本文選題：科技創(chuàng)業(yè)企業(yè)　切入點(diǎn)：創(chuàng)業(yè)板市場　出處：《上海海洋大學(xué)》2012年碩士論文

【摘要】：科技進(jìn)步推動一國經(jīng)濟(jì)發(fā)展，高成長性的科技產(chǎn)業(yè)越來越成為各國關(guān)注的重點(diǎn)，不僅在很大程度上解決了社會就業(yè)問題，同時創(chuàng)造了巨大的社會財富。但科技型企業(yè)風(fēng)險大、失敗率高、具有很大的不確定性，讓風(fēng)險投資家們望而生畏。資金短缺問題成為科技創(chuàng)業(yè)企業(yè)發(fā)展的主要瓶頸之一，甚至是決定科技創(chuàng)業(yè)行動的成敗因素。要實(shí)現(xiàn)科技創(chuàng)業(yè)企業(yè)的進(jìn)一步發(fā)展，最大程度地緩解其籌資難題，上市融資是一種可行的渠道。但就目前來看，我國證券市場存在上市融資門檻較高、上市動機(jī)引發(fā)道德風(fēng)險、上市公司地區(qū)分布不均等問題。 2009年10月30日，深圳創(chuàng)業(yè)板市場正式開啟，旨在為自主創(chuàng)新企業(yè)及其他成長型創(chuàng)業(yè)企業(yè)提供上市融資服務(wù)，不僅在一定程度上為部分科技創(chuàng)業(yè)企業(yè)緩解了融資難題，也為自主創(chuàng)新國家戰(zhàn)略的落實(shí)發(fā)揮了積極作用。本文研究的目的是結(jié)合幾個典型創(chuàng)業(yè)板市場的上市融資規(guī)則，研究處于不同發(fā)展階段的科技創(chuàng)業(yè)企業(yè)創(chuàng)業(yè)板上市融資策略。意義在于有望豐富科技創(chuàng)業(yè)企業(yè)的融資理論，以幫助科技創(chuàng)業(yè)企業(yè)謀求更好的發(fā)展；對創(chuàng)業(yè)板市場融資規(guī)則的研究也可以更好的結(jié)合中國國情；有利于調(diào)整經(jīng)濟(jì)結(jié)構(gòu)、轉(zhuǎn)變產(chǎn)業(yè)發(fā)展方式和科技進(jìn)步，加快我國建設(shè)創(chuàng)新型國家的步伐。 基于科技創(chuàng)業(yè)企業(yè)不同成長階段理論的發(fā)展，嘗試從上市融資的角度將科技創(chuàng)業(yè)企業(yè)分成初創(chuàng)期、擬上市、已上市三個發(fā)展階段，針對三個發(fā)展階段的科技創(chuàng)業(yè)企業(yè)提出創(chuàng)業(yè)板市場融資建議。處于初創(chuàng)階段的科技創(chuàng)業(yè)企業(yè)融資渠道單一，籌資活動舉步維艱，其融資策略應(yīng)該是保證生存資金來源的前提下，為上市融資做好前期準(zhǔn)備。擬上市階段的科技創(chuàng)業(yè)企業(yè)擺脫了生存危機(jī)，企業(yè)社會形象好、產(chǎn)品知名度大大提高，發(fā)展前景基本明朗，社會各界投資者對其也已產(chǎn)生極大投資興趣，此階段的主要融資策略就是躋身證券市場，成為上市公司�；谏钲趧�(chuàng)業(yè)板市場公司IPO遭否因素的分析，擬上市科技創(chuàng)業(yè)企業(yè)應(yīng)從選定目標(biāo)市場、提高主營業(yè)務(wù)的持續(xù)盈利能力、適度進(jìn)行財務(wù)包裝、規(guī)范運(yùn)行及公司治理、科學(xué)編制IPO申報材料和正確選擇中介機(jī)構(gòu)等方面努力，以獲取上市機(jī)會。已上市科技創(chuàng)業(yè)企業(yè)成功募集到資金，如何保持企業(yè)實(shí)力，加強(qiáng)品牌建設(shè)，建立有效而穩(wěn)定的營銷策略和關(guān)系網(wǎng)絡(luò)；如何可持續(xù)發(fā)展，爭取可行項(xiàng)目再融資，實(shí)現(xiàn)企業(yè)的做大做強(qiáng)至關(guān)重要。通過調(diào)研深圳創(chuàng)業(yè)板上市的前100家公司的融資情況，，針對目前社會各界關(guān)注的IPO超募、大股東套現(xiàn)、高派送等幾個典型問題對公司及市場做實(shí)證分析。研究結(jié)果表明，IPO超募對上市公司造成巨大壓力；高管辭職套現(xiàn)極其損害中小投資者利益，也破壞了證券市場優(yōu)化資源配置功能的發(fā)揮。已上市科技創(chuàng)業(yè)企業(yè)主要應(yīng)注意信息披露和募集資金的使用問題。
[Abstract]:The advancement of science and technology promotes the economic development of a country. The high growth science and technology industry has become the focus of attention of all countries. It not only solves the problem of social employment to a great extent, but also creates huge social wealth. However, the risk of science and technology enterprises is great. The high failure rate and great uncertainty have made venture capitalists afraid. The shortage of funds has become one of the major bottlenecks in the development of science and technology start-ups. It is even a factor that determines the success or failure of science and technology entrepreneurship. To achieve the further development of science and technology startups and to minimize their financing difficulties, listing financing is a feasible channel. But for the time being, China's securities market has a high threshold of listing financing, listing motivation leads to moral hazard, and the regional distribution of listed companies is not equal. On October 30, 2009, the gem market in Shenzhen officially opened to provide listed financing services for independent innovation enterprises and other growth start-ups, which not only alleviated the financing difficulties for some science and technology start-ups to