中小型互联网企业新三板融资问题研究
摘 要
如今，互联网及其相关产业链早已“无孔不入”地渗入我们生活的各个细节。自从2012年“互联网+”的观点得到认同以来，中国互联网企业的成长越发快速。然而对于中小型互联网企业来说，如何有效地利用各种融资渠道成为企业发展的重点，而如何获得合适企业当前业务增长的需求并且更加低成本的资金来源成为企业存亡问题的重中之重。由于互联网企业资产具有轻资产的特性，中小型互联网企业更是绝大多数呈现现金流为负数的情况。所以原则上只可以采用股权融资的方式，而新三板市场则是一个非常好的选择。
中小型互联网企业成功登陆新三板市场后可以获取多种渠道得到研发、经营所必须的资本，以此来初步解决企业融资难、融资少的问题。除此之外，企业通过新三板市场可以进一步优化内部治理布局，提升企业知名度、增强了企业品牌意识，为日后转板上市奠定至关重要的基础。虽然，登录新三板对于中小型互联网企业在信息公开和人才流动等方面容易造成了一定的消极影响。但是从整体上来说对于还是利大于弊，对想要得到长远有序发展的中小型互联网企业而言，登陆新三板是打破企业发展瓶颈的重要途径。
关键词： 中小型互联网企业，新三板，融资效率，问题分析
Small and medium sized Internet companies new three board financing problem research
ABSTRACT
Today, the Internet and its related industrial chain has been pervasive to penetrate every detail of our lives. Since the 2012 “recognized Internet plus” point of view, China Internet business is growing more quickly. However, for small and medium-sized Internet companies, how to effectively use the various financing channels become the focus of enterprise development, priority among priorities and how to obtain the appropriate enterprise current business requirements and more low-cost source of funds has become the enterprise survival problems. Due to the characteristics of Internet companies have assets of light assets, small and medium sized Internet companies are the vast majority of cash flow is negative. Therefore, in principle, only the use of equity financing, and the new three board market is a very good choice.
After the successful landing of small and medium enterprises in the three new board market can get a variety of channels to obtain research and development, the necessary capital operation, in order to solve the problem of corporate financing, financing less. In addition, the enterprise through the new third market can further optimize the internal governance structure, enhance corporate visibility, enhance brand awareness, as in turn lay foundation after the listing date. Although the three new board for small and medium sized Internet companies in information disclosure and other aspects of the flow of talent is likely to cause some negative impact. But on the whole is still more advantages than disadvantages, want to get long-term development of small and medium enterprises in the orderly development of the Internet, landing three new board is an important way to break the bottleneck of enterprise development.
KEYWORDS：small and medium-sized Internet companies, three new board, financing efficiency, problem analysis
目 录
1.1 研究的背景………………………………………………………………………………… 1
1.2 研究的意义和目的……………………………………………………………………… 1
1.3 研究方法与研究思路………………………………………………………………….. 2
1.3.1 研究方法…………………………………………………………………………. 2
1.3.2 研究思路…………………………………………………………………………. 2
2 中小型互联网企业生命周期与融资困境分析……………………. 3
2.1 相关概念界定…………………………………………………………………………….. 3
2.2 中小型互联网企业融资现状分析………………………………………………… 3
2.2.1 中小型互联网企业所处生命周期及其融资特点………………… 3
2.2.2 中小型互联网企业的融资困境…………………………………………. 4
3 中小型互联网企业新三板融资现状分析……………………….. 6
3.1 新三板发展概况…………………………………………………………………………. 6
3.1.1 挂牌数量…………………………………………………………………………. 6
3.1.2 成交概况…………………………………………………………………………. 6
3.1.3 定向增发情况………………………………………………………………….. 7
3.2 中小型互联网企业新三板融资情况分析……………………………………… 7
3.2.1 新三板中小型互联网企业数量…………………………………………. 7
3.2.2 新三板中小型互联网企业地域分布………………………………….. 7
3.3 新三板中小型互联网企业融资问题分析……………………………………… 7
3.4 新三板中小型互联网企业融资问题分析……………………………………… 7
3.4.1 中小型互联网企业新三板融资模式介绍…………………………… 8
3.4.2 中小型互联网企业新三板融资问题………………………………….. 9
3.5 挂牌新三板对我国中小型互联网企业的意义…………………………….. 10
4 国外场外交易市场和对我国新三板市场的经验借鉴…………….. 11
4.1 国外（地区）场外交易市场发展概况………………………………………… 11
4.2 美国场外交易市场概况…………………………………………………………….. 12
4.3 英国场外交易市场概况…………………………………………………………….. 13
4.4 台湾交易市场概况……………………………………………………………………. 13
5 改善新三板融资效果的对策与建议………………………….. 14
5.1 完善新三板市场准入规则…………………………………………………………. 14
5.2 适当降低自然人投资者最低标准………………………………………………. 15
5.3 加快完善做市商制度………………………………………………………………… 16
5.4 完善新三板转板机制，快速建设绿色通道………………………………… 17
5.5 完善自身来迎接各种融资挑战………………………………………………….. 17
