专 业:工商管理

学员姓名:徐敏

导师姓名:_煩

SM科技公司融资结构优化研究

学员签名:

导师签名:

摘要

处于快速成长期的中小民营科技公司,通常都需要继续投入大量资金进行研发、市

场推广和产能提升,以进一步巩固其竞争优势。由于国内各种融资渠道通常无法满足中

小民营科技公司的融资需求,因而大量的民营科技公司纷纷选择境外上市的方式来实现

其融资及战略目标。

本文通过理论与实际相结合及案例研究的方法,以SM科技公司为例,对其融资结

构现状问题及优化解决方案进行了系统研究。首先,通过回顾相关的现代经典融资结构

理论,并对境外上市动因理论、国内学者对中小民营科技企业融资问题的最新研究等也

进行了重点介绍和回顾,为深入研究SM科技公司的融资结构问题及其境外上市提供了

理论依据。在此基础上,对SM科技公司的融资结构现状及存在问题进行了详细分析,

指出其长投短融、债务融资比例过高等问题,并分析了造成这些问题的外部及内部原因。

紧接着,为SM科技公司设计了以境外上市为主、银行融资为辅的整体融资优化解决方

案,同时通过对香港与美国等不同资本市场、直接与间接等不同上市方式的比较分析,

从而选择以直接上市的方式在香港创业板实现上市融资。最后,对公司在香港创业板上

市的具体实施要点及程序进行了重点介绍,同时还提出了公司融资结构优化方案实施后

将面临的主要风险及应对策略。

本文旨在为处于快速成长期的SM科技公司如何有效解决其现有融资结构问题及未

来资金需求和企业整体价值提升这三者之间寻求科学的整体解决方案,同时也希望能为

类似的处于快速成长期的科技企业进行战略融资决策和实施提供参考。

【关键词】融资结构;境外上市;方案实施

【研究类型】应用研究

Title: Study of the Optimization of SM Technology Company's

Financing Structure

Specialty: Business Administration

Name: Xu Min

Tutor: Gao Yu

Abstract

Within the fast-growing period the small and medium-sized private

technology enterprises usually need to continually invest a lot of money on the

R&D, the marketing and the production capability improvement in order to

strengthen the competitive advantage. Due to the domestic financial channels

generally can't meet the small and medium-sized private technology companies'

financial requirement, a lot of private technology companies choose to do the

IPO(initial Public Offering) in the overseas stock markets to achieve the

financial and strategic goals.

Combining the theory and the practice, using the case-study, taking SM

Technology Company as the example, this article systematically studies the

current problems and the optimization plan of SM Technology Company's

financial structure. Firstly the reviewing of the classic modern financial

structure theories, and the introducing & reviewing of the overseas listing

motivation theory, the domestic scholars' up-to-date study of the small and

medium-sized enterprises' financing provide the theory base for the complete

study of SM Technology Company's financing structure and overseas IPO.

Secondly the detailed analysis of the current problem of SM Technology

Company's financing structure points out the problem of having long term

investment along with short term debt, the high percentage of its debt financing

etc; Meanwhile the internal and external causes of the pointed out problems

were analyzed as well. Thirdly it designs an optimized financing plan, which is

Signature: 队八

Signature: Qcce V w

based on overseas IPO and aided by bank financing, for SM Technology