创业板上市公司超募资金短期使用效率研究

发布时间：2018-03-14 14:10

本文选题：创业板　切入点：超募资金　出处：《暨南大学》2012年硕士论文　论文类型：学位论文

【摘要】：2009年10月30日，创业板正式启动。截至2012年12月31日，已有356家企业在创业板成功上市。源于市场对创业板上市公司高成长性的预期，创业板普遍存在高超募现象。这种超募行为引起各方对创业板市场、上市公司和投资者的关注。这些还未发展成熟的中小企业在创业板一上市，就获得巨额的超募资金，给企业带来较大的压力。如果超募资金不合理使用，可能会对公司经营业绩产生不利影响，也不利于创业板市场的健康稳定发展。基于上述问题，本文以2012年12月31日之前在创业板上市的356家公司为研究对象。在对创业板上市公司的超募情况及超募资金的使用投向和收益情况进行统计分析的基础上，对比分析了不同年份、不同板块的上市公司超募后企业经营业绩变化。另外，，本文还实证研究了创业板上市公司超募率和公司经营业绩的关系，结果发现超募率与公司业绩呈负相关关系，说明超募对上市公司经营业绩产生负面影响，超募资金的短期使用效率不高。在实证研究的基础上，本文还探讨了超募资金使用效率不高的原因，认为企业缺乏明确的超募资金使用计划、存在改变资金投向和利益暗中输送的情况、监管不严，惩罚力度不够等造成超募资金使用效率不高，最后针对原因提出使企业超募资金合理使用的建议和减少超募建议。
[Abstract]:In October 30th 2009, the gem was officially launched. By December 31st 2012, 356 enterprises had successfully listed on the gem. There is a widespread phenomenon of skilful fund-raising in the gem. This kind of over-raising has aroused the attention of all parties to the gem market, listed companies and investors. These small and medium-sized enterprises, which have not yet developed and mature, have obtained huge amounts of overfundraising funds as soon as they are listed on the gem. If the excessive use of funds is not reasonable, it may have a negative impact on the business performance of the company, and is not conducive to the healthy and stable development of the gem market. Based on the above problems, this paper takes 356 companies listed on the gem before December 31st 2012 as the research object. In addition, this paper also empirically studies the relationship between the over-raising rate and the operating performance of listed companies in gem. The results show that there is a negative correlation between over-raising rate and corporate performance, which indicates that over-raising has a negative impact on the operating performance of listed companies, and the short-term use efficiency of over-raised funds is not high. This paper also discusses the reasons for the inefficient use of over-raised funds, and considers that enterprises lack a clear plan for the use of over-raised funds, that there is a situation of changing the investment of funds and the secretly channelling of benefits, and that supervision is not strict. The punishment is not strong enough to cause the use efficiency of the over-raised funds is not high. Finally, the paper puts forward the suggestions to make the enterprise overraise the funds reasonably and to reduce the over-raising suggestions in view of the reasons.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275

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