“新三板”市场的改革，为国内中小企业的发展带来了新的契机，但目前中小企业
在“新三板”挂牌后，利用新三板融资的过程中，缺乏专门性和针对性的融资风险
评级体系。因此，从新三板挂牌企业自身特点出发，研究其融资风险问题，创建一
个可以实际操作并且科学有效的新三板挂牌企业融资风险评价指标体系是投资者判
断新三板挂牌企业融资风险、提高新三板挂牌企业融资效率、降低筹资成本的迫切
需要

本文以 TN 公司在新三板市场融资为背景，对存在的融资风险问题进行了分析

首先，利用中小企业融资风险的有关概念和主要理论，从融资方式、融资业务风险
两方面对新三板挂牌企业融资现状及其在融资过程中面临的主要问题进行了深入分
析；其次，利用层次分析法建立起一个由企业团队能力、行业情况等 7 个二级指标，
领导者团队素质、员工素质等 24 个三级指标构成的新三板挂牌企业融资风险评价体
系，并构建了模糊综合评价模型；最后，对 TN 公司融资风险进行了测评，并设计了
其在“新三板”市场的融资方案

关键词 TN 公司；新三板；融资风险；层次分析法；模糊综合评价模型II
Abstract
As the backbone that can not only drive the transformation of economic growth
pattern and method, but also promote the rationalized upgrading and reconstruction of
national economic industry structure, SMEs (small and medium-sized enterprises) play a
strategic leading role in China’s economic development. The reform of the “NEEQ”
(National Equities Exchange and Quotations) market has brought new opportunities for
the development of domestic SMEs. But currently, after SMEs are listed on the “NEEQ”,
there’s a lack of specialized and targeted financing risk rating system in the financing
process on the NEEQ. Therefore, the study of financing risks and creation of a practical,
scientific and effective financing risk evaluation index system for listed enterprises on the
NEEQ by starting from the characteristics peculiar to the listed enterprises on the NEEQ
have become an urgent need for investors to determine the financing risks of the NEEQ
listed enterprises, improve financing efficiency and reduce financing costs.
With TN Company’s financing on the NEEQ market as the background, this article
makes an analysis of existing financing risks. First, by referring to the concepts and main
theories related to the financing risks of SMEs, from two aspects of financing mode and
financing business risks, it makes an in-depth analysis of the financing status of the NEEQ
listed enterprises and major problems they encountered in the financing process; secondly,
with the method of hierarchical analysis, it establishes a NEEQ listed enterprise financing
risk evaluation system composed of seven secondary indicators including enterprise team
capacity and industry condition and 24 third-level indicators such as leadership team
quality and staff quality, and constructs a fuzzy comprehensive evaluation model; at last, it
evaluates the financing risks of TN Company and designs a financing scheme for it on the
“NEEQ” market.
Key words：TN Company；NEEQ；Financing Risk；Hierarchical Analysis Method；Fuzzy
Comprehensive Evaluation ModelIII
目 录
摘要 ·· I
Abstract II
第 1 章 绪 论··1
1.1 研究背景及意义 ·1
1.1.1 研究背景 1
1.1.2 研究意义 1
1.2 国内外研究现状 ·2
1.2.1 国外融资研究现状2
1.2.2 国内融资研究现状3
1.3 研究内容、研究方法及技术路线 ·4
1.3.1 研究内容 4
1.3.2 研究方法 4
1.3.3 技术路线 5
1.4 本章小结 ·5
第 2 章 相关理论概述··7
2.1 新三板概念界定 ·7
2.2 国内外企业融资的相关理论 7
2.2.1 企业金融成长周期理论与阶段融资7
2.2.2 异常融资优序现象和融资顺序 ·9
2.3 本章小结 ··10
第 3 章 新三板挂牌企业融资方式及概况··13
3.1 新三板挂牌企业融资方式··13
3.1.1 债权融资 ·13
3.1.2 股权融资 ·13
3.2 新三板股权质押融资概况··14
3.3 新三板挂牌企业融资业务中所面临的风险··14
3.3.1 企业信用风险 ··14
3.3.2 企业技术风险 ··15
3.3.3 信息不对称的风险·15
3.3.4 股票交易风险 ··15
3.4 本章小结 ··16IV
第 4 章 新三板挂牌企业融资风险评价体系及模型的构建··17
4.1 构建新三板挂牌企业融资风险评价指标体系·17
4.1.1 新三板挂牌企业融资风险评价指标体系的构建原则 17
4.1.2 新三板挂牌企业融资风险评价指标的设计·17
4.1.3 新三板挂牌企业融资风险评价指标的确定·18
4.1.4 新三板挂牌企业融资风险评价指标权重的确定 ··20
4.2 构建新三板挂牌企业融资风险评价模型 ··26
4.2.1
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