摘要
中小企业是我国经济发展的重要组成部分,然而,中小企业的发展总是遇到资金不
足的问题。本文的研究对象M公司就是一家生产炭/炭复合材料制品的中小型科技企业,
目前最大的问题是产能偏小,不能满足市场需求。为此,M公司决定投资新项目以扩大
生产规模。然而,资金严重短缺和融资模式单一成了困扰M公司的最大问题。

本文以融资理论和公司估值理论为基础,主要采用定性与定量相结合的研究方法。

首先从M公司的发展现状入手,通过全面的分析,得出结论,即困扰中小型企业普遍性
的问题一资金短缺也是M公司目前最大的难题。其次,立足于M公司融资需求和财务情
况,结合我国创业板上市标准对M公司进行了对比分析,得出了M公司选择创业板上市
融资具有可行性的结论。再次,本文抓住企业上市过程中的关键环节,为M公司设计了
切实可行的改制方案、管理层激励方案以及IPO方案,最后,针对该融资方案提出了实
施的保障措施。

本文的主要贡献和创新在于,围绕M公司创业板上市的目标,进行了融资方案的系
统性设计,并根据当前中小企业存在的一些共性问题和热点问题,如融资方式、管理层
激励作了探索和研究,有一定的现实意义和参考作用。同时将创业板上市标准、相关统
计资料、方案执行路径做了大量的研究和分析,给打算在创业板上市的企业一份明确的
上市指南。

【关键词】创业板上市融资
【研究类型】应用研究
Medium& small scale enterprises have become an important component in
Chinese economy and constitute a new and significant growth point in national
economic development. However, these entreprises always encounter problems
of insufficient funds. The object of this study is a company producing
carbon/carbon composite material (called M company). The capacity of M is too
small to meet the market requirements currently. Therefore, M decided to invest
a new project to expand the scale of production. However, severe shortage of
funds as well as single financial model have become the biggest obstacles.
Based on the financing theory and corporate valuation theory, both qualitative
and quantitative analysis were uesd. Firstly, the present development situation
of M company was analysed completely. It can be concluded that insufficent
funds was also the biggest problem in M company. Secondly, according to the
financing requirment and financial situation of M, a comparison was conducted
between GEM standard and M itself which led to the conclusion that M could
go public on the stock market. Then, a feasible reform plan, incentive plan for
the senior management as well as IPO scheme were designed for the company
based on the key points of IPO process. Lastly, Guarantee measures were listed
for implementation.
The main contributions of this paper is based on the aim of IPO, this
Abstract
research has conducted a systematic design for financing strategy and provided
。。。