创业板论拟创业板上市公司的IPO风险研究

创业板论文：拟创业板上市公司的IPO风险研究

【中文摘要】我国的创业板市场在历经了十年的准备后,于2009年10月23日在XX证券交易所正式开板。创业板市场的建立,为我国高新技术产业的发展提供了一个完整的资本市场支持体系,将大大的推动我国高新技术产业的发展。创业板对于构建完善的资本市场,为风险投资提供有效退出渠道和解决中小企业融资等方面,将起到不可或缺的作用。然而,创业板市场在提供大量机会的同时更存在着巨大的风险。因此,对企业在创业板进行IPO的风险进行分析并提出相应的措施进行防X,具有重要的理论意义和现实意义。本文是以拟创业板上市企业作为研究主体,运用相关理论知识对其在创业板的IPO风险进行了系统化研究,建立了相关的评价指标体系和风险防控机制。其是帮助拟创业板上市企业加强对创业板IPO风险的认识,理性对待创业板,加强企业自身的建设,从而有效控制风险和增加收益。本文主要应用风险管理的相关理论和研究方法作为指导思想,尽量做到理论与应用相结合,把战略管理、金融学、技术经济学等理论应用于企业在创业板上市这一特定项目下所面临的风险。本文的研究内容包括对创业板IPO风险界定、评价指标体系的构建和IPO风险的防X与控制。本文内容共八章,可分为四个部分:第一部分是理论基础和文献综述,包括了1、2章,在第1章绪论中主要谈了本文的选题依据、研究和意义以及研究思路和内容;在第2章理论基础和文献综述中本文主要介绍了创业板相关的概念(包括创业板的涵义、特点、意义及IPO的流

程)及国内外有关创业板IPO风险的研究现状。第二部分是创业板IPO 风险的分析部分,包括了文中的第3、4、5三章,第3章是创业板IPO 风险概述,介绍了创业板IPO风险的含义及特点和分类(将其分成系统风险和非系统风险两大类),具体的风险分析由4、5两章展开;第4章针对创业板IPO的系统风险展开分析,介绍了政策法规风险、经济波动风险、金融风险、社会风险和创业板市场自身的风险;第5章针对创业板IPO的非系统风险展开分析,介绍了中介机构选择的风险、上市成本费用的风险、财务风险、并购风险、信息披露风险和IPO定价风险。第三部分是文中的第6、7两章创业板IPO风险的防X,第6章通过在前文风险分析的基础上构建了创业板IPO风险评价的指标体系;第7章则提出了运用模糊数学方法进行风险的排序,最后针对重点风险提出防X措施。第四部分是案例分析和总结,包括了文中的第8章和总结部分,第8章以A集团为案例,针对其创业板IPO风险进行分析并提出防X措施;最后本文进行了小结并指出了本文的不足之出。

【英文摘要】China’s growth enterprise market after all the years of preparation, open board o in Shenzhen stock exchange n 23 October 2009. The establishment of GEM will provide a plete capital market support system for the China’s high-tech industries, which will greatly promote the development of China’s high-tech industries. GEM for building a sound capital market, venture capital exit channels and to provide effective solutions to SME financing, etc, will play an indispensable role. However, the GEM market in providing a lot of opportunities but also there is a huge

risk. Therefore, the IPO on the GEM business risk analysis and propose appropriate measures to prevent, has important theoretical and practical significance.This paper choose the enterprises who want to list on GEM as a main body for research, using relevant theoretical knowledge of its listing on the risk management of the whole process the systematic, and studying to establish the relevant standards and model. Its purpose is to help enterprises to strengthen the knowledge of the IPO risk, rational treatment the GEM, strengthen self-construction, so as to effectively control risks and increase revenue.This paper mainly apply the risk management theory and research method as the guiding ideology, make the theoretical analysis and application analysis bining as soon as possible, use risk management theory, technology economics, finance, investment and financing management theory, financial management, strategic management application in enterprise for listing on GEM this particular project to study the risks. This study includes definition of the GEM IPO risk, evaluation index system and the IPO risk prevention and control.The article content eight chapters can be divided into four parts:The first part is the theoretical foundation and literature review, including chapter 1, 2.In the first chapter, mainly talked about the basis of the topic selection, the research purpose and the meaning and research ideas and content; In Chapter 2 (the theoretical basis and literature review), introduces the concept of the GEM-related (including the meaning of the GEM, characteristics,

