HT公司创业板上市方案设计
摘要
国内中小企业的资金短缺、融资困难已经成为制约中小企业规模扩大、档次提高、产品结构升级换代的重要因素,严重阻碍中小企业快速发展。融资难既有企业自身原因,又有银行和政府方面的原因。随着国内资本市场的成熟和国外资本市场不断被国人所熟悉,一批民营企业迈入资本市场,依靠资本市场的力量融到了企业发展的资金,解决了发展中的融资瓶颈,进入高速发展期。不过由于信息不对称等原因,只有一小部分企业懂得如何利用股权融资,大部分企业对资本市场了解还很少,无法利用股权融资解决企业资金需求,这即是研究的背景。
案例中的HT公司主营业务为大蒜贸易及大蒜精油提取,公司近年来增长迅速,发展势头良好,公司拥有技术含量高、污染小的大蒜精油提取技术,且已立项,但是由于资金短缺问题公司遭遇发展瓶颈。公司目前债务融资已经达到顶峰,有意向做股权融资而又不了解如何做以及去哪种资本市场融资,这就是写作目的----为HT公司制定一套创业板市场上市方案,为HT公司股权融资提供解决思路。
首先,根据企业生命周期理论对HT公司的现状作分析,判断出HT公司目前所处的生命周期阶段为成长期；再根据融资成长周期理论,指出处于成长期的HT公司最科学、最有效的融资方式是创业板上市融资；然后对目前国内企业比较熟悉的创业板市场做整体介绍,结合HT公司现状及融资方式选择做其创业板上市的可行性分析,最后设计出HT公司创业板上市方案,方案内容包括：市场选择、上市方式、红筹架构、上市流程设计和费用估算。企业上市是一个系统工程,要耗费大量人力、物力,且要考虑的因素繁多而复杂,企业只有知己知彼,做到搞懂搞透整个上市过程中各个细节,才能做到企业成功上市、在资本市场游刃有余。
采用的方法具体有：案例分析法,以HT公司为案例设计其创业板上市方案,依据资本结构理论、信息不对称理论和企业生命周期理论,结合这家公司实际情况设计方案；比较分析法,即在设计方案时比较了各创业板上市条件、上市效率、融资量、行业特性等特征,选择适合HT公司的上市地点。
实际意义在于对处于融资瓶颈的国内中小企业制定与自身相适应的融资方案提供借鉴意义,为不了解资本市场股权融资的中小企业打开通向创业板上市的窗口,并且创造性地将资本结构理论和生命周期理论结合起来,应用于实践,为中小企业融资提供了一套新的思路,并设计出一家中小企业的创业板上市方案。
Finacing difficulties of of domestic small and medium enterprises(SMEs) had restricted the scale and grade increasing, the product structure upgrading, which was a serious impediment to the rapid development of SMEs. Financing difficulties resulted from enterprise inner causes, banks and government outside problems. With the maturity of the domestic capital market and foreign capital markets continued to be familiar to domestic enterprenier, a group of private enterprises entered the capital market.Relying on the strength of capital market financing to fund the development of enterprises, it solved the bottleneck in the development of financing, access to high-speed development period. However, because of information asymmetry and other reasons, only a small part of the business knew how to use equity financing, most enterprises still had very little understanding of capital markets, equity financing can not be resolved by corporate funding requirements, which was the background of this paper.
This article based on HT company, engaging in trading and garlic oil extracting.The company had grown rapidly in recent years.It posessed high technology of the garlic oil extraction, and this refining project was in trouble due to funding shortages, the company now had reached its peak debt financing, althouth it had the intention to make equity financing plan,but still was not sure which capital market to the most suitable for them.The purpose of this article was to develop a equity financing program to for the HT company.
The pogram first judged the status of HT company according to corporate life cycle theory,the status determined the HT company approach.Then it pointed out that the status of HT company's most scientific and most effective financing approach was the listing on Growth Enterprise Market. And later it introduced current Growth Enterprise Market characteristics domestic enterprises were more familiar with and analyze feasibility of HT company listing, finally it designed the whole listing program. The program included:market selection, market approach, the overseas listing architecture, process design. Listing in capital market was a systematic engineering, the listing company would spend a lot of manpower, material, and considered a myriad of factors In order to achieve success in the capital markets, company must do research in every details.
Specific methods used in this paper included:case analysis, with a design for the case of financing, according to capital structure theory, asymmetric information theory and the corporate life cycle theory, combined with the design of the actual situation of the company; comparative analysis method, with the comparing of market listing requirements, market efficiency, financial capacity, industry characteristics and other characteristics of the listed companies to choose locations.
