中小高新技术企业.doc
约78页DOC格式手机打开展开
中小高新技术企业,摘要私募股权，即通常所说的pe，英文全称为private equity，是指非上市公开交易的股权融资方式，属于市场化运作的金融工具。私募股权作为一种新型的投融资体制，因发展迅速已在金融市场中占有了重要地位。它最明显的特点是高风险、高收益，通过将私募股权资金注入具有高风险的企业形成权益资本，以期在日后通过上市、兼并或其他...
内容介绍
此文档由会员 违规屏蔽12 发布
摘 要
私募股权，即通常所说的PE，英文全称为Private Equity，是指非上市公开交易的股权融资方式，属于市场化运作的金融工具。私募股权作为一种新型的投融资体制，因发展迅速已在金融市场中占有了重要地位。它最明显的特点是高风险、高收益，通过将私募股权资金注入具有高风险的企业形成权益资本，以期在日后通过上市、兼并或其他股权转让方式撤出投资，取得高额回报。
作为中国经济重要的组成部分，中小高新技术企业的高成长性对于资金需求很大。该类企业自身的经营状况、资产水平、管理结构等决定了其在成长阶段较难获得商业银行等金融机构的贷款，并且只靠内源融资很难满足企业发展需求。基于这些特点，私募股权资本成为我国中小高新技术企业成长过程中重要的推动力。中国已加快了建设中小高新技术企业融资的资本市场，中小板市场以及创业板的推出，都为私募股权资本的退出提供了途径，这些必将加速私募股权融资在中国的发展。
本文主要内容如下：第一部分阐明本文的研究背景、理论意义及实用价值，分析国内外相关文献综述，确立私募股权在处于发展阶段的中小高新技术企业的应用为本文的研究主题并提出本文的研究方法和创新之处。第二部分是我国中小高新技术企业的融资情况，主要对融资结构、融资困境进行了分析，并分析了私募股权应用对中小高新技术企业发展的意义。第三部分阐述了私募股权的基础理论。首先，界定了私募股权的相关概念，并对有关概念进行了区别；其次，明确了私募股权的主要特征；再次，借鉴美国私募股权市场的发展，对中国国内私募股权投融资市场定位进行了概述；最后，阐述了现阶段我国发展私募股权的意义。第四、五部分是本文的核心，对中小高新技术企业应用私募股权融资的关键点进行了分析，包括处于成长阶段的融资特征、应用私募股权资金时所必备的条件、投融资双方达成协议时进行的企业价值评估、融资后的管理及最后私募股权的退出。第六部分是案例分析。结合在深圳创业板上市的合康变频的私募股权资金应用案例进行了实务分析，对其成功融资过程进行了总结分析，为其他企业的应用提供了建议。论文最后对全篇进行了总结并对私募股权投融资市场长远发展提出了展望。
关键词 私募股权；中小企业；高新技术；财务分析体系；创业板
Abstract
This paper first studies the concept of Private Equity. In private equity investment, high profit goes along with high risk. How to enhance the accuracy for project selection and lower the risk at the same time becomes a very important question.To some extend,the selection of project determines the success of private equity investment. So the study of private equity investment project deserves more and more attention. Then the thesis pay attention to the concept of SMEs (Small and Medium sized company) and High-tech enterprise. Being the important part of Chinese economics situation, the financing demand is very significant for the development of the high-tech SMEs. The operation situation, the pessession of assets, the management structure and so on, caused the high-tech SMEs would be hard to get the loan from the bank of business or some other kinds of economic institution. And , it does not enough to get the fund for the accumulation in the company. So, the development of Private Equity will be an very important push power for the high-tech SMEs. Furthermore, the capital market for this kinds of company is developing quickly, Big expansion of the small and medium enterprise board and the introduction of GEM, means the birth of new financing opportunities. Therefore, it is important to broaden the financing channels and circumvent the risks.The investor and financing enterprises can achieve win-win situation.
The main contents of this article are as follow: the first part introduces the background and the meanings of the subject, the domestic and overseas literature review, the research scope, the research method and the innovation of the thesis. The second part focuses on the fundamental theory of private equity. Firstly, the thesis defines the concepts and the natures of private equity. It clarifies the subject from private fund and public fund, private equity and venture capital, the thesis ascertained the chief characteristics of private equity. Finally, the thesis introduces the practical value of developing private equity in China.The third part focuses on the necessity, feasibility and motive analysis of financing situation in high-tech small and medium sized enterprises. Firstly, the thesis analyzes the financing constucture. Secondly, the thesis analyzes the hard situation to get enough capital for these new companies,and anayzes the reasons that why it’s hard for them. So, we get the private equity’s practical value for development of high-tech small and medium sized companies(high-tech SMEs) in China. The fourth part is the nucleus of this thesis, it focuses on the key points’ analysis of the private equity application in high-tech SMEs. Firstly, the
financing feature of these companies in growing stagements. Secondly, the neccessaries for applicate the private equity. Thirdly, the correct company value eva luation for the transactors make the deal. Fourth, the management of the transcators to the company after the deal, and the ways withdraw from the company。The sixth part focuses on the case analysis. The thesis selects Hiconics Drive Technology Co., ..
