發(fā)布時間：2018-02-28 10:13

  本文關(guān)鍵詞： 資本市場 新三板市場 融資效果　出處：《河北大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：中小企業(yè)在國民經(jīng)濟(jì)的發(fā)展中占著重要地位。隨著我國經(jīng)濟(jì)發(fā)展方式的轉(zhuǎn)變,由原來一味追求高速度、快節(jié)奏的經(jīng)濟(jì)增長,到現(xiàn)如今更加注重經(jīng)濟(jì)平穩(wěn)運行和產(chǎn)業(yè)轉(zhuǎn)型升級。我國經(jīng)濟(jì)要做到平穩(wěn)良好運行的一個大的前提是中小企業(yè)的健康發(fā)展,因為現(xiàn)在中小企業(yè)數(shù)量已經(jīng)達(dá)到企業(yè)總數(shù)的90%。為了保證我國經(jīng)濟(jì)發(fā)展和增長的穩(wěn)定性,我們要保證中小企業(yè)良好的發(fā)展機(jī)會。正因為如此中小企業(yè)的發(fā)展面臨著機(jī)遇與要求并存。中小企要生存與發(fā)展首先要越過的第一條障礙就是融資問題,解決好融資問題就把握住中小企業(yè)發(fā)展的命脈和關(guān)鍵。新三板市場作為多層次資本市場結(jié)構(gòu)中的基礎(chǔ)市場,被賦予了以新三板掛牌企業(yè)為代表的非上市公眾公司股權(quán)融資、債權(quán)融資等多項權(quán)利。許多中小企業(yè)在新三板上融到企業(yè)發(fā)展和生存所需要的資金。新三板成立以來成為中小企業(yè)融資提供了廣闊的平臺和渠道。新三板市場正在逐步完善和提升,掛牌新三板公司數(shù)量近幾年成井噴式增長,融資效果也是與日俱增。首先本文回顧了中小企融資困難和中小企業(yè)融資效果評價的國內(nèi)外相關(guān)研究,并對其進(jìn)行了評述。其次介紹了資本市場、融資效果等相關(guān)概念和融資基礎(chǔ)性理論,為下文案例公司分析做理論基礎(chǔ)。再次介紹北京指南針科技發(fā)展股份有限公司所處的背景包括宏觀背景新三板市場融資的現(xiàn)狀和微觀背景指南針公司的基本情況。緊接著詳細(xì)描述指南針公司在新三板的融資發(fā)展歷程。接下來系統(tǒng)分析了指南針公司在新三板的融資效果,分為直接效果和間接效果兩個方面,直接效果包括融資規(guī)模、資產(chǎn)規(guī)模和內(nèi)部治理完善情況,間接效果包括資本結(jié)構(gòu)、成長能力、盈利能力和轉(zhuǎn)板概況,由以上指標(biāo)全面的對指南針公司在新三板的融資效果進(jìn)行了分析,得出在新三板掛牌后,企業(yè)整體價值的上升。最后新三板市場正處在成長期,因此針對指南針公司在新三板融資過程中存在的問題并提出一些改進(jìn)建議。
[Abstract]:Small and medium-sized enterprises (SMEs) play an important role in the development of the national economy. With the transformation of the mode of economic development in our country, we have been blindly pursuing high-speed and fast-paced economic growth. Nowadays, more attention has been paid to the smooth operation of the economy and the upgrading of industries. The healthy development of small and medium-sized enterprises is a major prerequisite for the smooth and good operation of China's economy. Because the number of small and medium-sized enterprises has now reached 90% of the total number of enterprises. In order to ensure the stability of China's economic development and growth, We want to ensure good development opportunities for small and medium-sized enterprises. Precisely because of this, small and medium-sized enterprises are faced with both opportunities and requirements. The first obstacle that SMEs have to overcome in order to survive and develop is the financing problem. To solve the financing problem, we must grasp the lifeblood and key of the development of small and medium-sized enterprises. As the basic market in the multi-level capital market structure, the new third-board market has been endowed with equity financing of unlisted public companies represented by the new third-board listed enterprises. Debt financing and many other rights. Many small and medium-sized enterprises in the new third board to finance the development and survival of enterprises need funds. The new third board has become a wide platform and channels for SME financing. The new third board market is now. In the gradual improvement and promotion, In recent years, the number of new three board companies has been blowout growth, and the financing effect is also increasing. Firstly, this paper reviews the domestic and foreign research on financing difficulties of SMEs and the evaluation of financing effects of SMEs. Secondly, it introduces the related concepts of capital market, financing effect and the basic theory of financing. Again introduce the background of Beijing compass science and technology development co., Ltd., including the macro background of the new third board market financing status and micro background compass company. ... Then describe in detail the financing development course of Compass in the new third board. Then, the financing effect of compass company in the new third board is analyzed systematically. The direct effects include the scale of financing, the scale of assets and the improvement of internal governance. The indirect effects include the capital structure, growth ability, profitability and the general situation of turnaround. By analyzing the financing effect of Compass Company in the new third board, it is concluded that after the listing of the new third board, the overall value of the enterprise will rise. Finally, the new third board market is in the growing period. In view of the problems existing in the new third board financing process of Compass, some suggestions for improvement are put forward.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F49;F275;F832.51

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