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论文编号：	5244
作者编号：	2120102775
上传时间：	2013/6/5 16:43:40
中文题目：	深圳市海普瑞药业股份有限公司融资模式与成长过程研究
英文题目：	Research on financing model and growth process of Shenzhen Hepalink Pharmaceutical Co.,Ltd
指导老师：	黄福广
中文关键字：	高科技中小企业;融资模式;成长过程
英文关键字：	High-tech SEMs;Financing model;Growth process
中文摘要：	高科技中小企业如何选择适合的融资方式来促进其成长，已成为普遍关注的问题。按照企业金融成长周期理论，高科技中小企业的成长分为不同的阶段，每个阶段的特征和风险不同，导致各个阶段的融资需求也是不同的，因而应该选择的融资方式也不同。高科技中小企业应该根据自身在成长过程中的需求来选择不同的融资模式。可是高科技中小企业在融资过程中面临内外部障碍，造成了高科技中小企业通过传统的融资渠道融资比较困难，影响了企业的健康、顺利地发展。因此研究高科技中小企业的融资方式与企业的成长性问题就具有重要的理论意义和现实意义。本文针对高科技中小企业融资方式与企业成长性问题，以企业传统的融资理论和企业金融成长周期理论为基础，运用规范和案例相结合的方法，对案例企业——深圳市海普瑞药业股份有限公司进行分析。本文首先介绍了海普瑞的经营现状和融资过程，并对海普瑞的融资过程进行分析。然后分析了海普瑞的公司特征，并将与适合引入风险投资的公司特征进行匹配，研究了风险投资在海普瑞成长过程中的作用。最后研究了海普瑞在风投介入后至企业上市前业绩、企业上市前到风投退出前业绩以及风投退出前后的业绩，进一步研究了风险投资对企业业绩的影响。本文认为海普瑞在融资路径选择方面符合高科技中小企业金融成长周期理论，在不同的发展阶段根据融资需求的不同而选择了不同的融资方式。引入的风险投资一方面利用自身的客户资源，为海普瑞带来了稳定的大客户，注入了增值服务，提升了海普瑞的内在价值；另一方面风险投资利用其声誉，向市场传递了良好的信息，提升了海普瑞的外在价值。风险投资进入后，海普瑞业绩增长明显，风险投资退出后，海普瑞业绩下滑。总体来讲，风险投资对于海普瑞的成长有着积极的促进作用。建议高科技中小企业根据发展过程中特征及风险的不同，采取多元化的融资方式，而且要重视并合理利用风险投资的作用。
英文摘要：	It has become the issues of common concern that how to choose the right financing strategy to provide strong support for high-tech SEMs. And the growth of high-tech SEMs is divided into different stages. It is worth noticing that the financing demand and financing choices are different at different stages of development. Because the high-tech SMEs are facing internal and external obstacles in the process of financing, and traditional financing way can not provide strong support for them, which seriously affect the healthy development of high-tech SEMs. So it has theoretical and practical significance to research the financing path and growth process of high-tech SEMs. This paper is aiming at the financing strategy and growth process of high-tech SEMs’ selection problem. In this paper, the enterprise financing theory and enterprise life cycle of economic theory are combined , and the method of normative research and case study are used. Firstly, the operating status and growth path of the case enterprise which is Hepalink are introduced. And then the financing strategy of Hepalink is analysed. Secondly, matching of financing and firm characteristics is analysed. What is more, the role of venture capital to the development of Hepalink is studied. In the end, the effect of venture capital on performance of Hepalink is analyzed, including the effect before venture capital entering, the effect between venture capital entering and venture capital exit and the effect after capital exit. This paper comes to the conclusion that the choosing of financing path of Hepalink is with the enterprise life cycle of economic theory. And venture capital plays a very important role in the growth of Hepalink. On one side, venture capital increase the inner value of Hepalink, which brings steady large customers and provides value-added services for Hepalink. On the other hand, venture capital increases the external value of Hepalink by using its reputation and releasing positive signals. And we suggest high-tech SEMs taking the path of diversification when they choose financing method. What is more, high-tech SEMs should pay attention to and rational use venture capital.
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