在我国经济发展进程中，中小微企业推进社会经济增长作出了卓越贡献，也促进 了我国经济增长模式以及产业结构的转型升级。推进中小微企业的发展，是从国家层 面所提出的战略。 我国中小企业股份转让系统正式于2013年12月揭牌，全国企业均可以在新三板 市场中申请挂牌上市，经过多年发展，新三板市场的规模得以迅速扩大，也促进了我 国多层次资本市场结构的完善与发展，为社会经济增长做出了卓越贡献。据相关统计 数据显示，截至2017年7月，我国新三板市场中总计有1.13万家挂牌上市的企业， 与2016年相比，同比增长0.93%。新三板市场的准入门槛较低，为全国企业提供了宽 松的融资环境，也正是基于这一独特优势，才使得该市场在短短几年间得到迅猛发展， 成为资本市场中所不可或缺的一部分。 本文的主要研究对象是SX公司，系统性分析了该公司在新三板市场获得融资的 过程中所存在的一系列风险问题。首先，本文简要的阐释了中小企业融资风险相关的 概念和理论，并且从融资方式和融资业务风险这两个层面出发，系统性分析了新三板 挂牌企业在融资过程中存在的主要问题；其次，依托于层次分析法构建了新三板挂牌 企业融资风险评价体系，该评价体系中总计有24个三级指标和7个二级指标；最后， 通过权威评价模型的回归分析，系统性评估了SX公司的融资风险，为SX公司在新 三板市场获取融资提出对策和建议。 关键字：SX公司新三板融资风险模糊综合评价模型 河北科技大学硕士学位论文 II Abstract IntheprocessofChina'seconomicdevelopment,smeshavemaderemarkable contributionstopromotingsocialandeconomicgrowth,aswellaspromotingthe transformationandupgradingofChina'seconomicgrowthmodelandindustrialstructure. Promotingthedevelopmentofsmall,mediumandmicroenterprisesisastrategyproposed atthenationallevel. Ourcountrysmallandmedium-sizedenterprisestocktransfersystemformallyin December2013,thenationalenterprisesarepermittedtoapplyforlistinginthenewthree boardmarket,afteryearsofdevelopment,thesizeofthenewthreeboardmarketexpand rapidly,alsopromotedtheimprovementofthestructureofmulti-levelcapitalmarketin Chinaanddevelopment,economicgrowthhasmadetheremarkablecontributionforthe society.Accordingtorelevantstatistics,asofJuly2017,China'snewthirdboardmarket hasatotalof11,300listedcompanies,anincreaseof0.93%comparedwith2016.Thelow entrythresholdofthenewthirdboardmarketprovidesarelaxedfinancingenvironmentfor nationalenterprises.Itisbasedonthisuniqueadvantagethattheaoyamaboardmarkethas developedrapidlyinjustafewyearsandbecomeanindispensablepartofthecapital market. ThemainresearchobjectofthispaperisSXcompany,whichsystematicallyanalyzes aseriesofriskproblemsexistinginitsfinancingprocessinthenewthirdboardmarket. Firstly,thispaperbrieflyexplainstheconceptsandtheoriesrelatedtosmefinancingrisks, andsystematicallyanalyzesthemainproblemsexistinginthefinancingprocessofneeq listedenterprisesfromthetwoaspectsoffinancingmethodsandfinancingbusinessrisks. Secondly,relyingontheanalytichierarchyprocess(ahp),thefinancingriskevaluation systemofneeqlistedenterprisesisconstructed.Thereareatotalof24third-levelindicators and7second-levelindicatorsintheevaluationsystem.Finally,throughtheregression Abstract III analysisofauthoritativeevaluationmodel,thefinancingriskofSXcompanyis systematicallyevaluated,andcountermeasuresandSuggestionsareputforwardforSX companytoobtainfinancinginthenewthirdboardmarket. Keywords：SXCompanyNewOTC(OvertheCounter)MarketFinancingRisk FuzzyComprehensiveEvaluationModel 新三板挂牌企业SX公司融资风险分析及融资方案设计 IV 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.............................................................................................................2 1.2国内外研究现状............................................................................................................3 1.2.1国外融资研究现状.............................................................................................3 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................................................................................5 1.3.1研究内容.............................................................................................................5 1.3.2研究方法.............................................................................................................6 1.3.3技术路线.............................................................................................................7 1.4本章小结........................................................................................................................7 第2章新三板融资风险相关理论概述.............................................................................8 2.1新三板概念界定............................................................................................................8 2.2国内外企业融资的相关理论........................................................................................8 2.2.1企业金融成长周期理论与阶段融资.................................................................9 2.2.2异常融资优序现象和融资顺序.......................................................................11 2.3新三板挂牌企业融资方式..........................................................................................13 2.3.1债权融资...........................................................................................................13 2.3.2股权融资...........................................................................................................13 V 2.4新三板股权质押融资概况..........................................................................................14 2.5新三板挂牌企业融资业务中所面临的风险..............................................................15 2.5.1企业信用风险...................................................................................................15 2.5.2企业技术风险...................................................................................................16 2.5.3信息不对称的风险...........................................................................................16 2.5.4股票交易风险...................................................................................................17 2.6本章小结......................................................................................................................17 第3章新三板企业融资风险评价体系及模型的构建...................................................18 3.1构建新三板挂牌企业融资风险评价指标体系..........................................................18 3.1.1新三板挂牌企业融资风险评价指标体系的构建原则...................................18 3.1.2新三板挂牌企业融资风险评价指标的设计...................................................19 3.1.3明确新三板挂牌企业融资风险评价指标的具体方法...................................20 3.1.4确定新三板挂牌企业融资风险评价指标权重...............................................23 3.2构建新三板挂牌企业融资风险评价模型..................................................................30 3.2.1确定模糊综合评判因素集...............................................................................30 3.2.2建立权重集.......................................................................................................31 3.2.3建立评语集.......................................................................................................31 3.2.4确定隶属度.......................................................................................................34 3.3本章小结.............................................................................