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论文编号：	7386
作者编号：	2120132724
上传时间：	2015/6/9 10:38:23
中文题目：	基于新三板市场的天津中小企业发展研究
英文题目：	The Development Research of Medium-sized and Small Enterprises in Tianjin Based on the NEEQ
指导老师：	马连福
中文关键字：	新三板市场；天津中小企业；公司治理
英文关键字：	NEEQ; Tianjin SMEs; Corporate Governance
中文摘要：	天津市中小企业数量很大，其经济总量占比天津市经济的很大比重。它们的成长与发展直接影响着天津市的整体经济走势。但是天津市中小企业融资难、融资贵问题，经营规模偏小问题，经营管理不完善等问题，还在一直困扰着天津市中小企业的发展。随着新三板市场的推出，其为中小企业提供了一个新的路径，并且其可以有限缓解中小企业融资难、融资贵的难题。截止到2015年3月30日，新三板挂牌公司已超过2200家，其中协议转让1716家，占比89.77%；做市转让225家，占比10.23%。目前新三板公司总市值已超过3000亿。挂牌的中小企业在新三板市场上可以享受到股权融资、债券融资、并购重组、股权质押等全方位的融资的服务。新三板市场已经成为了具有良好成长性企业的孵化平台，新三板市场也成为了VC、PE等机构重点关注的场所。尤其是挂牌企业可以在此平台上进行融资等相关运作，由此可以增强企业的竞争优势。所以新三板市场的迅猛发展，也为天津市中小企业的快速健康发展提供了一种重要的方式。 本文利用所学知识，采用文献研究、实地调研、综合分析、案例分析等方法研究了新三板的作用和功能，并且分析了天津市中小企业利用新三板时出现的问题。通过对天津市中小企业利用新三板的情况分析，找出来天津市中小企业在借力新三板过程中存在的三大类问题。第一类问题是中小企业对新三板的意识问题。第二类问题是公司的治理结构及制度存在问题。第三类是经营管理问题。结合作者的工作经验和所学到的公司治理、企业管理等相关知识，从天津市中小企业自身层面提出了相关的建议和对策。天津市中小企业新三板挂牌前的对策建议主要包括企业应全面学习和了解新三板，企业应完善自身的公司治理结构，并要规避同业竞争及关联交易，进行股权激励及提升其经营管理水平。天津市中小企业新三板挂牌后的对策建议主要包括企业应加强新三板融资功能，引入战略投资者，进行有计划的并购重组，根据自身经营与财务情况积极与主办券商沟通，争取尽早以做市的方式进行股份交易，以及企业应加强自身的管理科学性、经营的规范管理，并且要将企业重要信息进行及时披露。最后通过已在全国中小企业股份转让系统挂牌的公司作为案例，对其进行研究与阐述。
英文摘要：	Small and medium-sized enterprises (SMEs) are in large number in Tianjin with much important economic position. Development of SMEs has a direct impact on the city's economic level. However, SMEs Tianjin are facing the problems of capital raising, operational scale, management,est.National Equities Exchange and Quotaions (NEEQ) provides a new way of capital raising. Up to January 30, 2015, NEEQ listed companies have been more than 2200, in which 1716 were transfer agreements, account for 89.77%; and 225 were transfer market making, account for 10.23%. Currently the total value of NEEQ listed companies is more than 300 billion. The listed companies could enjoy a large range of financial services including equity financing, debt financing, mergers and acquisitions, equity pledge. NEEQ has become the incubator for companies, and become the focus from VC, PE and other agencies. The companies could raise money through the system and enhance the competitiveness Therefore, the NEEQ provides an important way for the SMEs in Tianjin. This essay analyzed the problems of the companies in the NEEQ, based on theories, researches, comprehensive analysis, case study est.earch analysis, functions of the new board, and occurs when using the NEEQ Tianjin SME problems. There are three kinds of problems. The first problem is the awareness of SMEs for the NEEQ. The second problem is the issue of corporate governance. The third is the problem of management. Combining of work experience and knowledge learned in corporate governance, business management, etc., the author provided suggestions and proposals, which includes that the enterprises should fully learn and understand the NEEQ, improve their corporate governance structure, and avoid the competition in the industry and related party transactions, equity incentives and enhance their management level. Suggestions for the listed companies include that enterprises should strengthen the three new board financing capabilities, introduce strategic investors in a planned mergers and acquisitions, and actively carry out market-making transactions in accordance with their own circumstances and enhance their awareness of information disclosure. Finally, it analysed the case.
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