發(fā)布時間：2018-03-08 06:39

  本文選題：資本運營　切入點：上市　出處：《南京大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：國家“十三五”規(guī)劃明確了軍民融合發(fā)展戰(zhàn)略,目標(biāo)形成全要素、多領(lǐng)域、高效益的軍民深度融合發(fā)展格局。同時明確加快金融體制改革,提高金融服務(wù)實體經(jīng)濟效率,積極培育公開透明、健康發(fā)展的資本市場,推進股票和債券發(fā)行交易制度改革,提高直接融資比重,降低杠桿率。對于從事軍工行業(yè)的民營軍工企業(yè)來說,這是一個百年難遇的歷史機遇。一方面軍民融合為企業(yè)發(fā)展提供了巨大的商機,開放了一個更大的市場,另一方面,資本市場的創(chuàng)新和開放為公司發(fā)展提供了強勁的動力。通過兩者的有機結(jié)合,以資本市場作為一個發(fā)展動力,帶動產(chǎn)品和產(chǎn)業(yè)的結(jié)構(gòu)性升級。以資本市場的法律法規(guī)為準(zhǔn)繩,完善DL公司的法人治理和內(nèi)控規(guī)范,以通過股權(quán)激勵等方式吸引優(yōu)秀人才,引領(lǐng)DL公司走上新的歷程。本文以MM理論,規(guī)模經(jīng)濟理論,效率理論,委托-代理股權(quán)激勵理論等為基礎(chǔ),運用了經(jīng)濟學(xué)、管理學(xué)和人力資源等多學(xué)科知識,以民營軍工性質(zhì)的DL公司為研究對象,在軍民融合背景下,對資本運營的各個階段進行了策劃,制定了DL公司資本運營的目標(biāo)、原則和方案,總結(jié)歷史沿革、同業(yè)競爭、財務(wù)規(guī)范、涉軍事項等核心問題的處理實踐過程,系統(tǒng)規(guī)劃了上市過程中組織架構(gòu)及流程重組的實施、募集資金管理及業(yè)務(wù)發(fā)展規(guī)劃、行業(yè)的發(fā)展及公司市值管理、員工持股計劃及股權(quán)激勵等重點事項的處理方案,通過資本運營來實現(xiàn)國家軍民融合所帶來的發(fā)展機遇。本文首先對DL公司的基本情況進行介紹,分析國家軍民融合戰(zhàn)略對其利弊影響;其次,通過對資本運營相關(guān)理論的研究,尋找最合適DL公司資本運營之路,最后通過對自身情況的總結(jié)和探索,對類似民營軍工企業(yè)參與資本市場運營提供有價值的參考。本文的第一章為緒論,闡述了選題背景和研究問題,明確了研究的目的、意義和方法。第二章為資本運營理論綜述,從資本運營的基本概念到主要模式,以及資本運營相關(guān)經(jīng)濟學(xué)理論基礎(chǔ)入手,分析其發(fā)展歷程,并對相關(guān)文獻進行了回顧和評述。第三章為DL公司資本運營必要性和可行性,介紹了 DL公司的背景,資本運營的現(xiàn)狀和問題,以公司內(nèi)部的人力資源和管理基礎(chǔ)等客觀情況,以及外部市場、產(chǎn)品、競爭對手等為研究對象,分析DL公司資本運營的必要性和可行性。第四章為DL公司資本運營實踐和規(guī)劃,作為本文的重點,本章明確了DL公司資本運營的目標(biāo)、原則和總體方案,總結(jié)上市過程中涉及到相關(guān)重要事項的實踐情況,并對上市后組織機構(gòu)、股權(quán)激勵、業(yè)務(wù)擴張和市值管理等活動進行了規(guī)劃,以相關(guān)經(jīng)濟學(xué)、管理學(xué)理論為前提,給DL公司上市制訂了切實可行的路線圖。第五章為結(jié)論和展望,對本文進行了系統(tǒng)的總結(jié),并對DL公司未來的資本運營之路憧憬展望。
[Abstract]:The 13th Five-Year Plan of the State clearly defines the development strategy of civil-military integration, and aims to form a comprehensive, multi-domain, highly effective pattern of military-civilian integration. At the same time, it is clear that the reform of the financial system will be accelerated and the economic efficiency of the financial services entity will be improved. Actively foster an open, transparent and healthily developed capital market, push forward the reform of the stock and bond issuance and trading systems, increase the proportion of direct financing, and reduce the leverage ratio. This is a rare historical opportunity in a century. On the one hand, the integration of the military and the people has provided enormous business opportunities for the development of enterprises, opening up a larger market, on the other hand, The innovation and opening of the capital market provide a strong driving force for the development of the company. Through the organic combination of the two, the capital market is used as a driving force to promote the structural upgrading of products and industries, and the laws and regulations of the capital market are taken as the yardstick. Improve the legal person governance and internal control of DL Company, attract outstanding talents by means of equity incentive and lead DL Company into a new course. This paper uses MM theory, scale economy theory, efficiency theory, etc. Based on the principal-agent equity incentive theory, this paper applies the multidisciplinary knowledge of economics, management and human resources, and takes DL Company, which is a private military industry company, as the research object, under the background of the integration of military and civil. This paper plans the various stages of capital operation, formulates the objectives, principles and schemes of DL company's capital operation, sums up the process of handling the core issues, such as historical evolution, peer competition, financial norm, military affairs, etc. It systematically plans the implementation of organizational structure and process reengineering, the management of raising funds and business development, the development of the industry and the management of market value, the employee stock ownership plan and the equity incentive, etc. This paper first introduces the basic situation of DL company, analyzes the advantages and disadvantages of the strategy of national civil-military integration; secondly, through the study of the theory of capital operation, To find the most suitable way of capital operation of DL Company, finally through the summary and exploration of its own situation, to provide a valuable reference for similar private military enterprises to participate in the capital market operation. The first chapter of this paper is the introduction. The purpose, significance and method of the research are expounded. Chapter two is a summary of the capital operation theory, from the basic concept to the main mode of capital operation, as well as the theoretical basis of the related economics of capital operation. The third chapter is about the necessity and feasibility of DL company's capital operation, introduces the background of DL company, the present situation and problems of capital operation. The necessity and feasibility of capital operation of DL Company are analyzed with the objective situation of internal human resources and management foundation, as well as the external market, products and competitors. Chapter 4th is the practice and plan of capital operation of DL Company. As the focus of this paper, this chapter clarifies the objectives, principles and overall plan of DL company's capital operation, summarizes the practice of related important issues in the process of listing, and gives an incentive to the organization and stock ownership after listing. Business expansion and market value management activities were planned. Based on the relevant economics and management theory, a feasible road map was drawn up for DL Company's listing. Chapter 5th was the conclusion and prospect, and this article was systematically summarized. And look forward to the future of DL company's capital operation.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.474;F406.7

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本文編號：1582826