Z公司股权募集资金投向变更及其绩效分析

发布时间：2018-01-18 13:22

本文关键词：Z公司股权募集资金投向变更及其绩效分析　出处：《安徽财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：资本市场是上市公司融资的重要平台,上市股权融资为企业的发展与扩张提供了资金保证。然而越来越多的企业成功募得资金以后违背承诺,未能按照《招股说明书》中的募投计划如约投资募资项目,擅自变更募集资金投向的情况越演越烈,这一现象直接引起了广大投资者和相关学者们的普遍关注,然而众多学者针对募资变更行为的统计描述与实证研究所提出的结论并不一致。那么上市公司变动募集资金投向的影响因素和动机到底有哪些?基于这些因素的变更行为的绩效对企业的发展到底又有怎样的影响呢?本文具体问题具体分析,基于这两个问题进行了典型案例研究,期望对募集资金投向变更问题的研究提供一定的案例支撑。本文结合运用理论探析与案例研究的方法,综合采用分析、计算、比较、归纳和总结等手段,首先梳理了国内外相关学者的理论,在了解募集资金投向变更的定义、我国的相关制度规定和投融资相关理论的基础上,对案例公司Z公司进行深入的剖析,从不同的角度剖析了Z公司变更募集资金投向的影响因素,并基于此对Z公司的各方面能力和发展状况进行横向和纵向的比较分析,展现变更后募投项目的绩效对企业发展的影响作用。本文通过数据统计、指标计算和综合分析,得出以下结论:Z公司内部管理制度不完善,存在股权集中度过高、公司经营状况不佳、公司管理层能力有限等问题,同时目前的资本市场存在保荐人“只荐不保”、政府审批时间过长、外部监管和披露制度不健全等缺陷,这些都是导致Z公司频繁变更募资投向,实现“圈钱”动机的重大因素。而基于这一不良动机的变更行为不利于Z公司在纺织梳理器材行业的可持续性发展,变更后的募投项目收益下降,企业的资产质量、盈利能力等均未得到改善,甚至出现了明显的下滑。根据案例研究结论,本文从企业、政府和其他利益相关者的角度提出了规范上市公司募集资金使用、防止企业随意变更募集资金投向行为的建议与对策,以保证投资者利益,促进资本市场的有效运行。
[Abstract]:Capital market is an important financing platform for listed companies. Listed equity financing provides financial guarantee for the development and expansion of enterprises. However, more and more enterprises successfully raise funds and violate their commitments. Failure to follow the "prospectus" in the plan to raise funds as agreed investment projects, unauthorized changes in the situation of the increasingly strong, this phenomenon has caused direct investors and related scholars widespread concern. However, many scholars' statistical description of the behavior of capital raising is not consistent with the conclusions of empirical research. What are the factors and motivations of listed companies' variable capital raising? Based on these factors, how does the performance of the change behavior affect the development of the enterprise? In this paper, the specific problems of specific analysis, based on these two issues to carry out a typical case study. The author hopes to provide some case support for the research of raising funds to change. This paper combines the theoretical analysis and the method of case study, and synthetically adopts the means of analysis, calculation, comparison, induction and summary. First of all, combing the theory of domestic and foreign scholars, on the basis of understanding the definition of the change of fund-raising investment, the relevant system of our country and the relevant theory of investment and financing, the case of company Z is deeply analyzed. From different angles, this paper analyzes the influence factors of Z Company's changing fund-raising investment, and makes a horizontal and vertical comparative analysis on the ability and development of Z Company. Through data statistics, index calculation and comprehensive analysis, this paper draws the following conclusions: the internal management system of the company is not perfect. There are some problems, such as high concentration of equity, poor operating condition, limited ability of management, etc. At the same time, there are some problems in the current capital market, such as "only recommending no guarantee", and the time of government examination and approval is too long. External supervision and disclosure system is not perfect and other defects, which lead to the frequent change of Z company fund-raising investment. The important factor of realizing the motivation of "circle money". But the change behavior based on this bad motive is not conducive to the sustainable development of Z company in textile carding equipment industry, and the profit of the project after the change falls. The quality of assets and profitability of enterprises have not been improved, and even there has been a significant decline. According to the conclusion of the case study, this paper starts with the enterprise. The government and other stakeholders put forward suggestions and countermeasures to standardize the use of the funds raised by listed companies and prevent enterprises from changing the behavior of raising funds at will in order to ensure the interests of investors. To promote the effective operation of the capital market.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.4

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