I 摘要 随着经济的不断发展，中小高新技术企业在国民经济中的重要性日益突显，是万众 创新的中坚力量，是我国经济增长的重要推动力，并且提高了我国的就业率。中小型高 新技术企业具有高风险性、技术积累性、资金需求阶段性和人才密集性等特征，这些特 征也导致了企业在融资问题上有一定的劣势。融资难、融资贵的问题一直伴随着中小型 高新技术企业，严重的制约了高新技术企业发展。 本文以 YC 公司为研究对象，对融资问题深入的剖析，具有一定的理论意义和现实 意义。YC 公司是一家集成电路设计企业，是科技部认定的高新技术企业。YC 公司目 前的发展阶段为快速增长期，随着行业的竞争越发激烈，需要大量的融通资金为公司的 快速增长保驾护航。但是，YC 公司是一家中小型的民营企业，公司管理层对融资的重 视程度不够，没有制定符合企业自身发展战略的融资策略，公司的负债全部来自于短期 借款，融资策略过于激进，导致公司出现了融资困境。 本文采用了案例分析法、比较分析法和文献研究法等方法，将融资结构理论知识与 YC 公司的实际情况相结合，分析 YC 公司的融资环境、内部融资策略、外部融资策略 以及融资结构，发现 YC 公司目前的融资策略存在的问题，例如融资渠道单一，融资结 构不合理，信息不对称的问题以及融资策略缺乏规划性等。这些问题形成原因包括企业 自身原因以及外部原因两种，针对 YC 公司存在的这些问题，我们首先对 YC 公司未来 的资金需求做了预测，然后提出了 YC 公司融资策略的改进建议，包括调整 YC 公司负 债结构、进行内部股权融资、积极寻求 VC/PE 投资、新三板挂牌等方法，最后提出保 障措施。这些融资策略的改进可以帮助 YC 公司解决融资困境，也可以为其他中小型高 新技术企业提供一定的参考建议。 关键词：YC 公司，融资结构，融资策略西北大学硕士学位论文 II ABSTRACT With the continuous development of economy, the importance of small and medium-sized high-tech enterprises in the national economy has become increasingly prominent. They are the backbone of mass innovation, the important driving force of China's economic growth, and improve China's employment rate. Small and medium-sized high-tech enterprises have the characteristics of high risk, technology accumulation, capital demand stage and talent density, etc. These characteristics also lead to the enterprise in financing problems have certain disadvantages. The problem of difficult and expensive financing has been accompanied by small and medium-sized high-tech enterprises, which seriously restricts the development of high-tech enterprises. Taking YC company as the research object, this paper makes an in-depth analysis of the financing problem, which has certain theoretical and practical significance. YC company is an integrated circuit design enterprise, is the ministry of science and technology identified as a high-tech enterprises. At present, the development stage of YC is a period of rapid growth. With the increasingly fierce competition in the industry, a large amount of financing capital is needed to protect the rapid growth of the company. However, YC is a small and medium-sized private enterprise, and the company's management does not pay enough attention to financing, and does not develop financing strategies in line with the enterprise's own development strategy. The company's liabilities all come from short-term borrowing, and the financing strategy is too aggressive. As a result, the company had financing difficulties. This article adopts the case analysis, comparative analysis and literature research methods, such as the financing structure theory knowledge combined with the actual situation of YC company, analyzes the financing environment, YC company internal financing, external financing and financing structure, found that YC company problems of the current financing strategies, such as the single financing channel and financing structure is unreasonable, the problem of asymmetric information and lack of financing strategy planning, etc. Cause these problems including the enterprise itself cause and external cause, aiming at the problems of YC company, our funding needs for the future of YC company do first, and then puts forward the YC company financing strategy Suggestions for improvement, including adjustment of摘要 III YC company debt structure, internal equity financing, actively seeking VC/PE method such as investment, the new three board, the guarantee measures are put forward. The improvement of these financing strategies can help YC solve its financing difficulties and provide some reference Suggestions for other small and medium-sized high-tech enterprises. Keywords: YC company, financing structure, financing strategy西北大学硕士学位论文 IV 目 录 摘要...........................................................................................................................................I ABSTRACT...............................................................................................................................II 目 录........................................................................................................................................IV 第一章 导论...............................................................................................................................1 1.1 研究背景与意义.............................................................................................................. 1 1.1.1 研究背景.....................................................................................................................1 1.1.2 研究意义.....................................................................................................................1 1.2 研究内容与方法.............................................................................................................. 2 1.2.1 研究内容.....................................................................................................................2 1.2.2 研究方法.....................................................................................................................3 1.3 研究思路与框架.............................................................................................................. 3 1.3.1 研究思路.....................................................................................................................3 1.3.2 研究框架.....................................................................................................................3 1.4 论文的主要贡献...............................................................................................................4 第二章 相关理论概述...............................................................................................................5 2.1 融资策略界定及制定融资策略依据.............................................................................. 