This article had a strong practical significance to help getting throuth the bottlenecks in the financing of the domestic SMEs to adapt their own financing programs and helped the SMEs understand the capital market equity financing to Growth Enterprise Market. And it creatively combine capital structure theory and the life cycle theory into practice, provides a new way of thinking financing for SMEs, and made a SMEs listing on the Growth Enterprise Market program design.
案例中的HT公司主营业务为大蒜贸易及大蒜精油提取,公司近年来增长迅速,发展势头良好,公司拥有技术含量高、污染小的大蒜精油提取技术,且已立项,但是由于资金短缺问题公司遭遇发展瓶颈。公司目前债务融资已经达到顶峰,有意向做股权融资而又不了解如何做以及去哪种资本市场融资,这就是写作目的----为HT公司制定一套创业板市场上市方案,为HT公司股权融资提供解决思路。
首先,根据企业生命周期理论对HT公司的现状作分析,判断出HT公司目前所处的生命周期阶段为成长期；再根据融资成长周期理论,指出处于成长期的HT公司最科学、最有效的融资方式是创业板上市融资；然后对目前国内企业比较熟悉的创业板市场做整体介绍,结合HT公司现状及融资方式选择做其创业板上市的可行性分析,最后设计出HT公司创业板上市方案,方案内容包括：市场选择、上市方式、红筹架构、上市流程设计和费用估算。企业上市是一个系统工程,要耗费大量人力、物力,且要考虑的因素繁多而复杂,企业只有知己知彼,做到搞懂搞透整个上市过程中各个细节,才能做到企业成功上市、在资本市场游刃有余。
采用的方法具体有：案例分析法,以HT公司为案例设计其创业板上市方案,依据资本结构理论、信息不对称理论和企业生命周期理论,结合这家公司实际情况设计方案；比较分析法,即在设计方案时比较了各创业板上市条件、上市效率、融资量、行业特性等特征,选择适合HT公司的上市地点。
实际意义在于对处于融资瓶颈的国内中小企业制定与自身相适应的融资方案提供借鉴意义,为不了解资本市场股权融资的中小企业打开通向创业板上市的窗口,并且创造性地将资本结构理论和生命周期理论结合起来,应用于实践,为中小企业融资提供了一套新的思路,并设计出一家中小企业的创业板上市方案。
Finacing difficulties of of domestic small and medium enterprises(SMEs) had restricted the scale and grade increasing, the product structure upgrading, which was a serious impediment to the rapid development of SMEs. Financing difficulties resulted from enterprise inner causes, banks and government outside problems. With the maturity of the domestic capital market and foreign capital markets continued to be familiar to domestic enterprenier, a group of private enterprises entered the capital market.Relying on the strength of capital market financing to fund the development of enterprises, it solved the bottleneck in the development of financing, access to high-speed development period. However, because of information asymmetry and other reasons, only a small part of the business knew how to use equity financing, most enterprises still had very little understanding of capital markets, equity financing can not be resolved by corporate funding requirements, which was the background of this paper.
This article based on HT company, engaging in trading and garlic oil extracting.The company had grown rapidly in recent years.It posessed high technology of the garlic oil extraction, and this refining project was in trouble due to funding shortages, the company now had reached its peak debt financing, althouth it had the intention to make equity financing plan,but still was not sure which capital market to the most suitable for them.The purpose of this article was to develop a equity financing program to for the HT company.
The pogram first judged the status of HT company according to corporate life cycle theory,the status determined the HT company approach.Then it pointed out that the status of HT company's most scientific and most effective financing approach was the listing on Growth Enterprise Market. And later it introduced current Growth Enterprise Market characteristics domestic enterprises were more familiar with and analyze feasibility of HT company listing, finally it designed the whole listing program. The program included:market selection, market approach, the overseas listing architecture, process design. Listing in capital market was a systematic engineering, the listing company would spend a lot of manpower, material, and considered a myriad of factors In order to achieve success in the capital markets, company must do research in every details.
Specific methods used in this paper included:case analysis, with a design for the case of financing, according to capital structure theory, asymmetric information theory and the corporate life cycle theory, combined with the design of the actual situation of the company; comparative analysis method, with the comparing of market listing requirements, market efficiency, financial capacity, industry characteristics and other characteristics of the listed companies to choose locations.
This article had a strong practical significance to help getting throuth the bottlenecks in the financing of the domestic SMEs to adapt their own financing programs and helped the SMEs understand the capital market equity financing to Growth Enterprise Market. And it creatively combine capital structure theory and the life cycle theory into practice, provides a new way of thinking financing for SMEs, and made a SMEs listing on the Growth Enterprise Market program design.
引文
①王灵敏.中小企业融资困境舒缓与融资制度供给分析[J].华北金融,2004(8)：34.
②施文艺.中小企业金融成长周期与融资方式选择[J].中国管理信息化,2007(8)：28.
