近年来我国日益重视环境保护工作，着力提升全国水环境质量、实现生态系 统良性循环，核心城市地区水污染防治工作已经取得较大进展。与此同时，广大 农村地区水污染问题也受到进一步关注，我国“十三五规划”中首次正式将农村 污水治理纳入国家规划层次，并提出积极引入民间资本参与村镇污水处理市场。 然而面对污水处理行业高昂的前期投入，困扰我国民营中小企业已久的融资难 和融资贵的问题更加凸显。传统银行贷款融资途径对于民营中小企业门槛过高， 并且存在无法匹配长期发展资金需求的问题，部分民营中小企业无奈求助于民 间借贷应对资金困难，然而民间借贷的高额成本又进一步制约了民营中小企业 的健康发展。因此从实践需要出发，研究适用于包括环保行业在内的民营中小企 业的融资方案具有重要意义。 本文主要运用案例分析的研究方法，按照发现问题、分析问题、提出对策的 研究思路，通过选取存在所研究问题的目标企业作为研究对象，在实践的基础上 广泛收集资料信息，对研究对象存在的融资问题进行研究分析，尝试提出股权融 资方案并提供实施建议，以研究对象为例对当前民营中小企业普遍面临的融资 问题提出一种解决方案。以该研究思路为指引，本文选取了环保行业企业GS公 司作为研究对象，通过对GS公司发展概况和行业机遇的研究，分析了其当前面 临的融资困难和融资问题，经过对债权融资方式和股权融资方式的比较分析，针 对GS公司的融资需求提出了引入私募股权融资的方案，并对其实施私募股权融 资方案提出了组织保障、实施步骤及资金使用监督等多方面实践建议。 根据以上研究内容，本文分为五个章节开展了分析研究，并提出民营中小企 业适于根据自身资金需求开展私募股权融资以及在开展股权融资前后应重视解 决的几个问题等研究结论。本文的主要贡献在于使用案例分析的研究方法，通过 对以GS公司为代表的民营中小企业融资现状及问题进行研究，针对性提出并设 计股权融资方案，为GS公司解决后续发展中的资金需求问题提供切合实际的融 资安排和科学的实施建议，同时也为同行业或同类别的其他企业开展股权融资 活动提供有益参考。 关键词：公司财务；股权融资；中小企业；环保行业 IV Abstract In recent years, China has paid more and more attention to environmental protection, and strived to improve the quality of the country's water environment and realize a virtuous cycle of ecosystems. Water pollution prevention and control in core urban areas has made great progress. At the same time, the issue of water pollution in the vast rural areas has also received further attention. For the first time, China ’s “Thirteenth Five-Year Plan” formally incorporated rural sewage treatment into the national planning level, and proposed to actively introduce private capital to participate in the village and town sewage treatment market. However, in the face of the high up-front investment in the sewage treatment industry, the problems of difficult financing and expensive financing that have plagued our private small and medium enterprises（or SMEs） for a long time have become more prominent. Traditional bank loan financing ways have too high thresholds for private SMEs, and there is a demand that cannot match long-term development funds. Some private SMEs are helpless to resort to private loans to cope with financial difficulties. However, the high cost of private lending has further limited the healthy development of private SMEs. Therefore, considering practical needs, it is of great significance to study financing schemes applicable to private SMEs, including the environmental protection industry. This article mainly uses the research method of case analysis, according to the research ideas of finding problems, analyzing problems, and putting forward countermeasures, by selecting target companies with research problems as research objects, extensively collecting information on the basis of practice, research and analysis of financing problems, try to propose equity financing solutions and provide implementation suggestions, and take the research object as an example to propose a solution to the current financing problems faced by private SMEs. Guided by this research idea, this article selects environmental protection industry company GS company as the research object, through the study of GS company industry opportunities and development overview, analyzes its current financing difficulties and financing problems, through comparing the debt financing method to the equity financing methods, in response to the financing needs of GS companies, puts forward V a plan to introduce private equity financing, and provides a number of suggestions for the implementation of private equity financing programs in advance, such as organizational guarantee, implementation steps during the event, and monitor fund using. Based on the above research content, this article is divided into five chapters for analysis and research, and puts forward the conclusions that private SMEs are suitable for private equity financing based on their own capital needs and several issues that should be addressed before and after equity financing. The main contribution of this article is to use case study research methods to study the financing status and problems of private SMEs represented by GS companies, propose and design equity financing solutions, and provide solutions for GS companies to meet the funding needs for development. Actual financing suggestions and scientific implementation arrangements also provide useful references for equity financing activities of other companies in the same industry or in the same category. Key Words: corporate finance；equity financing；SMEs；environmental protection industry VI 目 录 第一章 绪论 ..................................................... 1 第一节 研究背景与研究意义 ....................................... 1 一 研究背景 ......................................................... 1 二 研究意义 ......................................................... 2 第二节 研究的主要内容 ........................................... 1 第三节 研究方法、思路和结构安排 ................................. 1 一 研究方法 ......................................................... 1 二 研究思路 ......................................................... 2 三 结构安排 ......................................................... 2 第二章 GS公司经营现状分析 .............................. 3 第一节 GS公司概况 .............................................. 3 一 GS公司简介 ....................................................... 3 二 GS公司组织架构 ................................................... 4 三 GS公司主营业务 ................................................... 5 第二节 GS公司所属行业发展趋势分析 .............................. 6 一 水污染治理行业发展现状............................................ 6 二 水污染治理行业存在的问题 .......................................... 7 三 水污染治理行业发展前景............................................ 8 第三节 GS公司市场竞争能力分析 ................................. 11 一 GS公司当前所处行业地位 .......................................... 11 二 GS公司竞争优势分析 .............................................. 11 三 GS公司竞争劣势分析 .............................................. 14 四 GS公司面临的机遇与挑战 .......................................... 14 第四节 GS公司融资现状与问题分析 ............................... 16 一 GS公司现有融资分析 .............................................. 16 二 GS公司融资问题及成因分析 ........................................ 16 第三章 GS公司股权融资方案设计 .......................... 19 第一节 GS公司融资需求分析 ..................................... 19 一 GS公司新建研发中心项目 .......................................... 19 二 GS公司扩建运营网络项目 .......................................... 20 第二节 GS公司股权融资方案 ..................................... 22 一 GS公司融资途径选择 .............................................. 22 二 GS公司股权融资方案要素设计 ...................................... 24 第三节 GS公司股权融资财务分析 ................................. 26 一 盈利能力分析 .................................................... 26 VII 二 偿债能力分析 .................................................... 27 三 营运能力分析 .................................................... 27 四 股权融资后财务预测 .............................................. 28 第