中小企业板上市公司IPO募集资金投向变更行为研究

发布时间：2018-01-03 14:18

本文关键词：中小企业板上市公司IPO募集资金投向变更行为研究　出处：《华南理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：中小企业板自2004年开板以来，募集资金使用进度整体情况良好，但是部分公司存在募集资金变更比例较高的问题，在IPO后短期内频繁大额变动募集资金投向。结合统计的募集资金投向变更原因可以发现，中小企业板的部分上市公司是因为外部市场变化等原因将募集资金转投其他主营业务，而部分上市公司则是用募集资金增资子公司或对外收购股权。本文对中小企业板上市公司IPO募集资金，从变更公司数和变更比例、承诺投资项目的变更情况、变更类型和超募资金情况四方面进行概况。在此基础上理论分析中小企业板上市公司IPO募集资金投向变更行为的动因。实证分析部分重点考察哪些因素影响了IPO募集资金的投向变更行为，未按招股说明书使用IPO募集资金的投资决策对公司绩效会产生怎样的影响。经实证检验，募集资金投向变更的程度和几率与股权集中度正相关；募集资金投向变更的几率与超募资金总额正相关；募集资金投向变更的程度与风险投资背景负相关；募集资金投向变更的程度与关联交易正相关。对比按承诺使用募集资金的公司和变更募集资金投向公司的绩效，实证结果证明，，IPO募集资金投向发生变更公司的盈利能力、增长能力和偿债能力弱于按承诺使用募集资金的公司，但公司价值的差异并不显著。针对前述研究结论，结合中国证券市场的实际特点，本文提出中小企业板上市公司IPO募集资金使用的相关建议。
[Abstract]:The SME Board since 2004 since the opening, use of proceeds of the progress of the overall situation is good, but there are part of the company to raise funds to change a higher proportion of the problem, to invest in the IPO after frequent short-term changes large to raise funds. With statistics to raise funds to invest in the reason of change can be found, the SME board listed companies because of external market changes other reasons will raise funds to other main business, which is part of the listed companies to raise funds for capital subsidiary or the acquisition of foreign equity.
The SME board listed companies to raise funds from the IPO, change the company number and the change ratio of the change, the commitment to invest in the project, four types of change and raised funds for general situation. Based on the theoretical analysis of the SME board listed companies to raise funds investment motivation to change IPO behavior. The empirical analysis focuses on what factors affecting the change behaviors of IPO to raise funds to invest, according to the prospectus to raise funds using the IPO investment decision will produce what kind of impact on company performance.
Through the empirical analysis of the alteration of financing capital and the degree of probability and the ownership concentration is positively related to raise funds to invest in total; probability and raised funds to change the positive correlation; the alteration of financing capital and risk investment background negative correlation; to raise funds to invest and trade association is positively related to the degree of change.
Comparison of commitment by the use of the proceeds from the company and to raise funds to invest in change company performance, empirical results show that the IPO to raise funds to invest in change of the company's profitability, the company in the commitment by the use of the proceeds from the growth ability of the weak, but not significant difference in the value of the company.
In view of the previous research conclusions and the actual characteristics of China's securities market, this paper puts forward some suggestions on the use of IPO raised funds for SME board listed companies.

【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【引证文献】