①王晓津,佘坚.海外创业板市场发展状况及趋势研究[D].深圳证券交易以所研究报告,2008.
②根据国内创业板市场数据统计
③王晓津,佘坚.海外创业板市场发展状况及趋势研究[D].深圳证券交易以所研究报告,2008.
① http://www.youshang.com/content/2010/05/05/10857.html,2010.5.5
① http://blog.sina.com.cn/s/blog_607a73570100dr52.html,2009.6.5
②15 16均来自纳斯达克网站数据整理
①来自香港创业板网站数据整理
①http://www.chinanews.com.cn/stock/2010/08-13/2466491.shtml 2010.8.13
①http://www.tqinvest.com/bbsxp/Archiver.asp?ThreadID=1196,2007.5.23
②来自英国证券交易所网站数据整理
①根据韩交所上市企业披露资料整理
②马林江.中国企业韩国上市法律事务[M].北京：法律出版社,2007：33.
①来自新加坡证券交易所网站数据整理
①杨速炎.海外创业板面面观[J].时代金融,2008(5)：28.
①根据nasdaq上市一家中国企业招股说明书改编
[1]Francis Cai, Arvin Ghosh.Tests of capital structure theory:A binomial approach. The Journal of Business and Economic Studies.2003
[2]Modigliani, Franco, and Miller, Merton, "The Cost of Capital, Corporate Finance and the Theory of Investment:Comment", The American Economic Review, 48(June 1958).
[3]Durand, David, "Cost of Debt and Equity Funds for Business:Trends and Problems of Measurement, "Conference on Research on Business Finance, New York: Natinal Bureau of Economic Reaearch,1952.
[4]Modigliani, Franco, and Miller, Merton, "Corporate Income Taxes and the Cost of Capital:A Correction", The American Economic Review,53(June 1963).
[5]Hamada, Robert S., "Portfolio Analysis, Market Equilibrium, and Corporate Finance", The Journal of Finance,24(March 1969).
[6]Stigliz, Joseph E., "A Re-Examination of the Modigliani-Miller Theorem", The American Economic Review,59(Dec.1969).
[7]胡祖光,曹旭华等著.浙江所有制结构变革与经济发展[M].浙江人民出版社2001
[8]王晓滨,陈石主编.中国企业境外上市指南[M].厦门大学出版社.2003
[9]张厚义,明立志主编.中国私营企业发展报告[M].社会科学文献出版社.1999
[10]魏宇辉等编著.民营经济概论[M].郑州大学出版社.2004
[11]张颖,杨杰编著.创业板市场[M].对外经济贸易大学出版社.2001
[12]王芬.我国民营企业海外上市模式探析[J].时代经贸.2008.(S1)
[13]祝玲.民营企业红筹上市法律监管问题的探讨[D].四川大学.2007
[14]吴杰.中国民营企业海外上市比较研究[D].上海海事大学.2007
[15]邢庆圣.中南控股海外上市、退市的启示[J].金融发展研究.2010.(01)
[16]李志勇.中小企业在美国OTCBB市场融资问题的研究[D].吉林大学.2009
[17]曾智.我国民营企业境外上市模式研究[D].湘潭大学.2009
[18]王勇,王臣.美国多层次证券市场的比较及其启示[J].财经科学.2003(05)
[19]王淑敏.民营企业海外间接上市的思考——以裕兴电脑香港创业板上市为背景的研究[J].辽宁工程技术大学学报(社会科学版).2003.(04)
[20]黄其才.民营企业海外上市障碍及对策研究[J].时代经贸.2007.(S9)
[21]陈燕.民企海外上市路径分析[J].特区经济.2005.(09)
[22]张承惠.民营企业融资现状调研报告[J].中南工业大学学报(社会科学版).2006
[23]陈朝琳.我国民营企业香港上市相关问题探讨[D].厦门大学.2002
[24]刘朝民.中国企业海外上市所面临的问题和应对措施[D].厦门大学.2002
[25]范雯霞.境外上市监管的法律问题研究[D].华东政法学院.2002
[26]李艳.中国境内企业境外上市若干法律问题研究[D].华东政法学院.2005
[27]陈燕.民营企业海外上市模式研究[D].浙江工业大学.2006
[28]刘兴康.境外间接上市法律监管问题研究[D].对外经济贸易大学.2006
[29]石建勋.民企海外上市的国际差异分析及其对策研究[J].财经问题研究.2004.(04)
[30]邹建亮.民营企业海外上市热点问题探析[J].福建金融.2006.(02)
[31]顾颉,张海燕.民营企业海外上市应注意的几个问题[J].中国工业经济.1999.(02)
[32]李肃,周放生,吕朴,邵建云.美国五次企业兼并浪潮及启示[J].管理世界.1998.(01)
[33]李伟敏.美国证券市场结构对我国的启示[J].经济导刊.2000.(02)
②施文艺.中小企业金融成长周期与融资方式选择[J].中国管理信息化,2007(8)：28.
