随着传统企业的发展,传统融资理论愈发成熟。然而从上世纪末开始风靡全球的互联网经
济打破了传统经济理论的桎梏,对传统融资理论也提出了新的挑战

我国互联网经济的发展伴随着我国深化改革,建立社会主义市场经济的不断深入,取
得了长足的进步和深入的发展,互联网经济对整体经济的贡献越来越大,以互联网为代表
的第三产业对GDP的贡献已经超过50%以上。同时我国也成长起来了诸如阿里巴巴、腾讯
和百度这样的世界级互联网公司。然而,我们也同时看到,我国的融资环境无法适应新兴
互联网经济的发展。传统银行信贷厌恶风险无法支持新兴互联网行业,私募股权基金在流
动性、市场准入、投资者认定、退出渠道上存在一定问题,股票市场的准入要求和非理性
因素对互联网企业上市和估值存在重大影响。这在一定程度上,导致了我国许多互联网企
业选择海外上市,影响了我国资本市场的完善和发展,不利于我国新兴行业的健康成长

本文在理论分析的基础之上,希望通过重点研究和分析国内互联网典型代表一LS公司
的发展和成长,在一定程度上丰富互联网企业融资模式的相关探讨和研究,为互联网企业
发展中的融资问题提供理论支持和帮助

本文首先研究了融资基本理论、融资的基本形式,其次研究了 LS公司的基本情况和
财务状况,再次分析了 LS公司融资的基本形式和特点,并对LS公司的融资做出了评价,
、最后指￥ 了 LS公司融资现存问题,找出了问题存在的原因并提出了对策建议

LS公司作为我国资本市场二级市场上互联网类企业的龙头公司,是我国互联网经济发
展的典型企业。LS公司在发展过程中利用了多种形式的融资,融资对公司的发展、上市、
壮大.成熟起到了不可替代的作用。然而,LS公司大肆融资的同时也为企业的资金链紧张
埋下了伏笔。这也对我国.互联网企业的发展提出了警示

最后,希望本文能够在丰富互联网行业融资问题研究的基础上,为互联网企业发展中
的融资问题提供理论支持和帮.助

关键词:互联网企业企业融资盈利能力再融资 Abstract
Abstract
The financing of fxmds promotes the normal development of business activities, and also
provides support and guarantee for enterprises to expand their scale.. With the development of
the traditional enterprises, traditional financing theory is also becoming more and more mature.
Nevertheless, since the end of last century, the world popular Internet economy has broken the
shackles of the traditional economic theory, and also put forward new challenges to the
traditional financing theory.
The development of China&39;s Internet economy followed with the deepening of reform in
China and building a socialist market economy, has made a great progress and a further
development. The contribution of Internet economy to the macroeconomy is growing, and the
contribution made by the tertiary industry represented by the Internet to the GDP has exceeded
50%. At the same time, there are world class Internet companies such as Alibaba, Tecent, Baidu
risen up in China. However, we have also seen that the financing environment of our country has
become inadaptable to the development of the new Internet economy. The traditional credit
.system of banks detests risks, and that cannot support the emerging Internet industry; there arc
.
problems in liquidity, market access, investors found, and exit channels of private equity funds;
The access requirements of the stock market and irrational factors have a significant impact on
the listing and valuation of Internet companies. To a certain extent, it leads to a number of
Internet companies in China chose the overseas listings, and that affects the improvement and
development of China&39;s capital market, therefore it is not conducive to the healthy growth of
China&39;s emerging industries.
In this paper, on the basis of theoretical analysis, in the hope that by focusing on the
research and analysis of typical domestic Internet company - LS&39;s development and growth, to a
certain extent, it enriches the discussions and researches on the financing model of Internet
enterprises, and also provide theoretical support and help for financing issues in the developing
Internet enterprises.
This paper firstly studies the basic theory of financing, the basic form of financing;
secondly it studies the general information and financial situation of LS company, again analyzes
the LS&39;s basic form and characteristics of its financing and also makes the evaluation; it finally
points out the existing problems of LS financing to find the causes and put forward the Abstract
countermeasures and suggestions.
As the leading company of Internet enterprises in the secondary market of China&39;s capital
market, LS is a typical enterprise in China&39;s Internet economy. The company has utilized various
forms of financing in the process of development, and the financing has played an irreplaceable
role in its developing, listing, growing and getting mature of the company. However, we also see
that the company&39;s huge financing has also foreshadowed the tension of the enterprise capital
chain. This also puts forward a war ning for the development of China&39;s Internet companies.
In the end, I hope this paper can provide theoretical support and assistance for the financing
problems during the development of Internet enterprises in the basis of enriching studies on
financing issues in the Internet industry.
Key words: Internet enterprises, Corporate flnance, Profitability, Refinancing
目录
第1章导论1.1论文选题的背景及意义1.1.1论文选题的背景1. 1. 2论文选题的意义1. 2论文研究的主要内容与方法1. 2. 1论文研究的主要内容1. 2. 2论文研究的方法1_ 3论文的创新之处与不足1. 3. 1创新之处.1. 3. 2不足之处第2章互联网企业融资相关概念及定义-
2.1互联网企业的概念和特点2. 1.1互联网企业的概念2. 1.2互联网企业的特点2. 2企业融资的分类2.2. 1.内源融资和外源融资2.2. 2直接融资和间接融资2. 2. 3股权融资和债权融资2. 3立联网企业商业模式研究2. 4互联网企业融资的主要形式显示信息，或将命令回显打开或关上

