华人天地新三板股权众筹融资效果及启示研究

发布时间：2018-04-13 14:26

本文选题：股权众筹 + 新三板　；参考：《湘潭大学》2017年硕士论文

【摘要】：改革开放以来,中小企业作为我国经济发展中不可或缺的一环,曾为我国经济发展贡献了巨大的力量。伴随着我国经济进入“新常态”,GDP增速不断趋缓、产业结构矛盾突出,中小企业的发展壮大已成为为我国经济实现战略性转型的重要一极。但目前阻碍我国中小企业发展的最大问题就是融资难。从中小企业融资实践看,近年来出现了两种新兴趋势。一方面,互联网众筹融资作为一种全新的融资模式方兴未艾,基于投资者参与门槛低、投资方式便利、政府政策鼓励等优点,互联网众筹融资,特别是股权众筹融资已成为中小微企业融资渠道的有益补充;另一方面,新三板市场作为我国多层次资本市场结构中的基础市场,近年来发展迅速,上万家中小企业已通过股转系统在资本市场实现了首次融资。若将新三板与互联网股权众筹相结合,利用众筹融资门槛低等优势解决资金来源,利用新三板市场完善股权众筹准入及退出机制,将为中小企业拓宽融资渠道、实现较低成本融资提供了一种现实可能。本文从对传统中小企业融资困境以及新型股权众筹融资分析出发,按分类顺序梳理出中小企业融资困境、股权众筹概念、模式运作、融资绩效方面的研究文献,介绍中小企业融资理论、社会资本理论和和互联网金融理论及其实践过程,为本文奠定理论基础;借鉴华人天地公司新三板股权众筹实际案例展开论述。通过融资前后财务指标、融资成本、融资速度及周期、退出渠道等方面,分析对比华人天地新三板股权众筹与普通融资、非新三板股权众筹融资差异,可看出新三板股权众筹融资较其他融资具有明显优势。新三板股权众筹融资对于解决中小微企业融资难问题具有非常重大的指导意义,是对传统融资实施的深化改革,促进融资模式创新、丰富投资机会,是一种新型并可推广借鉴的融资模式。同时,新三板股权众筹融资以用互联网方式出现具有互联网金融的大众化和风险性,有必要在法律风险和信息披露方面进一步加强保障。未来,在新三板市场上进行股权众筹融资将是一种具有较大吸引力的融资方式,具有广阔的发展前景。
[Abstract]:Since the reform and opening up, as an indispensable part of China's economic development, small and medium-sized enterprises (SMEs) have contributed a great deal to the economic development of our country.With China's economy entering the "new normal", the GDP growth rate is slowing down, the contradiction of industrial structure is prominent, and the development of small and medium-sized enterprises has become an important pole for our economy to realize strategic transformation.However, the biggest problem that hinders the development of small and medium-sized enterprises in our country is the difficulty of financing.From the financing practice of small and medium enterprises, there are two new trends in recent years.On the one hand, Internet crowdfunding as a new financing model is in the ascendant. Based on the advantages of low threshold of investor participation, convenient investment mode, and government policy encouragement, Internet crowdfunding is in the ascendant.In particular, crowdfunding has become a useful supplement to the financing channels of small and medium-sized enterprises. On the other hand, as the basic market in the multi-level capital market structure of our country, the new third-board market has developed rapidly in recent years.Tens of thousands of small and medium-sized enterprises have realized their first financing in the capital market through the share-to-share system.If we combine the new three boards with the Internet stock rights crowdfunding, utilize the advantages of low threshold of crowdfunding to solve the source of funds, and utilize the new third board market to perfect the access and exit mechanism of equity crowdfunding, we will broaden the financing channels for small and medium-sized enterprises.Achieving lower cost financing offers a realistic possibility.Based on the analysis of the financing dilemma of the traditional SMEs and the financing of the new type of equity raising, this paper sorted out the research literature on the financing dilemma, the concept of crowdfunding, the mode operation, and the financing performance of the SMEs in the order of classification.This paper introduces the financing theory of small and medium-sized enterprises, social capital theory and Internet finance theory and its practical process, which lays a theoretical foundation for this paper, and discusses the actual case of the new three board stock raising of Chinese heaven and earth company.By means of financial index, financing cost, financing speed and cycle, exit channel and so on before and after financing, this paper analyzes and compares the differences between the public financing of the Chinese New third Board and the ordinary financing, the non-new third board and the non-new three boards.It can be seen that the new three-board stock raising and financing has obvious advantages over other financing.The new three board equity raising and financing has great guiding significance to solve the financing difficulty of small and medium-sized enterprises. It is the deepening reform of traditional financing, promoting the innovation of financing mode and enriching the investment opportunities.It is a new financing model that can be popularized and used for reference.At the same time, it is necessary to strengthen the protection of legal risk and information disclosure because of the popularity and risk of Internet finance.In the future, it will be a more attractive way to raise and raise funds in the new third board market, and it will have a broad development prospect.
【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

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