a certain extent. It also plays an active role in the implementation of the national strategy of independent innovation. The purpose of this paper is to combine the listing and financing rules of several typical gem markets. The significance of this study is to enrich the financing theory of science and technology startups in order to help them to seek better development. The research on the financing rules of the gem market can also better combine with the national conditions of China, which is beneficial to adjust the economic structure, change the mode of industrial development and the progress of science and technology, and accelerate the pace of building an innovative country in our country. Based on the development of the theory of different growth stages of science and technology start-up enterprises, this paper attempts to divide them into three development stages from the angle of listing and financing. In view of the three stages of development of science and technology startups, the paper puts forward the financing suggestions of the gem market. The financing channels of the start-up science and technology startups are single, and the financing activities are difficult, so the financing strategy should be to ensure the survival of the capital source. To prepare for listing financing. The science and technology startups in the stage of listing have got rid of the survival crisis, the corporate social image is good, the product popularity has been greatly improved, and the prospects for development are basically clear. Investors from all walks of life have also shown great interest in it. The main financing strategy at this stage is to enter the securities market and become a listed company. The enterprises to be listed in science and technology startups should make great efforts in selecting target market, improving the sustainable profitability of the main business, appropriately carrying out financial packaging, standardizing operation and corporate governance, scientifically compiling IPO declaration materials and choosing the intermediary organizations correctly, etc. How to keep the strength of the enterprise, strengthen the brand construction, establish the effective and stable marketing strategy and relationship network, how to develop the sustainable development, and how to refinance the feasible project, By investigating the financing situation of the top 100 companies listed on the Shenzhen growth Enterprise Market, aiming at the current concern of all sectors of the society about the IPO super-raising, the majority shareholders will cash in. Some typical problems, such as high delivery, have made empirical analysis on the company and the market. The research results show that excessive IPO raising causes great pressure on the listed companies, and the resignation of senior executives to cash out is extremely harmful to the interests of small and medium-sized investors. It also destroys the function of optimizing the allocation of resources in the stock market. Listed scientific and technological startups should pay attention to the problems of information disclosure and the use of raising funds.
【學(xué)位授予單位】：上海海洋大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F272;F832.51

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