民营企业境内外上市融资比较分析
文章第一部分明确民营企业这一概念，即与国有独资企业相对的非公有制企业。针对企业融资，简单介绍平衡模型理论、MM理论和优序融资理论等经典融资理论。企业融资应首选内部融资，如果选择外部融资，也应以优先选择债券融资。但是，目前我国具备发行债券进行债券融资资格的多为实力雄厚，知名度高的国有企业，多数民营企业难以发行债券。同时，由于大多数民营企业内部产权不明晰，信用级别不够，缺乏足量的固定资产作抵押，向银行贷款融资也比较困难。相比之下，民营企业融资的最优选择就是上市直接融资。而上市融资所存在的利弊，文中也作了简单介绍。
第二部分针对我国境内的上市环境作基本介绍，包括民营企业境内上市所需面临的主板和中小板的上市条件，并分析民营企业在我国境内上市具备的优势和面临的障碍，第三部分列举境外直接上市及造壳上市、买壳上市和借壳上市等多种境外上市方式及近年来我国企业境外上市的基本状况，同时以美国证券市场为例，阐述境外上市所需面临的上市条件，并对民营企业境外上市的利弊作基本介绍。
第四部分主要从企业上市所需时间、成本费用及上市后股票的流通性对境内外市场做比较分析。最后，根据全文及材料的综合信息，总结我国境内资本市场所存在的不足及改进建议。
毕业论文关键词：民营企业 境内上市融资 境外上市融资 比较分析
Abstract
This paper mainly focuses on the domestic private enterprises listing and financing for comparative analysis, wherein, the overseas capital market mainly in the America securities market as example, discuss listed overseas market territory, the listing and financing conditions and ways of listing and comparative analysis as liquidity listed the expense, from the enterprise, and time on domestic and overseas stock capital market, looking for a suitable for China's private enterprises listing and financing channels. At the same time, referring to the overseas capital markets, our securities market exists the problem of listed high threshold, listed lower transparency and market system is not perfect, and given my suggestions.
The first part of this article focuses on in our country, the basic concept of private enterprises is relatively with the state-owned enterprises and non-public enterprises. At the same time, gave a brief introduction to the MM theory, balance model theory and pecking order theory in classical financing theory. Enterprise financing should be preferred if choose internal financing, external financing, bond financing should also be in priority. However, at present our country has issued bonds to finance eligible bonds for more powerful, the high visibility of the state-owned enterprises, the majority of private enterprises to issue bonds. At the same time, because of the internal property rights the majority of private enterprises is not clear, the credit level is not enough, the lack of fixed assets sufficient as collateral to bank loans, financing is difficult. However, at present our country has issued bonds to finance eligible bonds for more powerful, the high visibility of the state-owned enterprises, the majority of private enterprises to issue bonds. At the same time, because of the internal property rights the majority of private enterprises is not clear, the credit level is not enough, the lack of fixed assets sufficient as collateral to bank loans, financing is difficult. At the same time, because of the internal property rights the majority of private enterprises is not clear, the credit level is not enough, the lack of fixed assets sufficient as collateral, to bank loans, financing more difficult. In contrast, listed the direct financing becomes the best choice for the financing of private enterprises in china. This paper introduces briefly the advantages and disadvantages of the existing financing.
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