私募股权，即通常所说的PE，英文全称为Private Equity，是指非上市公开交易的股权融资方式，属于市场化运作的金融工具。私募股权作为一种新型的投融资体制，因发展迅速已在金融市场中占有了重要地位。它最明显的特点是高风险、高收益，通过将私募股权资金注入具有高风险的企业形成权益资本，以期在日后通过上市、兼并或其他股权转让方式撤出投资，取得高额回报。
作为中国经济重要的组成部分，中小高新技术企业的高成长性对于资金需求很大。该类企业自身的经营状况、资产水平、管理结构等决定了其在成长阶段较难获得商业银行等金融机构的贷款，并且只靠内源融资很难满足企业发展需求。基于这些特点，私募股权资本成为我国中小高新技术企业成长过程中重要的推动力。中国已加快了建设中小高新技术企业融资的资本市场，中小板市场以及创业板的推出，都为私募股权资本的退出提供了途径，这些必将加速私募股权融资在中国的发展。
本文主要内容如下：第一部分阐明本文的研究背景、理论意义及实用价值，分析国内外相关文献综述，确立私募股权在处于发展阶段的中小高新技术企业的应用为本文的研究主题并提出本文的研究方法和创新之处。第二部分是我国中小高新技术企业的融资情况，主要对融资结构、融资困境进行了分析，并分析了私募股权应用对中小高新技术企业发展的意义。第三部分阐述了私募股权的基础理论。首先，界定了私募股权的相关概念，并对有关概念进行了区别；其次，明确了私募股权的主要特征；再次，借鉴美国私募股权市场的发展，对中国国内私募股权投融资市场定位进行了概述；最后，阐述了现阶段我国发展私募股权的意义。第四、五部分是本文的核心，对中小高新技术企业应用私募股权融资的关键点进行了分析，包括处于成长阶段的融资特征、应用私募股权资金时所必备的条件、投融资双方达成协议时进行的企业价值评估、融资后的管理及最后私募股权的退出。第六部分是案例分析。结合在深圳创业板上市的合康变频的私募股权资金应用案例进行了实务分析，对其成功融资过程进行了总结分析，为其他企业的应用提供了建议。论文最后对全篇进行了总结并对私募股权投融资市场长远发展提出了展望。
关键词 私募股权；中小企业；高新技术；财务分析体系；创业板
Abstract
This paper first studies the concept of Private Equity. In private equity investment, high profit goes along with high risk. How to enhance the accuracy for project selection and lower the risk at the same time becomes a very important question.To some extend,the selection of project determines the success of private equity investment. So the study of private equity investment project deserves more and more attention. Then the thesis pay attention to the concept of SMEs (Small and Medium sized company) and High-tech enterprise. Being the important part of Chinese economics situation, the financing demand is very significant for the development of the high-tech SMEs. The operation situation, the pessession of assets, the management structure and so on, caused the high-tech SMEs would be hard to get the loan from the bank of business or some other kinds of economic institution. And , it does not enough to get the fund for the accumulation in the company. So, the development of Private Equity will be an very important push power for the high-tech SMEs. Furthermore, the capital market for this kinds of company is developing quickly, Big expansion of the small and medium enterprise board and the introduction of GEM, means the birth of new financing opportunities. Therefore, it is important to broaden the financing channels and circumvent the risks.The investor and financing enterprises can achieve win-win situation.
The main contents of this article are as follow: the first part introduces the background and the meanings of the subject, the domestic and overseas literature review, the research scope, the research method and the innovation of the thesis. The second part focuses on the fundamental theory of private equity. Firstly, the thesis defines the concepts and the natures of private equity. It clarifies the subject from private fund and public fund, private equity and venture capital, the thesis ascertained the chief characteristics of private equity. Finally, the thesis introduces the practical value of developing private equity in China.The third part focuses on the necessity, feasibility and motive analysis of financing situation in high-tech small and medium sized enterprises. Firstly, the thesis analyzes the financing constucture. Secondly, the thesis analyzes the hard situation to get enough capital for these new companies,and anayzes the reasons that why it’s hard for them. So, we get the private equity’s practical value for development of high-tech small and medium sized companies(high-tech SMEs) in China. The fourth part is the nucleus of this thesis, it focuses on the key points’ analysis of the private equity application in high-tech SMEs. Firstly, the
financing feature of these companies in growing stagements. Secondly, the neccessaries for applicate the private equity. Thirdly, the correct company value eva luation for the transactors make the deal. Fourth, the management of the transcators to the company after the deal, and the ways withdraw from the company。The sixth part focuses on the case analysis. The thesis selects Hiconics Drive Technology Co., ..
