中小型高科技公司私募股权融资研究――以高德威公司私募股权为例

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摘要

中国的中小型高科技企业和其他所有中小企业一样，都面临资金短缺的问题，

伴随着我国金融资本市场的不断开放，私募股权投资作为一种重要的融资方式在

我国迅速发展，内资、外资、民间和官方都在积极参与和推动私募股权。本文所

讨论的是来源于西方资本市场的私募基金形式的股权投资行为。私募股权投资的

重点之一就是具有高成长性的中小型高科技企业。为了让更多的高科技企业获得

发展所需的资金支持，让企业家更清晰的了解私募股权的内容和过程，本文从企

业的角度，通过对国内外私募情况和国内成功进行私募股权融资的高科技企业的

私募过程进行系统的介绍，突出企业进行私募的重点和要点，总结出我国高科技

企业私募的特点，为正在和将要进行私募股权的企业提供帮助和借鉴。目前国内

企业私募的形式：自主创业+私募股权；风险投资+私募股权。私募资金主要集中

在对具备上市条件或很可能具备上市条件的企业进行投资，企业融资的形式主要

以出让股权形式为主，偶尔伴有借用财务杠杆的融资出现。本文重点介绍了企业

私募股权的三个环节：前期准备—编写商业计划书；与私募基金的前期接触；尽

职调查。

提出了对正在或即将要进行私募股权企业的建议：包括前期的准备；具备良

好心态，结合企业实际情况选择私募基金；对协议条款的重视；提高法律意识，

加强对各种风险的识别能力、防范能力；加强企业在私募方退出机制中的作用。

同时从经济、法律方面提出进一步完善私募制度，促进高新技术私募融资；、建设

多层次资本市场，以完善退出通道的建议。

本文由四部分组成：

第一部分：简述目前国内中小高科技企业融资困难的和国内私募股权的发展

情况，对私募股权从概念、发展历史和现状进行综述；

第二部分：对我国中小高科技企业进行私募股权的现状进行介绍，对私募案

例进行总结、分析，归纳其中特点；

第三部分：重点对高德威公司的私募股权全部过程进行详细的描述，以实际

案例全面、重点的展示高科技企业的私募内容；

第四部分：结合对国内高科技行业不同私募案例从企业、经济和法律角度总

结出相应的结论和建议。

关键词：私募股权融资企业私募模式风险控制

ABSTRACT

As in many high-tech industries of mid- and small-size, they all face a common

shortage of company equity. Private equity funds have become one of the majoring

financing tools which advance rapidly after the opening of financing equity market in

China. Financing origins from domestic and foreign, civil and governmental sources are

enthusiastically involved in contributing to private equity funds. This paper discusses

the investment behavior of private equity funds of the market of Western capitalism.

The private equity is meant for rapid and potential growth of mid- and small-size

high-tech industries. In order to help various high-tech industries to obtain more support

for the private equity and to make known clearly the content and process of the private

equity funds to entrepreneurs, this paper discusses, from the prospective of

entrepreneurship, pointing out the important features and essential, the development of

private equity funds, the systematic discussion of its procedure, and the summary of

highlighted features of private equity funds in high-tech industries in China. The current

model of private equity in China is in the format of self-employed business + private

equity and risk investment + private equity. Private equity is mostly for those business

investments that fulfill the conditions for ready-marketing or potential-marketing

companies. The financing model is mainly for selling off the partnership share, although

few may have used loans to pivot the financing. This paper concentrates on four phases

for private equity: preparation in early state—to compile a business strategy plan, early

contact with private equity funds, responsible investigation, and signing of binding

contracts.

We mention suggestions to those ongoing or to-be processing of private equity

funds including the preparation in early stage, the psychological readiness, and the

integration of real cases of various industries. We raise the level of legal and risk

awareness by strengthening through the ability of prevention. At the same time, we

discuss the economics and legality of the system of the private equity funds in order to

promote the financing technique using the private equity in high-tech industries. We

attempt to build a stratified market based on capitalism and to suggest a comprehensive

exit plan.

This paper constitutes four parts:

First, to briefly illustrate the development of private equity funds of the present

mid- and small-size high-tech industries in China, and to describe in general its concept,

developmental history, and current status.

Second, to introduce the current development of private equity funds of the present

mid- and small-size high-tech industries in China and to summarize, analyze and

conclude its highlights.

Third, to pinpoint in details the process of setting up private equity funds for

Gaodewei Partnership Limited, using the real case scenario to illustrate behind the scene

the private equity in high-tech industry.

Forth, to integrate the vantages of economics, entrepreneurship, and legal aspects

of various cases of different high-tech industries, giving their conclusions and

suggestions respectively.

