夹层基金及融资方式新发展的研究-民商法学专业论文.docxVIP

摘 要 我国中小企业面临向银行贷款困难，引入股东稀释股权的两难困境，既限制 了企业的发展，又给银行造成压力。传统债权性融资与股权性融资的不足和我国 企业对资金的迫切需求，造就了夹层基金。 HYPERLINK /wiki/%C3%83%C2%A8%C3%82%C2%82%C3%82%C2%A1%C3%83%C2%A6%C3%82%C2%9D%C3%82%C2%83 夹层基金夹在股权与 HYPERLINK /wiki/%C3%83%C2%A5%C3%82%C2%80%C3%82%C2%BA%C3%83%C2%A6%C3%82%C2%9D%C3%82%C2%83 债权之间，具有 债权、股权双重性质，既可从公司财务增长中获得股权收益，又兼顾了次级债券 收益。本文在重点研究夹层基金融资的同时，也关注了新发展起来的其他融资方 式。本文共八章，第一章是引言，指出本文研究的方向是中小企业融资方式。第 二章围绕夹层基金展开，全面分析了夹层基金的含义、特点、发展历程、优缺点， 重点研究了夹层融资的模式、风险防范措施、在我国发展的可行性及前景。第三 章简单分析除夹层基金外，我国融资方式的新发展，承上启下，引出下文。第四 章主要研究了创新贷款证券化融资，阐述了贷款证券化的含义、特点、融资模式、 可行性及风险防范措施。第五章重点关注电子平台上的融资，包括阿里集团的创 新和银行所做出的努力。第六章研究企业间接拆借融资，分析了企业间接拆借融 资的含义，讨论了是否应该放开拆借限制，重点研究了使企业拆借合法化的途径。 第七章介绍了对赌协议的内涵、种类、作用，通过法院对赌协议的判决分析我国 通过对赌协议融资的可能性。第八章对全文进行总结，分析我国融资难的原因， 提出作者的观点和建议。 关键词：融资，夹层基金，电子商务，企业拆借，对赌协议 Abstract Small and medium-sized enterprises in our country are confronted with two dilemmas : There is a big difficulty to have Loans from the bank,but if bring other shareholders in would dilution the equity share.These two problems not only limit the development of enterprises but also Increase the pressure to the bank . The disadvantages of traditional creditors rights financing and equity financing and the urgent needs of money our country enterprise make the mezzanine fund. Mezzanine fund is the fund that sandwiched between equity and debt. mezzanine fund both have dual nature of creditors rights and equity nature. Mezzanine fund can possess returns on equity from the companys financial growth and take the subordinated bond yields into consideration. In this paper, the author mainly studied the mezzanine fund ,at the same time, the author also pay attention to the new developments of other financing way. This paper has eight chapters in total. the first chapter is the introduction, In the first chapter the writer pointed out that the direction of this study is small and medium-sized enterprise financing .The second chapter revolves around mezzanine fund, the writer comprehensively analyzed the meaning, charac