我国上市公司募集资金变更用途影响因素研究

发布时间：2018-03-18 21:51

本文选题：募集资金投向变更　切入点：控股股东　出处：《广东商学院》2013年硕士论文　论文类型：学位论文

【摘要】：随意变更募集资金投向，是我国证券市场的不争事实。募集资金的使用状况不仅关系到公司形象、政府监管和投资者决策等诸多因素，而且关系到资本市场对社会资源的配置效率，对国家经济发展产生重大影响。我国上市公司募集资金投向变更是在中国特定证券市场、特定上市背景以及特定经济制度下的一种现象。这种现象对分析和了解中国证券市场存在的弊病、缺陷以及中国上市公司的不规范运作有很强的代表性，对此进行研究有重要的现实意义。上市公司募集资金投向变更的形成原因可能很多，也非常复杂。对此，本文在回顾相关理论和前人研究成果的此基础上，对我国上市公司募集资金投向变更的影响因素进行探讨分析，为我国上市公司随意变更募集资金投向的治理提供建议。通过收集我国上市公司相关数据，，本文提出以下观点：1.我国上市公司普遍存在募集资金投向变更；2.我国上市公司控股股东比例及内部人控制度与募集资金投向变更显著相关，国有股控股股东的持股比例越高，公司治理状况越差的上市公司更倾向于变更募集资金投向；3.上市公司独立董事的比例与上市公司是否变更募集资金投向没有显著相关性；4.上市公司的经营业绩与上市公司是否变更募集资金投向没有显著相关性。这个结果的含义：由于我国上市公司不合理的股权结构（例如国有股的一股独大）影响了上市公司的公司治理结构，导致我国上市公司形成了具有中国特色的内部人控制，对于管理者的监督与激励缺乏效率。在这种情况下，独立董事都很难真正发挥作用，这导致控股股东可能会根据自己的需要做出变更上市公司募集资金投向的决策，也有可能上市公司在做出募集资金决策的开始就缺乏科学依据，更有甚者，投资项目都是虚假根本不存在的，在这种情况下，违背招股投资承诺，变更募集资金投向就成了一种不可避免的现象。正因为募集资金投向的变更由控股股东及公司治理结构影响，经营业绩好坏则不会对上市公司募集资金投向产生显著影响。
[Abstract]:Change the raised funds, the securities market of our country is an indisputable fact. The use of the funds raised situation is not only related to the company's image, government regulation and investor decision-making and many other factors, but also related to the capital market on the allocation efficiency of social resources, have a significant impact on national economic development. China's listed companies to raise funds to invest in change is in the Chinese specific securities market, a special phenomenon listed background as well as specific economic system. This phenomenon to analyze and understand the shortcomings of Chinese securities market, listed companies Chinese defects and irregularities in the operation of a good representative, this research is of great practical significance.
Listed companies to raise funds to invest in the formation of the reasons may be many changes, but also very complex. In this regard, this paper based on the review of the related theories and previous research results, analyze the influencing factors of China's listed companies to raise funds to invest in change, provide recommendations for the governance of Listed Companies in China to raise funds to invest in change.
By collecting the data of the listed companies in China, this paper put forward the following views: 1. are popular in China's listed companies to raise funds to invest in change; the 2. controlling shareholders of listed company and the proportion of internal control system and the alteration of financing capital is significantly related to the proportion of state-owned shares, the controlling shareholder is higher, the worse condition of corporate governance of listed companies are more inclined to raise funds to invest in change; 3. independent directors of listed companies and the proportion of listed companies to raise funds to invest in change has no significant correlation; and the management performance of 4. listed companies of listed companies is not to raise funds to invest in change. There was no significant correlation between the results of meaning: the ownership structure of our listed companies is not reasonable (a for example, the dominance of state-owned shares shares) affect corporate governance structure of listed companies, resulting in China's listed companies have formed China characteristics The internal control, supervision and incentive for managers lack of efficiency. In this case, the independent directors are difficult to really play a role, which leads to the controlling shareholder may make changes in the listed company to raise funds for investment decision according to their own needs, there may be a lack of scientific basis in the listed companies have begun to raise funds to make decision and what is more, the investment project is false does not exist, in this case, against offering investment commitments, to raise funds to invest in change has become an inevitable phenomenon. Because of the change to raise funds by controlling shareholders and corporate governance structure, operating performance of listed companies is not to raise funds to have a significant impact.

【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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