创业板上市公司募集资金投向变更问题研究

发布时间：2018-01-03 14:34

本文关键词：创业板上市公司募集资金投向变更问题研究　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：中国上市公司自1998年首次出现募集资金投向变更以来,募集资金投向变更的情形逐渐增多,似有愈演愈烈之势,引起当今学术界对募集资金投向变更不同角度不同层次的研究。上市公司募集资金的使用去向关系着公司的发展前景和持续性,谨慎地使用募集资金对高效的市场的运行、合理地资源配置以及提高投资者的投资信心有重大意义。上市公司变更募集资金投资项目向资本市场传递的是经营风险和不确定性的信号,同时又无助于会计业绩的改善,还会造成股票交易风险增加,股票收益率下降。业内人士指出,变更募集资金投向太过频繁、太过随意,隐射出上市公司在战略制定方面存在缺陷,公司并未认真考虑公司外部存在的机会与威胁,公司内部的优势与弱点,甚至单纯地只是想先空设一个项目,在筹集资金到位后再去找可行的项目。即使存在经济以及行业发展环境变化的可能性,也不能为公司之前的市场调研和行业预测不到位辩解。 2009年10月30日,创业板市场建立,为我国自主创新型企业和其他成长型的创业企业提供了有力的融资渠道。但十年磨一剑的创业板自推出以来便备受争议,高发行价、高超募率、高市盈率伴随着创业板,并由此引发创业板上市公司经常变更募集资金投向,募集资金投向的项目进度缓慢,募集资金大量闲置以及投向与主营业务相关度不高的项目等一系列的问题。因此,进行创业板上市公司变更募集资金投向问题研究,对规范创业板上市公司的投资行为,改善其经营业绩,进而提升其市场形象,有着重要的意义。本文采用规范研究方法,由于研究中涉及到未来的会计业绩等数据,样本期间以2011年结束。本文通过对创业板市场2009-2011年首发募集资金的281家上市公司进行统计分析,研究创业板上市公司募集资金投资项目变更的相关问题并提出一系列对策和建议。基本数据来源于深交所,另有部分数据来源于和讯网和其它一些网站。本论文全文总共分为七章。第一章是绪论,大致介绍了本文的研究目的和意义,研究方法和思路,并就本文的研究贡献和局限性作了说明,并简要提出本文的研究结论。第二章是国内外对募集资金投向变更问题研究的文献综述。第三章是相关理论的阐述,涉及的理论主要有契约理论、双重委托代理理论和MM理论。第四章是对创业板上市公司变更募集资金投向的现状进行说明。主要从创业板上市公司的总体概况,募资状况,募资投向变更状况进行具体阐述。第五章是对创业板上市公司原定募集资金投资项目变更的原因进行分析。原因包括由上市公司公告得出的表面原因,以及深入分析后得出的深层次的原因。第六章是创业板上市公司变更募集资金投向的后果。首先,选取营业收入、净利润、加权平均净资产收益率作为判断公司业绩的指标,分析得出,创业板上市公司变更募集资金投向虽然对公司的平均营业收入影响不大,但平均净利润和加权平均净资产收益率较按承诺投资的创业板上市公司和所有创业板上市公司的相对应指标是低的,说明变更募集资金投向对于公司来说成本是巨大的；其次,分析变更募集资金投向对资本市场的影响：弱化投资者投资的信心,加剧内幕交易和关联交易,致使投资实体虚拟化等。第七章是结论与建议。针对创业板上市公司募资投向变更问题的结论提出相应的对策和建议,完善中国证券市场的投融资制度,改进上市公司的股权结构,健全管理层激励约束制度,提高投资项目论证的科学性,加强外部监管。本文主要贡献和不足：研究在中国特定的制度背景下创业板上市公司的特性、募集资金投向、募资投向变更以及由此所产生的公司治理结构、业绩、股票交易风险、市场反应等一系列重大的基本问题,填补了中国在创业板市场对募集资金投向变更研究的空白,为监管机构制定和完善上市公司监管政策提供一定的理论依据,以期对优化市场结构,维护市场稳定良性发展有所裨益。不足之处在于创业板建立时间太短,信息披露制度尚待完善,而本文的研究数据主要来源于深交所,公司许多未披露的数据无法获得,虽力求分析出可靠的结论,但也可能因一些数据偏差,产生以偏盖全的效果。创业板上市公司募集资金投向变更的问题,是中国证券市场问题的一个缩影。在后期的监管中,对于首发募资及再融资申请的监管,应该尽量考虑到募资投向变更的可行性,而且兼顾企业的现实状况,对于手头资金过分充足的企业,不适宜再进行较大规模的募资行为,以提高资本市场整体资金的使用效率。
[Abstract]:Chinese listed companies for the first time since 1998 to raise funds to invest in change, to raise funds to invest in change more and more, seems to be getting worse, causing the current academic circles to raise funds to invest in change of different levels of different angles. Listed companies to raise funds on the use of the whereabouts of the relationship between the development prospects of the company and sustainable, prudent use to raise funds for the efficient operation of the market, a reasonable allocation of resources and improve the confidence of investors is of great significance. The change of listed companies to raise funds for investment projects to transfer capital market is operating risk and uncertainty of the signal, at the same time is not conducive to the accounting performance, will result in increased risk of stock trading, the stock yield decline insiders pointed out that to raise funds to invest in change too frequently, too casual, reflected in the listed companies to make strategy The surface defects, the company did not seriously consider the company existing external opportunities and threats, strengths and weaknesses within the company, or simply want to empty a project in raising funds in place and then to find a feasible project. Even if there is a possibility of economic environment changes and the development of the industry, not for the company before the market research and industry forecasts is not in place excuse.
