中国创业板上市公司IPO超募现象研究

发布时间：2018-02-03 05:18

本文关键词： 中国创业板超募新股发行制度　出处：《西华大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国于2009年10月30日在深交所设立了创业板市场。创业板自从登场以来面临重重问题，三高现象（高发行价、高超募率、高市盈率）是遭到广泛质疑的一点。截止2011年12月底，共有282家公司在我国创业板上市，预计募集资金682.53亿元，实际募集资金1832.81亿元，共计超募资金1150.28亿元，平均每家上市公司超募4.08亿元。平均超募率为172.66%。上市公司的平均市盈率也达到了60.46倍。对于那些刚刚上市、发展尚不成熟的中小企业来说，巨额的超募资金给企业带来了比较大的压力，超募资金使用不合理，不仅会对公司的经营管理和未来的发展产生不利的影响，而且也不利于社会资源的优化配置和创业板市场的稳定发展。目前我国创业板上市公司超募资金的使用效率非常低，已经披露超募资金使用公告的上市公司一般是将超募资金用于偿还银行贷款、补充流动资金、企业扩张、买房置地或者直接存在银行吃利息。面对我国创业板市场的这些情况，如何根治超募现象、合理利用超募资金就成为了当前亟待解决的问题。针对上述问题，本文主要以创业板2011年12月底之前上市的282家公司为研究样本，以2009年10月-2011年12月为研究期间，从超募比例、发行市盈率、超募现象和抑价现象的关系及超募资金的投向等几个方面系统的分析了当前超募的现状；紧接着本文从创业板上市制度、IPO发行询价制度、退市制度、保荐机构、发行人、投资者等多个方面分析了超募产生的原因，并认为超募既浪费了社会资源、不利于证券市场的稳定发展，，又造成公司的人才流失、给公司带来经营风险，还会损害投资者的利益；最后，本文探讨了根治超募问题的对策并对超募资金使用的管理给出一些建议。本文认为根治超募必须先从制度入手，并且要加强对相关机构的监管，加快创业板市场扩容，加强对投资者的教育。
[Abstract]:In October 30th 2009, China set up the gem market in Shenzhen Stock Exchange. The gem has been faced with many problems since its debut, and the three high phenomena (high issue price, high raising rate). By the end of December 2011, a total of 282 companies listed on the gem, estimated to raise sixty-eight billion two hundred and fifty-three million yuan. The actual funds raised were one hundred and eighty-three billion two hundred and eighty-one million yuan, a total of one hundred and fifteen billion twenty-eight million yuan in excess of the funds raised. The average listed company overraised 408 million yuan. The average over-raised ratio was 172.66. The average price-earnings ratio of the listed company was 60.46 times. For those just listed, the development of small and medium-sized enterprises are not mature, the huge amount of excess funds to bring greater pressure on the enterprise, the use of excessive funds is unreasonable. Not only will it have a negative impact on the management and future development of the company. And it is also not conducive to the optimal allocation of social resources and the stable development of the gem market. At present, the use efficiency of excessive funds raised by listed companies on the gem is very low. The listed companies that have already disclosed the announcement of the use of the overraised funds generally use the overraised funds to repay bank loans, replenish the liquidity, and expand the enterprises. In the face of these situations in China's gem market, how to cure the phenomenon of over-raising and how to make rational use of over-raised funds has become a problem to be solved urgently. In view of the above problems, this paper mainly takes 282 companies listed before the end of December 2011 on the gem as the research sample, and takes October 2009-December 2011 as the research period. This paper systematically analyzes the present situation of over-raising from several aspects, such as the ratio of over-raising, the price-earnings ratio of issuance, the relationship between the phenomenon of over-raising and underpricing, and the investment of over-raised funds. Then this article from the gem listing system IPO IPO inquiry system, delisting system, sponsor institutions, issuers, investors and other aspects of the analysis of the causes of over-raising. It is considered that the over-raising is not only a waste of social resources, is not conducive to the stable development of the securities market, but also causes the brain drain of the company, brings business risks to the company, and also damages the interests of investors. Finally, this paper discusses the countermeasures to cure the problem and gives some suggestions on the management of the use of over-raising funds. The author thinks that the system should be the first step and the supervision of the relevant institutions should be strengthened. We will speed up the expansion of the gem market and strengthen the education of investors.
【学位授予单位】：西华大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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