【作者】 郑绪一；

【导师】 叶桦；

【作者基本信息】 华中师范大学 ， 政治经济学， 2008， 硕士

【摘要】 中国的资本市场近年来处于一个历史性的发展机遇期。二级市场的持续繁荣带动了发行市场的发展,多层次资本市场的建立多年来终于从讨论实验阶段进入到实质操作阶段,中小板的大扩容、创业板的推出,都意味着新的融资机会在诞生。另一方面,在中国,中小企业长期面临融资难的瓶颈,这制约了最具创造力的经济体的发展壮大,面对较少的融资选择往往不知所措,如何决策成为企业发展的关键。本文在研究融资理论知识的基础上,结合中国政策环境、金融体制的实际,具体分析了中国中小企业融资现状、问题及形成原因,给出了解决相关问题的政策建议。然后在对中小企业融资决策选择的分析后,提出了中小企业融资应该选择的最优路径——利用资本市场股权融资。其中对资本市场股权融资的两种方式,IPO和买壳上市的动因、成本、流程、时间安排等要点进行了详细分析。最后,对全文的主要研究进行了总结,并提出了有待进一步研究的问题。更多还原

【Abstract】 Chinese capital market is in historic development opportunities in recent years. The continued prosperity of secondary market brings alone the development of issue market, the establishment of Multi-level capital market entered real operational phase from discussion and pilot stage. Big expansion of the small and medium enterprise board and the introduction of GEM, means the birth of new financing opportunities.On the other hand, SMEs face difficulties in financing bottleneck for a long time in China, which constrains development and strengthening of the most creativity economies. SMEs are often at a loss when facing less financing options. How to decide becomes key to the development of enterprises.Based on the study financing theoretical knowledge, considering Chinese policy environment and the actual financial system, this paper analyses the Chinese SMEs’ financing present situation, problems and causes, gives policy recommendations to address relevant issues. Then after analyzing SMEs’ decision-making options of financing, proposes the optimal path for the SMEs which is equity financing in the capital market, and makes a detailed analysis of capital markets equity financing in two ways--IPO and Reverse Merger(RM), including cause, cost, process, schedule and other elements.Finally, makes a summary of the full text’s major studies, and raises the issue pending further study.更多还原