In October 30, 2009, the establishment of the GEM market, provides powerful financing channels for China's independent innovation enterprises and other growth oriented start-ups. But ten years of grinding sword gem since its launch was controversial, high issue price, high price earnings ratio of superb raised rate, with the gem, and thus lead to entrepreneurship listed companies frequently change the raised funds, raised funds for the slow progress of the project, a series of problems and to a large number of idle funds raised and the main business related degree is not high projects. Therefore, for the GEM listed companies to raise funds to invest in change on the issue, the investment behavior of listed companies on GEM, improve the performance of its business, and enhance its market image, has important significance.
This paper adopts normative research method, the study involved in the future accounting performance data, the sample period to the end of 2011. This paper makes the statistical analysis of 281 listed companies to raise funds for the GEM market 2009-2011 first, listed on GEM companies to raise issues related to change of investment project and put forward a series of countermeasures and suggestions basic data from the Shenzhen Stock Exchange, and another part of data from hexun.com and some other sites.
The full text of this thesis is divided into seven chapters.
The first chapter is the introduction. It generally introduces the purpose and significance of the study, research methods and ideas, and explains the research contributions and limitations of this paper, and briefly puts forward the conclusions of this study.
The second chapter is a literature review of the research on the issue of the change of fund raising at home and abroad.
The third chapter is the elaboration of the related theories, including the theory of contract, the dual principal-agent theory and the MM theory.
The fourth chapter is to explain the current situation of changing the fund-raising funds of GEM listed companies, mainly from the general situation of GEM listed companies, the status of fund-raising, and the change of fund-raising investment.
The fifth chapter is to analyze the reasons for the change of the original raised capital investment projects of GEM listed companies. The reasons include the surface reasons listed by the announcement of the listed companies, and the deep reasons after in-depth analysis.
The sixth chapter is the GEM listed companies to raise funds to invest in change consequences. First, select the net profit, operating income, the weighted average return on net assets as judged by the company performance index analysis, the GEM listed companies to raise funds to invest in change while the average operating income of the company is not affected, but the gem average net profit and the weighted average net assets yield a commitment by the investment of the listed company and all the companies listed on GEM corresponding index is low, the change for the company to raise funds to invest in cost is enormous; secondly, analysis to raise funds to invest in change of capital markets: weakening investor confidence, intensification of insider trading and association the transaction, resulting in investment entities virtualization.
The seventh chapter is the conclusion and suggestions. According to the GEM listed companies raising alteration of the conclusion and put forward countermeasures and suggestions to improve the Chinese securities market financing system, improve the ownership structure of listed companies, improve the management incentive system, improve the scientific investment theory evidence, strengthen external supervision.
The main contribution of this paper and the insufficiency: characteristics of entrepreneurship in Chinese under the specific institutional background in listed companies, raised funds, fund-raising to invest in the change and the corporate governance structure, performance, stock market risk, market reaction and a series of major issues, to fill the China in GEM market to change of blank to raise funds for the regulatory agencies to develop and provide a theoretical basis to improve the regulatory policy of listed companies, in order to optimize the market structure, market to maintain a healthy and stable development of wrbanization. Shortcomings of the establishment of the gem is too short, the information disclosure system is not perfect, and the research data of this thesis mainly comes from the Shenzhen Stock Exchange, many companies did not disclose the data are not available, although to analysis to draw reliable conclusions, but may also be due to some deviation data, generated by covers entire effect.
The GEM listed companies to raise funds to invest in change, is a microcosm of the problem China securities market. In the latter part of the regulation, for starting fund-raising and supervision of refinancing applications, should try to consider the feasibility of fundraising investment change, but also the reality of enterprises, for the funds on hand too ample business, not suitable for then the behavior of raising large scale, in order to improve the efficiency of the use of the overall capital market funds.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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