5 2.1.1 融资策略含义及分类................................................................................................5 2.1.2 制定融资策略的依据................................................................................................5 2.2 融资结构理论.................................................................................................................. 6 2.2.1 融资结构含义............................................................................................................6 2.2.2 融资结构分类............................................................................................................6 2.2.3 融资结构的影响因素................................................................................................8 2.2.4 融资结构理论............................................................................................................9 2.3 文献综述.........................................................................................................................11 2.3.1 国外研究现状..........................................................................................................11 2.3.2 国内研究现状..........................................................................................................11 2.3.3 国内外研究评述......................................................................................................12摘要 V 第三章 YC 公司融资策略现状分析......................................................................................13 3.1 YC 公司基本情况...........................................................................................................13 3.1.1 YC 公司简介............................................................................................................13 3.1.2 YC 公司组织架构....................................................................................................13 3.2 YC 公司融资现状分析...................................................................................................14 3.2.1 YC 公司融资环境分析............................................................................................14 3.2.2 YC 公司内部融资策略............................................................................................18 3.2.3 YC 公司外部融资策略............................................................................................18 3.2.4 YC 公司融资结构分析............................................................................................20 3.2.5 YC 公司融资策略综合评价....................................................................................20 3.3 YC 公司融资策略存在的问题.......................................................................................21 3.3.1 融资渠道单一，融资结构不合理..........................................................................21 3.3.2 信息不对称的问题..................................................................................................21 3.3.3 融资策略缺乏规划性...............................................................................................22 3.4 YC 融资问题形成的原因...............................................................................................22 3.4.1 YC 公司融资问题形成的内因................................................................................22 3.4.2 YC 公司融资问题形成的外因................................................................................24 第四章 YC 公司融资策略改进..............................................................................................27 4.1 融资策略改进的思路及原则........................................................................................ 27 4.1.1 融资策略改进的思路..............................................................................................27 4.1.2 融资策略改进基本原则..........................................................................................27 4.2 YC 公司资金需求分析及预测.......................................................................................28 4.2.1 基于公司发展战略的资金需求分析......................................................................28 4.2.2 基于财务指标的资金需求预测..............................................................................29 4.3 YC 公司融资策略改进建议...........................................................................................31 4.3.1 调整 YC 公司负债结构..........................................................................................31 4.3.2 进行内部股权融资..................................................................................................32 4.3.3 利用好政府扶持政策..............................................................................................34 4.3.4 积极寻求 VC/PE 投资............................................................................................35 4.3.5 新三板挂牌..............................................................................................................35西北大学硕士学位论文 VI 第五章 YC 公司融资策略改进的实施保障..........................................................................38 5.1 公司治理保障................................................................................................................ 38 5.1.1 完善股东大会、董事会以及监事会的职责..........................................................38 5.1.2 重塑职业经理人形象..............................................................................................38 5.2 财务制度保障................................................................................................................ 39 5.2.1 完善公司财务制度..................................................................................................39 5.2.2 构建科学融资决策管理体系..................................................................................39 5.3 人力资源保障................................................................................................................ 40 5.3.1 人力资源战略规划...................................................................................................40 5.3.2 完善绩效评估体系...................................................................................................41 5.3.3 成立专业化融资团队...............................................................................................41 第六章 结论与展望.................................................................................................................42