中国创业板超募现象研究

发布时间：2018-04-23 20:24

本文选题：创业板 + 超募资金　；参考：《华东师范大学》2012年硕士论文

【摘要】：中国创业板市场的推出具有跨时代的历史意义,是我国证券市场发展史上的一个重要里程碑,为完善我国多层次、多元化资本市场的建立迈出了重要一步,对推动我国市场经济的良好发展起到重要的作用。但是创业板的运行和发展并不都如人所愿,企业在创业板挂牌交易的过程中,也出现了很多与推出创业板的初衷相违背的问题,其中最为突出的就是随着创业板高发行价的不断飙升以及市盈率的节节攀升,创业板上市公司的超募问题越来越引人关注。本文基于中小型创业企业融资难,但在创业板上市后获得巨额超募资金又无法合理利用的背景下,对我国创业板超募现象这一命题进行研究,在广泛阅览文献资料和认真分析创业板上市公司超募资金成因的基础上,研究创业板上市公司超募资金的现状及超募效果,总结目前超募资金的主要流向,希望通过外力的推动和制度的变革,对防范创业板上市公司超募资金的不合理使用提出一些建设性的意见,积极探索出创业板上市公司超募资金合理利用的出路,从而有益于中国创业板市场的运行和创业板公司的治理。本文主要分五部分来进行阐述：第一部分,导论。阐述了我国创业板上市公司出现超募现象的背景及研究该问题的意义,并对国内外相关研究进行总结与评述,然后简要介绍了本文的研究内容与研究框架、研究的创新点与不足。第二部分,中国创业板超募概况。首先阐述创业板的基本情况,然后对创业板超募做一个界定,从不同的角度分析目前创业板上市公司超募资金的现状。第三部分,中国创业板上市公司超募原因。分别从宏观经济,新股发行制度层面,发行人,利益相关方以及投资者角度来全面展开分析。并在此基础之上分析创业板超募的弊端。从公司、投资者、社会三个角度来分析创业板超募可能产生的问题。第四部分,中国创业板超募资金的投资现状及其效果。统计了相关公司对超募资金的使用投向,并在此基础上通过与中小板之间的比较,以及与公司自身在假设不存在超募的情况下的财务指标进行比较,探讨超募资金对公司的影响效第五部分,创业板超募的治理及资金使用的建议。对于超募资金治理方面分别从制度、保荐机构以及投资者角度提出措施,而资金使用方面,可以提前考虑超募,改善超募资金使用的事后措施。
[Abstract]:The launch of China's gem market has a cross-epoch historical significance and is an important milestone in the history of the development of China's securities market. It has taken an important step towards the establishment of a multi-level and diversified capital market in China. To promote the good development of our market economy plays an important role. However, the operation and development of the gem are not all in line with people's wishes. In the process of listing and trading on the gem, there have also been many problems that are contrary to the original intention of launching the gem. Among them, the most outstanding is that with the soaring of the high issue price of gem and the rising of price-earnings ratio, the over-raising problem of gem listed companies attracts more and more attention. Based on the fact that it is difficult for small and medium-sized enterprises to raise funds, but under the background that they can not make use of the large amount of capital raised after gem listing, this paper studies the phenomenon of overfundraising in gem of our country. On the basis of extensive reading of literature and careful analysis of the causes of over-raising funds of listed companies on the gem, this paper studies the current situation and effects of over-raising funds of listed companies on the gem, and summarizes the main directions of over-raising funds at present. It is hoped that through the promotion of external forces and the reform of the system, some constructive suggestions will be put forward to prevent the unreasonable use of the excessive funds raised by listed companies on the gem, and the way out for the rational utilization of the funds raised by the listed companies on the gem will be actively explored. This is beneficial to the operation of the gem market and the governance of gem companies. This paper is mainly divided into five parts to elaborate: The first part, introduction. This paper expounds the background of the phenomenon of over-raising of listed companies on the gem and the significance of studying this problem, and summarizes and comments on the relevant researches at home and abroad, and then briefly introduces the research contents and research framework of this paper. The innovation and deficiency of the research. The second part, China's growth Enterprise Market (gem) overfundraising survey. At first, the paper expounds the basic situation of gem, then defines it, and analyzes the current situation of overfundraising of gem listed companies from different angles. The third part, the reason why China gem listed companies overraise. From the macro-economy, new issue system level, issuer, stakeholders and investors to carry out an overall analysis. And on the basis of this analysis of the gem over-raised shortcomings. From the company, investors, society three angles to analyze the growth Enterprise Market over-raised problems. The fourth part, the investment present situation and effect of China's growth Enterprise Market (gem). Based on the statistics of the use and investment of the overraised funds by the related companies, the comparison with the small and medium-sized boards and the financial indicators of the companies themselves under the assumption that there is no over-raising is carried out. Discussion on the effect of Over-raising funds on the Company The fifth part, the proposal of management and fund use of gem. For the management of overraised funds, measures are put forward from the system, sponsor institutions and investors' angle, and the use of funds can be considered in advance to improve the use of over-raised funds after the measures.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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