Key Words: Private Equity Financing, Private Equity Financing

Model, Risk Conrol

中文摘要

ABSTRACT

第一章绪论 .....................................................................1

§1.1 研究背景及意义 .......................................................................................................1

§1.1.1 国内中小高科技企业融资困难的现状 .........................................................1

§1.1.2 国内资本市场私募股权融资发展迅速 .........................................................2

§1.2 研究目的和意义 .......................................................................................................3

§1.3 国内外研究现状综述 ...............................................................................................3

§1.4 研究的方法和思路 ...................................................................................................5

第二章私募股权融资理论及研究 ................................................ 7

§2.1 私募股权融资的起源和发展历史 ...........................................................................7

§2.1.1 私募股权融资念和起源 .................................................................................7

§2.1.2 私募股权的发展历史 .....................................................................................7

§2.2 股权私募融资的国内外目前发展情况 ...................................................................9

§2.2.1 私募股权融资现状 .........................................................................................9

§2.2.2 现阶段私募股权融资的形式和特点 ...........................................................11

§2.3 国内高科技企业股权私募融资案例 .....................................................................12

第三章我国中小高科技企业私募股权融资现状和模式 ..........................15

§3.1 我国中小高科技企业私募股权融资现状 .............................................................15

§3.1.1 政府积极引导扶持 .......................................................................................15

§3.1.2 国内融资案例日益增多，地区发展失衡 ...................................................15

§3.2 我国中小高科技企业股权私募融资模式 .............................................................16

§3.3 我国中小高科技企业私募股权融资分析 .............................................................17

§3.3.1 国内中小高科技企业私募融资的内外驱动力 ..........................................17

§3.3.2 高新技术企业私募融资特点分析 ..............................................................19

第四章中小型科技企业私募股权融资策略 ......................................21

§4.1 融资前的准备要点 .................................................................................................21

§4.1.1 企业需要充分了解私募股权融资内容 .......................................................21

§4.1.2 企业家应具备良好的心态，防止出现急功近利的行为 ...........................22

§4.1.3 重视协议条款，做到有进有退 ...................................................................22

§4.1.4 提高法律意识，加强风险防控能力 ...........................................................22

§4.2 需要防范的风险 .....................................................................................................23

§4.2.1 道德风险 .......................................................................................................23

§4.2.2 技术风险 .......................................................................................................24

§4.2.3 法律和政策风险 ...........................................................................................24

§4.2.4 经济环境风险 ...............................................................................................24

第五章上海高德威智能交通系统有限公司私募股权融资案例 .................. 25

§5.1 上海高德威智能交通系统有限公司私募股权需求分析 .....................................25

§5.1.1 上海高德威智能交通系统有限公司资金需求现状 ...................................25

§5.1.2 上海高德威智能交通系统有限公司进行股私募权融资的必要性 ...........26

§5.1.3 上海高德威智能交通系统有限公司进行私募股权融资的可行性 ...........26

§5.2 上海高德威智能交通系统有限公司进行私募股权融资的步骤 .........................27

§5.2.1 与私募基金前期接触 ...................................................................................28

§5.2.2 商业计划书 ...................................................................................................29

§5.2.3 确定合作伙伴，签署框架协议 ...................................................................41

§5.2.4 开始尽职调查，实施专项审计 ...................................................................44

§5.2.5 签署正式协议 ..............................................................................................47

§5.3 未来预定股权处置 ................................................................................................ 48

§5.4 私募过程中采取的重要方法估价折算－未来收益法 ...................................... 48

§5.5 私募股权融资对公司经营管理的影响 ................................................................ 51

第六章结论与展望 ..............................................................53

§6.1 我国中小高科技企业私募股权融资的利弊 .........................................................53

§6.1.1 获得稳定的资金来源，优化资本结构，为上市融资奠定了基础 ...........53

§6.1.2 改善公司的内部组织结构，提高企业运作效率，增强自身实力 ...........53

§6.1.3 防止丧失企业控股权，企业被迫改变战略方向甚至消亡 .......................54

§6.2 企业私募行为给税收和资本市场带来的经济、法律方面的影响 .................... 54

§6.2.1 企业私募给资本市场带来的影响 ...............................................................54

§6.2.2 企业私募给资本市场的法律规范带来的影响 ...........................................55

参考文献 .........................................................................................................................59

在读期间公开发表的论文和承担科研项目及取得成果 .............................................61

致谢 ...........................................................................................................................63

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摘要：

摘要中国的中小型高科技企业和其他所有中小企业一样，都面临资金短缺的问题，伴随着我国金融资本市场的不断开放，私募股权投资作为一种重要的融资方式在我国迅速发展，内资、外资、民间和官方都在积极参与和推动私募股权。本文所讨论的是来源于西方资本市场的私募基金形式的股权投资行为。私募股权投资的重点之一就是具有高成长性的中小型高科技企业。为了让更多的高科技企业获得发展所需的资金支持，让企业家更清晰的了解私募股权的内容和过程，本文从企业的角度，通过对国内外私募情况和国内成功进行私募股权融资的高科技企业的私募过程进行系统的介绍，突出企业进行私募的重点和要点，总结出我国高科技企业私募的特点，为正在和将要进行私募股...

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