①王晓津,佘坚.海外创业板市场发展状况及趋势研究[D].深圳证券交易以所研究报告,2008.
②根据国内创业板市场数据统计
③王晓津,佘坚.海外创业板市场发展状况及趋势研究[D].深圳证券交易以所研究报告,2008.
① http://www.youshang.com/content/2010/05/05/10857.html,2010.5.5
① http://blog.sina.com.cn/s/blog_607a73570100dr52.html,2009.6.5
②15 16均来自纳斯达克网站数据整理
①来自香港创业板网站数据整理
①http://www.chinanews.com.cn/stock/2010/08-13/2466491.shtml 2010.8.13
①http://www.tqinvest.com/bbsxp/Archiver.asp?ThreadID=1196,2007.5.23
②来自英国证券交易所网站数据整理
①根据韩交所上市企业披露资料整理
②马林江.中国企业韩国上市法律事务[M].北京：法律出版社,2007：33.
①来自新加坡证券交易所网站数据整理
①杨速炎.海外创业板面面观[J].时代金融,2008(5)：28.
①根据nasdaq上市一家中国企业招股说明书改编
[1]Francis Cai, Arvin Ghosh.Tests of capital structure theory:A binomial approach. The Journal of Business and Economic Studies.2003
[2]Modigliani, Franco, and Miller, Merton, "The Cost of Capital, Corporate Finance and the Theory of Investment:Comment", The American Economic Review, 48(June 1958).
[3]Durand, David, "Cost of Debt and Equity Funds for Business:Trends and Problems of Measurement, "Conference on Research on Business Finance, New York: Natinal Bureau of Economic Reaearch,1952.
[4]Modigliani, Franco, and Miller, Merton, "Corporate Income Taxes and the Cost of Capital:A Correction", The American Economic Review,53(June 1963).
[5]Hamada, Robert S., "Portfolio Analysis, Market Equilibrium, and Corporate Finance", The Journal of Finance,24(March 1969).
[6]Stigliz, Joseph E., "A Re-Examination of the Modigliani-Miller Theorem", The American Economic Review,59(Dec.1969).
[7]胡祖光,曹旭华等著.浙江所有制结构变革与经济发展[M].浙江人民出版社2001
[8]王晓滨,陈石主编.中国企业境外上市指南[M].厦门大学出版社.2003
[9]张厚义,明立志主编.中国私营企业发展报告[M].社会科学文献出版社.1999
[10]魏宇辉等编著.民营经济概论[M].郑州大学出版社.2004
[11]张颖,杨杰编著.创业板市场[M].对外经济贸易大学出版社.2001
[12]王芬.我国民营企业海外上市模式探析[J].时代经贸.2008.(S1)
[13]祝玲.民营企业红筹上市法律监管问题的探讨[D].四川大学.2007
[14]吴杰.中国民营企业海外上市比较研究[D].上海海事大学.2007
[15]邢庆圣.中南控股海外上市、退市的启示[J].金融发展研究.2010.(01)
[16]李志勇.中小企业在美国OTCBB市场融资问题的研究[D].吉林大学.2009
[17]曾智.我国民营企业境外上市模式研究[D].湘潭大学.2009
[18]王勇,王臣.美国多层次证券市场的比较及其启示[J].财经科学.2003(05)
[19]王淑敏.民营企业海外间接上市的思考——以裕兴电脑香港创业板上市为背景的研究[J].辽宁工程技术大学学报(社会科学版).2003.(04)
[20]黄其才.民营企业海外上市障碍及对策研究[J].时代经贸.2007.(S9)
[21]陈燕.民企海外上市路径分析[J].特区经济.2005.(09)
[22]张承惠.民营企业融资现状调研报告[J].中南工业大学学报(社会科学版).2006
[23]陈朝琳.我国民营企业香港上市相关问题探讨[D].厦门大学.2002
[24]刘朝民.中国企业海外上市所面临的问题和应对措施[D].厦门大学.2002
[25]范雯霞.境外上市监管的法律问题研究[D].华东政法学院.2002
[26]李艳.中国境内企业境外上市若干法律问题研究[D].华东政法学院.2005
[27]陈燕.民营企业海外上市模式研究[D].浙江工业大学.2006
[28]刘兴康.境外间接上市法律监管问题研究[D].对外经济贸易大学.2006
[29]石建勋.民企海外上市的国际差异分析及其对策研究[J].财经问题研究.2004.(04)
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