我国上市公司IPO募集资金使用效率研究

发布时间：2018-01-14 01:01

本文关键词：我国上市公司IPO募集资金使用效率研究　出处：《湖南大学》2012年硕士论文　论文类型：学位论文

【摘要】：IPO融资已成为我国企业融资的一种重要方式。但我国上市公司普遍存在着募集资金投向变更、资金闲置或大股东占用募集资金等募集资金滥用现象，募集资金使用效率不高，这既不利于上市公司自身的发展，也影响了证券市场的资源配置功能。本文首先基于委托代理理论分析了股权结构对上市公司的募集资金使用效率的影响，然后构建DRA模型和多元回归模型对募集资金的使用效率及影响因素进行了实证研究。本文选择2005年-2007年沪深证券交易所IPO公司为样本，以募集资金净额、资本性投入、人力资本投入为投入变量，，以主营业务利润增长率、主营业务收入增长率、净资产收益率和托宾Q值为产出变量，采用DEA模型对募集资金的使用效率进行分析，然后以主营业务利润增加率、净资产收益率和托宾Q值为因变量，以股权结构等因素为自变量构建多元回归分析对募集资金使用效率影响因素进行了实证研究。研究结果发现：（1）IPO融资后上市公司的经营业绩未得到显著改善，募集资金使用效率整体偏低；（2）募集资金使用效率与大股东持股比例显著正相关，大股东持股比例的增加可以使得大股东与其他中小股东的利益趋于一致，有利于上市公司募集资金的使用；（3）股权制衡度越高，募集资金使用效率越高，这说明股权制衡度越高越有利于防止大股东的不良行为，提高上市公司投资决策效率；（4）虽然部分学者认为国国有控股公司由于产权主体不清晰等容更易出现内部人控制，股权代理成本要高于民营控股公司，但是实证结果表明，二者在募集资金使用效率方面没有显著差异。最后，本文在以上研究的基础上，就提高我国上市公司IPO募集资金使用效率提出了相关的政策建议。
[Abstract]:IPO financing has become an important way of corporate financing in our country. However, there is widespread abuse of raising funds in listed companies, such as the change of raising funds, the idle funds or the large shareholders' occupation of the raised funds. The efficiency of raising funds is not high, which is not conducive to the development of listed companies, but also affects the resource allocation function of the stock market. Firstly, based on the principal-agent theory, this paper analyzes the influence of equity structure on the efficiency of raising funds of listed companies. Then we construct DRA model and multiple regression model to study the efficiency and influencing factors of raising funds. This paper chooses IPO Company of Shanghai and Shenzhen Stock Exchange as the sample from 2005 to 2007. Taking net raising capital, capital input and human capital input as input variables, the main business profit growth rate, main business income growth rate, net asset return rate and Tobin Q value are the output variables. DEA model is used to analyze the efficiency of raising funds, and then the main business profit increase rate, net asset return rate and Tobin Q value are taken as dependent variables. Based on multiple regression analysis of equity structure and other factors, this paper makes an empirical study on the influencing factors of the efficiency of raising funds. After IPO financing, the operating performance of listed companies has not been significantly improved. The efficiency of raising funds is on the low side; (2) the efficiency of raising funds is positively related to the proportion of large shareholders holding shares, and the increase of the proportion of large shareholders can make the interests of large shareholders and other minority shareholders tend to be in line with each other. To facilitate the use of funds raised by listed companies; 3) the higher the degree of equity balance, the higher the efficiency of raising funds, which indicates that the higher the degree of equity checks and balances is, the better it is to prevent the bad behavior of large shareholders and to improve the efficiency of investment decision-making of listed companies; Although some scholars think that the state-owned holding company is more likely to appear insider control due to the lack of clear property rights, the cost of equity agency is higher than that of private holding company, but the empirical results show that. There is no significant difference in the efficiency of raising funds between them. Finally, on the basis of the above research, this paper puts forward some relevant policy recommendations to improve the efficiency of IPO raising funds of listed companies in China.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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