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论文编号：	7314
作者编号：	2120132842
上传时间：	2015/6/5 9:37:09
中文题目：	民营公司上市问题与对策研究-基于JL公司的案例分析
英文题目：	Research on the listed problems and countermeasures existing in the progress of IPO of private enterprises -A case study on JL company
指导老师：	郝臣副教授
中文关键字：	民营企业；IPO；失败原因；案例分析;政策建议
英文关键字：	Private Enterprise;IPO;TheReason for Failure;CaseStudies;Policy Advice
中文摘要：	企业上市即为企业选择通过证券交易所，以股票的形式对外向投资者出售股份进行融资，以获得企业未来发展所需资金。同时，上市也能够助推企业扩大声誉、完善公司治理、提高企业融资能力和市场地位等，实现做大、做强的目标。越来越多的民营企业把上市作为其奋斗目标，但上市并非都会成功的。若上市失败，对企业自信心、行业声誉等的打击都将是巨大的，对企业发展产生不良影响。 据Wind数据统计显示，截止2014年我国上市企业已达到2500多家，2015年仍有千余家企业正积极筹备上市。如何实现快速、顺利上市，是拟上市企业必须要面对和思考的问题。纵使国内证券市场即将推行审核制度改革，推行注册制。但根据目前我国证券市场发展阶段、配套法规、投资者结构等自身特点，同西方英美等国实行的注册制还是有区别的，对信息披露和上市后的监管会更加严格。一些存在问题的企业即便侥幸上市，同样面临着进入证券市场后问题暴露被制裁，甚至被强制退市的风险，违法违规成本会更大。对于拟上市企业来说，应更重视自身存在的问题,很有必要对失败案例进行分析研究，从中吸取经验教训，将问题解决在上市前，以达到快速成功上市的目的。 因此，本文基于上市失败案例分析开始写作，对民营公司上市中碰到的问题与对策进行研究。首先文中对IPO的相关理论以及国内外专家、学者研究成果进行了简要介绍，其次综合整理了2007-2014年拟上市民营企业的招股说明书和证监会公布信息，以其中的155家被否企业作为样本进行统计分析，找出众多企业被否的普遍性问题，如反映较突出的持续盈利能力问题、独立性问题和募集资金运用问题等，集中表现为八方面，也可归为财务性和非财务性两大类问题。然后以JL公司为案例进行深入分析，对照拟上市企业普遍存在的问题，找出JL公司所具有的共性和个性问题，找到问题出现的原因，并提出相应的改进对策，帮助公司迅速实现上市；最后针对所有拟上市企业上市问题提出政策建议等。
英文摘要：	Company listing is through the stock exchange to sell shares to foreign investors for financing with the form of stock ,aiming to obtain the funds for the future development. Meanwhile,Listing can make the company expand the reputation, perfect the corporate governance, improve the financing ability and market status, etc and realize much bigger and stronger. More and more private companies consider listing as their goal, but listing is not always successful. If the listing is failed, the affection for the self-confidence of the company and the industry reputation will be huge and lead to the adverse effect for the development of the company. According to Wind data statistics, the number of listed companies have reached more than 2500 until the end of 2014. In 2015, there are still more than 1000 companies waiting in line for the listing. As the Pre-IPO company, how to realize rapidly and smoothly to list is the question which they need to face and think. Although the audit system reform and registration system will be carried out in the domestic securities market, according to the own characteristics of current state in domestic securities market such as the developing stage, corresponding regulations and law, the structure of investor and so on, the registration in China is still different from the western countries as US and UK, information disclosure and listed supervising will be more strict. Even though the company with some problems chance to get listed, also face the sanctions after being exposed problems in the securities market, and even facing the risk of forcing delisting, the cost of violating laws and rules will be more.As the Pre-IPO company, it is necessary to analyze the failures, learn from them, solve problem in front of the listing to achieve the purpose of rapidly successful listing. This paper is according to the realistic problems as a starting point, based on case analysis to research the problems and countermeasures in the private enterprise listing progress. First there is a brief introduction for the related theory of IPO and the research results of both at home and abroad experts & scholars. Second point is to collect the audit information of private enterprise Pre-IPO between 2007 and 2014, there is a statistical processing for the failed reason of 155 effective enterprise. Earnestly summarize on the existing problems, reflect the outstanding problems such as sustained profitability, independence and raise money, etc. which can be summarized as financial and non-financial issues for analysis. Meanwhile, JL company ,as a case of Pre-IPO, making the substantive analysis for the problems of the listing progress; In conclusion, enlightenment will be produce and then put forward countermeasures and suggestions, etc for these problems. According to the above, the paper is basing to the analysis of a failure listing case as the beginning to research the problems and countermeasures in the listing progress of private company. First, there is a brief introduction of the related theories of IPO and the research results of both at home and abroad experts & scholars. Second ,collecting the prospectuses and the audit information from CSRC between 2007 and 2014 of Pre-IPO, with a statistical analyzing of 155 companies which are refused to find the common problems of the refusing reason, such as sustained profitability, independence and raising money, etc which main in 8 aspects , these also can be summarized as financial and non-financial issues.Then through the deep analysis of JL company,comparing the common problems of Pre-IPO, finding the universality and individuality problems and of JL company and the reason,providing the countermeasures for these to help the company to get listed rapidly. At last,the paper gives the policy advise for all the problems of Pre-IPO.
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