创业板公司IPO超募的影响因素及治理对策研究

发布时间：2018-08-08 13:35

【摘要】：我国创业板市场于2009年10月正式推出,至今已有三年多的时间。至2012年底,已有355家企业在创业板成功上市,解决了它们的资金需求问题。然而随着中国创业板市场的发展时间渐长,创业板上市公司数目与年限逐渐增加,其所暴露出来的问题也逐渐增多,并且有些问题越来越不容我们所忽视。据统计,截至2012年底,创业板公司IPO计划募集资金874.95亿元,实际募集资金则达到了2314.55亿元,超募资金合计达到1439.6亿元。如此巨额超募资金的存在严重影响了社会秩序,造成资源配置不均衡,大量资源闲置或利用效率低下；扰乱了市场秩序,使创业板演变为“圈钱板”,造成股市动荡不安；给上市公司带来困扰,虽然解决了其资金缺乏问题,但巨额IPO超募资金却同时给公司带来新的风险。鉴于此,对创业板IPO超募问题的研究十分必要。为了合理解决创业板公司IPO超募问题,探索其影响因素是必要的前提。借助理论基础和理论分析,共总结了分别属于企业自身和企业外部共十个可能的影响因素。选取2009年10月至2012年第三季度末之前上市的355家创业板上市公司作为样本,利用理论分析与实证检验相结合的研究方法对经过筛选的样本数据进行多因素线性回归,最终得出对创业板公司IPO超募具有显著影响的因素有：公司总资产规模、股权集中度、偿债能力、发行市盈率、上市首日换手率和新股发行价格及发行股数。鉴于研究结论为内外两方面因素都对创业板公司IPO超募有影响,因此,同样从公司自身及市场层面提出对策建议。有关公司自身的治理对策包括制定科学的资金募集计划,优化公司治理结构,拓宽公司融资渠道,增加债权融资,加强公司各项信息披露和规范自身行为；对创业板市场的政策建议包含对监管部门、中介机构和投资者三个层面的内容。
[Abstract]:China's gem market officially launched in October 2009, has been more than three years. By the end of 2012, 355 companies had successfully listed on the gem, addressing their funding needs. However, with the development of China's gem market, the number and number of listed companies in the gem are gradually increasing, and the problems exposed are also increasing, and some of the problems can not be ignored by us more and more. According to statistics, by the end of 2012, the gem company IPO plans to raise 87.495 billion yuan of funds, but the actual funds raised reached 231.455 billion yuan, the total amount of excess funds raised reached 143.96 billion yuan. The existence of such a huge amount of excess funds has seriously affected the social order, caused imbalance in the allocation of resources, idle or inefficient use of a large number of resources, disturbed the market order, made the gem turn into a "ring money board", and caused the stock market to be unstable. It brings troubles to the listed companies and solves the problem of lack of funds, but the huge amount of IPO overfunds also brings new risks to the companies. In view of this, it is necessary to study the problem of IPO super-raising on gem. In order to solve the problem of IPO overraising in gem, it is necessary to explore its influencing factors. With the help of theoretical basis and theoretical analysis, this paper summarizes ten possible factors which belong to the enterprise itself and the external enterprise respectively. From October 2009 to the end of the third quarter of 2012, 355 gem listed companies were selected as samples, and the multi-factor linear regression of selected sample data was carried out by combining theoretical analysis and empirical test. Finally, it is concluded that the factors that have significant influence on the IPO over-raising of gem companies are: total asset size, equity concentration, solvency, price-earnings ratio, turnover rate on the first day of listing, the price of new shares and the number of shares issued. In view of the conclusion that both internal and external factors have an impact on the IPO over-raising of gem companies, the countermeasures and suggestions are also put forward from the company itself and the market level. The governance countermeasures of the company include making scientific capital raising plan, optimizing the corporate governance structure, widening the financing channels of the company, increasing the financing of the creditor's rights, strengthening the disclosure of the company's information and standardizing its own behavior; The policy recommendations on gem market include three levels: regulatory authorities, intermediary institutions and investors.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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