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本文采用的方法主要有：对比分析法、归纳分析法、图表分析法等多种
方式相结合。由于国内外学者对优先股的研究文献不多，本文运用归纳分析
法结合企业战略管理理论，财务成本管理理论并整合国内外相关学者的研究
成果搭建主要的理论框架。新三板市场挂牌企业可选融资工具比较多样，本
文采用对比分析法比较定向增发、股票质押、优先股三种融资方式，能够直
观的发现差异，评价企业不同融资策略产生的效果。同时本文利用图表分析
法在对 ZS 公司优先股融资策略的研究过程中结合其财务数据进行了成本分
析、绩效分析
本文结构安排如下：
第一部分是本文的绪论，介绍研究背景和意义，图示了技术路线并详细
描述本文的篇章结构和技术方法，同时阐明本文的局限及贡献，由此简单勾新三板企业优先股融资策略研究——以 ZS 公司为例勒出基本的框架
第二部分是相关理论基础的整理，简单介绍公司融资理论和常用的融资
方式，其后描述了优先股发展状况并综述国内外优先股研究文献，以此奠定
本文的理论基础
第三部分先对 ZS 公司进行基础情况描述和内外部环境分析，参考企业
在定向增发和股票质押融资方面的特点，结合财务数据分析企业的实际融资
能力。为下文企业选取优先股融资策略提供比对参考材料
第四部分是针对 ZS 公司发行优先股的融资策略进行分析，通过对比研
究和数据分析从策略选择、绩效分析到发现问题和风险，由于优先股兼有股
票和债券的属性，短期成本虽低于债券融资，有利于企业优化财务结构。但
其偿付风险仍在前期设计方案时难以估计
本文最后得出如下结论：
ZS 公司在优先股融资上的尝试是可以推广到类似中小企业中去的，优
先股灵活的融资策略在优化资本结构，降低财务风险方面的优势是单一的融
资策略所不能比拟的。但这必须结合前期企业资本结构的设计，与股东做好
充分沟通，控制好风险要素
对于优先股的推广离不开我国的制度安排，不同阶段的企业尤其是中小
企业享受政策福利的同时需要将融资安排与公司治理提到更高的层面去考
虑，才能通过多样化的融资工具达到做大做强的目的
本文的主要贡献
首先，本文结合优先股在国内以及新三板市场的发展状况，整理了国内
外学者的研究，加之笔者通过金融机构融资部门获取的实践资料来阐释优先
股融资方式在新三板中小企业中的应用，使本文更具有理论价值和实践意
义。其次，本文主要研究新三板挂牌公司优先股融资方案的制定、实施情况、
融资效果及风险控制。以新三板少数成功案例为分析对象，试图获得可复制
模型，根据本文的研究结果，可以为新三板企业融资选择提供参考建议
关键词：公司融资 优先股 新三板市场 资本结构AbstractAbstract
Preferred stock, as an internationally common share variety and important
financing tool, is widely used by most enterprises. A set of mature systems have
been formed abroad. However, in the view that capitalist market develops
incompletely, preferred stock is rarely known. National Equities Exchange And
Quotations, also known as “New Third Board”, as the platform to develop and
support SMEs, has been devoted to providing diversified financing services for
enterprises. Since it includes the majority of quality SMEs, it is urgent to study the
New Third Board. The development of China’s multi-level capitalist market is
deeply affected by the New Third Board. However, to solve the problem of
enterprises’ difficulties to finance has been one of major issues for China’s
economic development. As policies related to preferred stock were issued late and
few enterprises adopted this way of financing, it is necessary to study existing
financing strategies of preferred stocks. Therefore, this paper, based on financing
strategy theories, combines characteristics of New Third Board and takes preferred
stock as the entry point to study financing situations of SMEs in China from a new
perspective. Thereby, it also provides references for multi-level capital market
system. This research selects the enterprise that was the first to successfully issue
preferred stock—ZS as the research object, attempting to explore preferred stock
financing strategies for enterprises. It can provide supplementary case study for
researches in this field, which is of realistic significance for SMEs to open new
financing channels.
Methodology employed in the paper is a combination of several approaches,
including comparative analysis, inductive analysis and chart analysis. As domestic
and foreign scholars provided few research literature for preferred stock, this paper
adopts inductive analysis and combines it with enterprise strategic management
theory and financial cost management theory. Besides, it integrates domestic and
foreign scholars’research results to construct a main theoretical framework. ListedStudy on Financing Strategy of NEEQ-listed companies preferred stock----An Example from ZS Co.enterprises of the New Third Board Market can choose diversified financing tools.
The comparative analysis method is used to compare three ways of financing, i.e.,
additional stock issuance, stock pledge and preferred stock, which directly presents
differences and evaluate effects generated by different financing strategies.
Meanwhile, this paper carries out chart analysis to complete cost analysis and
performance analysis with ZS financial data in the process of researching preferred
stock financing strategies.
The paper is structured as follows:
The first part is the introduction, which introduces the research background
and research significance. The figure presents the technical route and a detailed
description of the paper’s structure and technical method. At the same time, it
explains limitations and contributions of the research, thereby simply outlining the
basic framework.
The second part sorts out related theoretical basis, briefly introducing the
company’s financing theories and common ways of financing. Then, it depicts the
development history of preferred shares and the review of preferred stock research
literature at home and abroad. Thus, it lays a theoretical foundation of the research.
The third part describes basic information of ZS Company and analyzes its
internal and external environments. Referring to the characteristics of the
enterprise’s additional stock issuance and stock pledge financing and combined
with its financial data, it analyzes its actual financing capacity, which offers
comparable reference materials for the enterprise to select preferred stock
financing strategies.
The forth part analyzes ZS’s financing strategies of issuing preferred stocks.
Through comparative research and data analysis, it identifies problems and risks
from strategy and performance analysis. Due to preferred stock’s double-attribute
of stock and bond, its short-term cost is lower than bond financing and conductive
to the enterprise’s financial structural optimization. Nevertheless, its
reimbursement risk is still inestimable in the early stage of plan design.
This paper reaches the following conclusions:
ZS’s attempts in preferred share financing can be spread to similar SMEs. The
flexible financing strategy of preferred share enjoys advantages in optimizing
capital structure and reducing financial risks that single financing strategy cannotAbstractcompete with. However, it must combine with enterprise capital structure design in
the early stage, fully communicate with shareholders and control risk factors.
Promotion of preferred stock cannot be independent from China’s system
formulation. For enterprises in different stages, especially SMEs, financing should
be considered at a higher level, together with corporate governance while they
enjoy policies and benefits. Only in this way can diversified financing tools get
stronger and developed.
Main Contributions of this Paper
First, with the combination of preferred stock’s development in China and
New Third Board Market, it sorts out researches of domestic and foreign scholars.
In addition, the author explains the application of preferred stock financing in
SMEs on the New Third Board by collecting practical data from financing
institutions and departments. Moreover, this paper mainly studies the development,
implementation, financing effect and risk control of preferred share financing plan
of listed companies on the New
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