基于供应链鲁棒风险管理的成长型企业股权融资问题研究

The equity financing, the core concept of which is “enterprise growth”, has become an important financing way for growth-type enterprise to “capture growth opportunities and access to great-leap-forward development”. The way of utilizing the “Enterprise growth” activated and guaranteed by supply chain to conduct the equity financing is studied in this project, which revolves around the key factors in the process of equity financing, such as corporate valuation, financing amount, financing stage, corporate control, exit mechanism and operation target. The project is carried out as follows: First, it reveals the main relationship between the major risks threatening the enterprise growth and the capture of growth opportunities by empirical study on the relationships among the growth risk, supply chain cooperation, equity financing and enterprise growth; Second, it clarifies the mechanism of the effect of supply chain value creation on equity financing process by developing the deterministic model on equity financing under the view of supply chain cooperation. At last, it focuses on the establishment of robust model to investigate the supply chain equity financing with growth risks, and further explore the valuation of supply chain robust risk management on the analysis of enterprise equity financing problem.. The project belongs to the equity financing in supply chain finance. Its development will provide scientific support of robust risk management for the equity financing cooperation among the growth-type enterprise, supply chain management and equity investors.

股权融资已成为成长型企业“捕获成长机会、获得跨越式发展”的重要融资方式。“企业成长性”是股权融资过程的核心概念，本项目研究成长型企业应该如何利用供应链所激活与保证的“企业成长性”从而进行股权融资的问题。项目围绕股权融资过程中的“企业估值、融资额、融资阶段、控制权、退出机制、经营目标”等关键控制因素展开。首先对 “成长风险、供应链合作、股权融资”与“企业成长性”的关系进行实证分析，以揭示威胁企业成长性的主要风险与捕获成长机会的主要关系；然后，对供应链合作视角下的股权融资问题进行确定型模型分析,以厘清供应链价值创造对企业股权融资过程影响的作用机理；最后，重点研究鲁棒风险模型支持下的供应链股权融资问题,以探寻供应链鲁棒风险管理对企业股权融资问题分析的价值。. 本项目属于供应链金融下股权融资的研究范畴，项目的开展将为成长型企业、供应链以及股权投资机构之间的股权融资合作提供鲁棒风险管理的科学支持。

股权融资已成为成长型企业“捕获成长机会、获得跨越式发展”的重要融资方式。“企业成长性”是股权融资过程的核心概念，本项目研究了成长型企业应该如何利用供应链所激活与保证的“企业成长性”从而进行股权融资的问题。主要研究成果包括：（1）对成长型企业股权融资的数据统计与实证分析。发现：股权融资已成为成长型企业日趋重要的融资途径；募集资金主要用于“提产能、促研发、扩市场”三个方面；在企业股权融资过程面临诸多成长风险；（2）对成长型企业股权融资的确定型模型研究，探讨企业融资方式、控制权、供应链竞合、供应链控制、市场竞争、企业估值等问题。发现：供应链竞合在成长型企业的股权融资中具有重要作用，成长性主导了股权融资策略选择；股权融资的确能助推企业快速成长，但企业的成长性与控制权之间存在天然矛盾；市场竞争抑制了成长型企业的股权融资，提高了企业原股东的持股比例和利润；（3）对成长型企业股权融资的鲁棒模型研究，探讨股权融资中的委托代理问题、供应链契约结构、对赌协议等问题。发现：投融资双方的委托代理关系抑制了成长型企业的股权融资和快速发展；供应商主导的契约结构严重抑制了零售商的股权融资意愿；市场成长性主导了供应商股权融资后对供应链控制策略选择；供应商选择的最优供应链控制策存在“股权融资意愿背驰”现象；存协调股权投融资双方的协作的绩效区间。. 本项目研究了供应链金融下的股权融资，为成长型企业的战略性行为提供了供应链合作分析，学术上开拓与发展了供应链股权融资新领域，达到了研究目的，实践上顺应了与引导成长型企业股权融资历史趋势。