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2. 5互戚网企业融资的特点第3章 LS公司融资模式及特点分析3. 1LS公司的发展历程3. 1. 1LS公司的发展历程3. 1. 2LS公司的现状3. 1. 3LS公司的财务状况3. 2LS公司的商业模式和战略
22
3.2. 1LS公司的商业模式
22
3.2.2LS公司的战略
24
3. 3LS公司融资模式的选择
26
3. 3. 1LS公司上市前的融资模式
26
3. 3. 2LS公司上市后的融资模式
27
3.4LS公司融资的特点
29
3. 4.1融资形式以外源融资为主
29
3. 4. 2融资期限以长期为主
30
3. 4. 3融资担保形式以保证担保和质押为主
30
3. 5对LS公司融资的评价
31
3. 5.1LS公司的融资为整个LS系提供了资金支持
31
3. 5. 2LS公司融资能力强
31
3. 5. 3LS公司融资策略具有创新性
31
■
3. 5. 4LS公司融资形式多样
31
3. 5. 5LS公司融资善于题材炒作
;.:
32
第4章 LS公司融资问题及原因分析
33
4.1LS公司融资现存的问题
33
4.1.1LS公司融资金额过大,偿债压力极大.
33
4.1. 2LS公司融资成本较高财务费用大,影响企业的盈利能力
34
4.1. 3LS公司股权质押融资风险较高,与股价表现紧密相关
34
.
.4.L4LS.公司融资信息披露存在违规,监管处罚风险大
....35
4.1. 5LS公司关联交為融资,财务合规风险大
36
4.2 LS公司副|资问题的原因分析
37
4. 2:. 1LS公司的发展战略过于激进
37
4. 2. 2LS公司自身的盈利状况不佳
37
4. 2. 3LS公司股票再融资能力不强
38
4. 2. 4LS公司风控意识薄弱
38
第5章对策和建议
39
5.1保持稳健的发展策略
39
\m
5. 2提升盈利能力和资产质量
40
5. 3用足资本市场的并购功能
41
5.4充分利用证券市场的再融资功能
41
5. 5强化内部控制降低合规风险
42
参考文献 44
顏 46
个人简历 47
第1￥导论
第1章导论
1.1论文选题的背景及意义
1.1.1论文选题的背景
2014年11月,李克强总理出席首届“世界V.联网大会”时指出,力:联网是“大众创
业、万众创新”的新工具。2015年3月5円李克强总理在政府工作报告屮重点提到:“大
众创业,万众创新”,报告指山:“推动大众创业、万众创新,既可以扩大就业、增加居
民收入,又有利于促进社会纵向流动和公平止义”。报告还指出:制定“互联网+ ”行动
计划,推动移动互联网、云计算、大数据、物联网等与现代制造业结合,促进电T商务、
&39;
工业互联网和互联网金融健康发展,引导互联网企业拓展国际市场。“双创”理论