摘要
上市公司的资金来源包括自身内部的融资和外源性的资本投入，公募股权融资以其可以获取大量资金、开放性强等特点成为非常重要的一种融资方式，它使上市公司募集到来自不同社会投资者大大小小的资金，使双方实现互利共赢。历年来，公募股权融资以迅猛的速度在中国各大上市公司中实现积极发展的态势，这种公募股权融资方式对上市公司有较高的要求，一般通过此方式进行融资的都是规模较大、制度较完善、经营状况良好的企业。本文介绍中国上市公司公募股权融资的发展概况与利弊，并分析了中石油集团公司上市以后在上海进行的IPO融资的具体情况，包括中石油的发展范围与历程、证监会对IPO各项相关规定及对中石油公司IPO前三年的具体财务分析等方面的阐述。同时，由于事物的发展过程都是存在其缺陷的，中国上市公司的公募股权融资方式也存在着一些问题，包括信息披露制度、审批流程复杂、人才流失和筹资后的管理等问题，我们需要在其发展中分析问题并提出解决对策，促进其更好地发展。应在体现透明原则的同时适当放宽相关严苛条款，简化审批流程，建立健全内部员工激励制度，合理规划资金并提高资金使用效率。本文通过国内上市公司公募股权融资具体情况，结合中石油集团公司IPO融资实例的分析，总结了其存在的几大问题并提出相应对策。
关键词：中国上市公司 公募股权 中石油IPO融资 问题与对策
Abstract
The listed company's internal sources of funds including financing and exogenous capital investment, public equity financing can get a lot of money, with it has become a mode of financing is very important, it makes the listed companies to raise funds from different social investors large and small, the two sides to achieve a win-win. Over the years, the public offering of equity financing at a rapid pace in China for the listed companies to achieve the positive development of the situation, the public offering of equity financing of listed companies have higher requirements, generally through this financing is larger, the system more perfect, the operating condition of the enterprise. This paper introduces the development situation and the advantages and disadvantages of the public offering of equity financing China listed companies, and analyzes the specific situation of financing IPO oil company listed in Shanghai, the development process, including the scope and oil in the Commission on the relevant IPO provisions and elaborate on the oil company IPO in the first three years of detailed financial analysis etc.. At the same time, because of the development process of things are the shortcomings, China listed companies raised equity financing also has some problems, including the examination and approval system, process complexity, talent loss and financing management after the information disclosure, we need to analyze the problems in the development, and put forward some countermeasures to promote the better the development of. We should relax relevant stringent provisions, simplify the process of examination and approval, set up and improve the incentive system for internal employees, rationally plan the funds and improve the efficiency of fund utilization. This article summarizes the existing problems and puts forward the corresponding countermeasures through analyzing the specific situation of public offerings and equity financing of domestic listed companies, combined with the analysis of IPO financing examples of CNPC.
Key words: Chinese Listed Companies Public equity IPO financing of CNPC Problems and Countermeasures
目 录
1 上市公司融资概述 1
1.1资金来源介绍 1
1.2股权融资形式 2
2 中国上市公司公募股权融资情况 2
2.1国内上市公司公募股权融资具体情况 2
2.2意义 3
3 中国上市公司公募股权融资利弊及与众筹的比较
3
3.1中国上市公司公募股权融资利与弊 3
3.2公募股权融资与众筹的比较 5
4 中石油IPO融资案例分析 5
4.1中石油介绍及其行业分析 5
4.2中石油IPO融资 6
4.2.1相关规定 6
4.2.2中石油IPO发行前三年财务分析 6
5 中国上市公司公募股权融资方式存在的问题及解决对策
8
5.1问题 8
5.2解决对策 9
结 论 10
参 考 文 献 11
