作,希望给出合理的中小企业德国上市辅导意见。
[Abstract]:The difficulty of financing for small and medium-sized enterprises is an important problem that puzzles the economic development of all countries in the world. China, as the largest developing country in the world, is also facing this urgent problem. However, China's financial capital market is not yet sound, financing channels are not smooth, many small and medium-sized enterprises to seek alternative ways to look overseas. This paper aims to analyze the current situation of overseas financing of SMEs, enumerate the advantages and characteristics of major international stock markets, and compare the IPO financing costs of SMEs in each country's stock markets. In the end, I hope to explore the feasibility of SME financing in Frankfurt Stock Exchange. This paper mainly studies the new attempts of Chinese small and medium-sized enterprises in actively expanding financing channels. Firstly, it studies the financing mode of modern enterprises through theoretical model, and then analyzes the actual situation and practical operation of Chinese society. At present, the main problems of SMEs in financing are that the financing channels are on the low side, banks are "reluctant to lend" to SMEs, the financing market is not mature, and the number of intermediary guarantee companies cannot meet the demand of small and medium-sized enterprises. Small and medium-sized enterprises lack of internal control in their own management, and can not give compliance reports when they need risk financing. After comparing the advantages and disadvantages of major securities markets around the world, many SMEs seek solutions for entry-level (Deutsche Borse Entry Standard) listings in Frankfurt, Germany, where entry barriers are relatively low. Finally, this paper introduces a case of cooperation with enterprises during the exchange study in Germany, through communication with Christian Schultz, senior economist of Germany's largest private bank. In the form of an expert interview, we know the bank's experience in serving the IPO of Chinese enterprises. Through the SWOT analysis of the bank, it combines with the actual operation process of the overseas investment bank to issue the listing financing of the Chinese enterprises on an agent basis. This paper analyzes the practical operation of a Chinese enterprise listing, and hopes to give reasonable guidance for the German listing of small and medium-sized enterprises.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.3;F832.51;F224
本文编号：2402808
[Abstract]:The difficulty of financing for small and medium-sized enterprises is an important problem that puzzles the economic development of all countries in the world. China, as the largest developing country in the world, is also facing this urgent problem. However, China's financial capital market is not yet sound, financing channels are not smooth, many small and medium-sized enterprises to seek alternative ways to look overseas. This paper aims to analyze the current situation of overseas financing of SMEs, enumerate the advantages and characteristics of major international stock markets, and compare the IPO financing costs of SMEs in each country's stock markets. In the end, I hope to explore the feasibility of SME financing in Frankfurt Stock Exchange. This paper mainly studies the new attempts of Chinese small and medium-sized enterprises in actively expanding financing channels. Firstly, it studies the financing mode of modern enterprises through theoretical model, and then analyzes the actual situation and practical operation of Chinese society. At present, the main problems of SMEs in financing are that the financing channels are on the low side, banks are "reluctant to lend" to SMEs, the financing market is not mature, and the number of intermediary guarantee companies cannot meet the demand of small and medium-sized enterprises. Small and medium-sized enterprises lack of internal control in their own management, and can not give compliance reports when they need risk financing. After comparing the advantages and disadvantages of major securities markets around the world, many SMEs seek solutions for entry-level (Deutsche Borse Entry Standard) listings in Frankfurt, Germany, where entry barriers are relatively low. Finally, this paper introduces a case of cooperation with enterprises during the exchange study in Germany, through communication with Christian Schultz, senior economist of Germany's largest private bank. In the form of an expert interview, we know the bank's experience in serving the IPO of Chinese enterprises. Through the SWOT analysis of the bank, it combines with the actual operation process of the overseas investment bank to issue the listing financing of the Chinese enterprises on an agent basis. This paper analyzes the practical operation of a Chinese enterprise listing, and hopes to give reasonable guidance for the German listing of small and medium-sized enterprises.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.3;F832.51;F224
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