资本预算体系与创业板上市公司超募资金使用研究

发布时间：2018-03-25 03:17

本文选题：创业板市场　切入点：超募资金　出处：《湘潭大学》2012年硕士论文

【摘要】：创业板市场是各国政府专门为了一些高科技的中小企业设立的证券板块，对于高科技产业来说，有着重大意义。它可以促使科学技术更快的转换为生产力，为高科技产业的发展提供了很大的推动力。我国创业板的发展一波三折，在证监会的积极倡议下，创业板市场最终得以建立，创业板市场的建立是我国完善资本市场的需要。我国的创业板市场刚刚建立起来，可以说经验相对较少，但是对于创业板市场的研究却有十分重大的现实意义。然而，在创业板短短的发展过程中，我们发现一些不合理的现象。创业板成为少数人的圈钱场所，而募集的资金并未用到企业的发展上，因此伤害到了投资者的利益，并引起了相关管理者对此的关注。本文选择“资本预算体系与创业板上市公司超募资金使用研究”这一命题对规范创业板上市公司将超募资金合理用于主营业务方向进行研究。结合资本预算与风险和资本预算与公司战略的关系构建了基于超募资金使用的资本预算体系，包括资本预算决策和资本预算管理体系，从而引导管理者在综合考虑市场投资环境之后进行理性的资本投资决策，以期对中国创业板市场的运行和创业板公司治理实践有所助益。本文的研究思路是，第一部分引言，阐述了选题背景和研究意义，，并对资本预算与创业板上市公司募集资金情况进行了整理归纳。第二部分是创业板上市公司资本预算相关理论基础及理论分析，介绍了本文的四个基本理论，包括风险理论、企业战略理论、委托代理理论和利益相关者理论，通过对相关理论的分析指出创业板上市公司在规范引导超募资金用于公司主营业务方面使用资本预算体系的重要性。第三部分以投资项目与企业战略的相关程度、投资项目的风险以及收益的期望值为因子构建了创业板上市公司资本预算决策模型——基于超募资金使用的投资效用函数，并以创业板中的某一公司将募集资金用于扩建连锁营养中心拓展项目来具体探讨投资效用函数各个参数的确定及投资项目的选择标准。第四部分，在第三部分资本预算决策的基础上进行的，是为资本预算决策服务的，主要是从组织结构、信息收集系统、事后审计、绩效测评以及项目的投资退出这五个方面来构建创业板上市公司基于超募资金使用的资本预算管理体系。文章的最后一部分是对全文的一个总结。
[Abstract]:The gem is a stock market set up by the governments of various countries for some high-tech SMEs, which has great significance for the high-tech industry. It can promote the conversion of science and technology to productivity more quickly. This has provided a great impetus for the development of high-tech industries. With the rapid development of the gem in China, the gem market was finally established at the initiative of the CSRC. The establishment of the gem market is the need to perfect the capital market in our country. The gem market in our country has just been established, which can be said to have relatively little experience, but the research on the gem market is of great practical significance. However, in the short development process of the gem, we find some unreasonable phenomena. The gem has become a place for a few people to circle their money, and the funds raised have not been used in the development of enterprises, thus harming the interests of investors. This thesis chooses "Capital Budget system and Research on the use of overraised funds of gem listed companies" to standardize gem listed companies to use overraised funds in their main business. Combining the relationship between capital budget and risk and capital budget and company strategy, the capital budget system based on the use of overraised funds is constructed. Including capital budget decision making and capital budget management system, so as to guide managers to make rational capital investment decisions after considering the market investment environment synthetically. With a view to the operation of the gem market and gem governance practice has been helpful. The research idea of this paper is: the first part is the introduction, expounding the background and significance of the research. The second part is the theoretical basis and theoretical analysis of the capital budget of gem listed companies, and introduces the four basic theories of this paper, including risk theory. Enterprise strategic theory, principal-agent theory and stakeholder theory, Through the analysis of relevant theories, the paper points out the importance of using the capital budget system in guiding the excess funds to be used in the main business of the company by the gem listed companies. The third part is about the correlation between the investment project and the enterprise strategy. The paper constructs the capital budget decision model of gem listed companies, which is based on the investment utility function, which is based on the risk of investment project and the expected value of income. And a company in the gem will raise funds to expand the chain nutrition center expansion project to specifically discuss the investment utility function of each parameter and investment project selection criteria. Part IV, On the basis of the third part of the capital budget decision, it serves for the capital budget decision, mainly from the organizational structure, the information collection system, the post audit, The last part of this paper is a summary of the whole paper. The last part of this paper is a summary of the capital budget management system of the gem listed companies based on the use of over-raised funds.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275.1;F832.51

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