军工企业是外关国防安全内系国计民生的国家战略型企业，在国家经济、科 技、民生等方方面面具有重要地位。军工企业是军需器械用品的供应单位，推动 我国军事科技进步，也推动我国经济持续稳健发展。其科研项目技术难度高、产 品结构复杂、原材料及生产设备价格昂贵等特点决定了持续发展需要大量的资金 投入。我国的军工企业具有国有独资的传统属性，在计划经济时代，财政拨款是 企业发展的主要资金来源。随着我国改革开放和市场经济逐渐发展，军工企业也 尝试银行贷款、财务公司等多种融资渠道。2000 年以后，根据国家关于军工企 业进行股份制改造，投资体制改造等政策引导，军工企业逐步开始融入市场经济 发展中，发展多种融资方式。目前，除传统融资渠道外，我国已有近百家军工企 业通过改制上市，以股权融资方式解决企业发展资金不足的问题。 本文首先以公共物品理论为基础，分析当前经济发展环境下国防产品的属 性，给出了军工集团及军工企业的定义，并对我国军工集团及美国军工企业的发 展历程进行回顾；然后结合十大军工集团旗下已上市军工企业的实际情况及市场 环境，阐述军工企业股权融资发展的必要性和可行性；最后提出优化股权融资方 式的建议，以使军工企业更好的参与市场竞争，提升自身实力。 关键词，军工企业，股权融资，资本市场，改制Abstract Military enterprise is shut in the defence and security department of the national economy and people's livelihood national strategic enterprise, in the aspects such as national economy, science and technology, people's livelihood has an important position. Military enterprise is the supply of military equipment supplies unit, military science and technology progress in China, and promote sustained economic steady development in China. The scientific research project technical difficulty is high, the product structure is complex, raw materials and production equipment as well as the expensive price determines the sustainable development requires a lot of money. The military enterprise of our country has a tradition of wholly state-owned property, in the era of planned economy, the financial allocation is a main source of funds in the development of enterprises. Along with our country reform and opening-up and market economy development gradually, military industrial enterprises are also attempt to bank loans, finance companies and other financing channels. Since 2000, according to the state of war industry enterprise shareholding system reform, the investment system reform and policy guidance, military industrial enterprises gradually began to blend in developing market economy, the development of multiple financing methods. At present, in addition to the traditional financing channels, the nearly hundred military enterprise through restructuring listed in our country, with equity financing way to solve the problem of insufficient capital enterprise development. This paper based on the public goods theory, the analysis of the current environment of economic development of national defense product attributes, the military industry group and the definition of military enterprise, and war industry group in China and the United States military enterprise development course review; Then combined with 10 large military industry group, has listed the actual situation of military enterprise and the market environment, expounds the necessity and feasibility of development of military enterprise equity financing; Finally puts forward Suggestions for the optimization of equity financing, in order to make the military industry enterprises to better participate in market competition, to improve its strength. Keywords，military enterprise, equity financing, capital markets, restructuring目录 第 1 章 绪论. 1 1.1 选题背景及意义 .1 1.2 文献综述 .......1 1.3 研究内容 .......2 1.4 创新点及不足 ...3 第 2 章 军工企业股权融资的理论基础...... 4 2.1 公共物品理论 ...4 2.1.1 公共物品的定义、特征及提供方式....4 2.1.2 准公共物品的定义、特征及提供方式4 2.1.3 国防产品的属性、特征和供给方式....4 2.2 我国军工企业的发展历程..5 2.2.1 十大军工集团及军工企业定义...5 2.2.2 我国军工集团的发展历程..5 2.3 美国军工行业的发展历程及特点.....6 第 3 章 军工企业股权融资的必要性........ 9 3.1 解决传统的投融资渠道不足的问题...9 3.2 市场经济发展的客观需要.13 3.2.1 世界经济发展进入新阶段的必然要求.......13 3.2.2 国家改革政策产生的深刻影响.13 3.2.3 军品市场引入竞争机制带来的发展机遇...13 3.2.4 规范企业内部管理的有效途径.14 第 4 章 军工企业股权融资的可行性....... 15 4.1 政策环境和市场环境不断完善......15 4.1.1 国家政策支持军工企业上市发展......15 4.1.2 军工企业可运用多种股权融资方式..16 4.2 资产证券化率仍有大幅提升空间....16 4.2.1 十大军工集团上市公司数量不多......16 4.2.2 军工企业仍保留大量军工优质资产..18 4.3 军工集团资源整合程度可进一步提高18 4.3.1 集团公司整体上市基础良好.....18 4.3.2 股权集中度尚有优化空间20 4.4 可选择多层次资本市场上市融资....22 第 5 章 优化军工企业融资方式的对策及建议........ 24 5.1 分类实施推进军工企业投资主体多元化改革...24 5.2 提升军工企业股权融资上市速度和规模.......24 5.3 鼓励核心军工资产注入上市公司....25 5.4 通过兼并收购、资产注入等方式整合内外部资源........25 5.5 调整上市军工企业股权结构，完善公司治理结构........255.6 尽快建立完善军工企业上市配套的法律法规...26 5.7 积极探索债券融资模式，提高上市军工企业的债券融资比例.......26 第 6 章 结论 27