significance and the IPO process), and domestic and overseas IPO on the GEM research status of risk.The second part is the GEM IPO risk analysis section, including the 3, 4, 5 three chapters. Chapter 3 is an overview of the GEM IPO risk, introduces the meaning of the GEM IPO risk and the characteristics and classification (to be divided into systematic risk and non-systematic risk into two categories), the specific risk analysis started from the 4,5-two chapters; In the fourth chapter( IPO system risk analysis on GEM), introduced the policies and regulations risk and economic volatility risk, financial risk and social risk and growth enterprise market own risk; Chapter 5 (IPO unsystematic risk analysis on GEM), introduced the intermediary agencies choice of risk, the cost of listed risk, financial risk, the merger risk, the information disclosure risk and the IPO price of suppression risk.The third part is the 6, 7 two chapters (GEM IPO risk prevention), the sixth chapter ,which through in the basis of the IPO risk analysis ,constructed the IPO risk index system; Chapter 7 proposed to use the fuzzy mathematics method to sort the IPO risk, and finally proposed for the key risk prevention measures.The fourth part is case analysis and summary, including the chapter 8 and the summarized, in chapter 8 use A group as A case, according to the group’s IPO risk analysis on GEM and puts forward prevention measures; Finally, summarized this paper and pointed out the paper of the deficiencies.

【关键词】创业板IPO风险防X与控制A集团

【英文关键词】GEM The IPO Risk Prevent and Control A Group

【目录】拟创业板上市公司的IPO风险研究摘要4-6Abstract6-7第1章绪论10-141.1 论文选题依据10-111.2 研究目的与研究意义11-121.2.1 研究目的11-121.2.2 研究意义121.3 研究思路与内容

12-141.3.1 研究思路121.3.2 研究内容12-14第2章理论基础和文献综述14-192.1 创业板IPO 的相关理论基础14-182.1.1 创业板的涵义14-152.1.2 我国创业板的特点15-162.1.3 创业板对我国中小企业发展的意义16-172.1.4 企业创业板IPO 流程17-182.2 创业板IPO 风险研究的国内外文献综述18-19第3章创业板IPO 风险概述

19-213.1 企业创业板IPO 风险的含义及特点19-203.2 企业创业板IPO 风险的分类20-21第4章创业板IPO 系统风险分析21-254.1 创业板IPO 的系统风险概述21-234.1.1 政策法规风险214.1.2 经济波动风险214.1.3 金融风险214.1.4 社会风险21-224.1.5 市场风险

22-234.2 创业板系统风险的考察23-244.2.1 研究方法和思路234.2.2 股票收益率计算234.2.3 实证分析23-244.3 创业板市场的系统风险对企业IPO 的影响24-25第5章创业板IPO 非系统风险分析

25-325.1 创业板IPO 中介机构的选择风险分析25-265.2 创业板IPO 成本风险分析26-275.3 创业板IPO 财务风险分析275.4 创业板IPO 并购风险分析27-285.5 创业板IPO 信息披露风险分析28-295.6 创业板IPO 定价风险分析29-32第6章拟上市公司的创业板IPO 风险评价指标体系的构建32-356.1 构建评价指标体系的总思路和原则

32-336.1.1 构建评价指标体系的总思路326.1.2 构建评价指标体系的原则32-336.2 拟上市公司的IPO 风险评价指标体系的构建33-35第7章拟上市公司的IPO 风险防X与控制35-437.1 对在创业板上市IPO 风险进行防X的步骤357.2 拟创业板上市公司的IPO 风险评价35-417.2.1 风险评价方法的选择35-367.2.2 创业板IPO 风险模糊综合评价的过程36-417.3 针对重点风险的防X措施41-43第8章案例分析——A 集团的创业板IPO 风险分析43-588.1 A 集团的概况

43-458.2 A 集团IPO 风险分析45-468.3 A 集团的IPO 风险评价

46-498.4 A 集团IPO 风险防X建议49-58总结及展望58-60致谢60-61参考文献61-63攻读学位期间取得学术成果63