我国中小板上市公司IPO超募与投资不足关系的实证研究

发布时间：2018-01-10 07:18

本文关键词：我国中小板上市公司IPO超募与投资不足关系的实证研究　出处：《浙江工商大学》2013年硕士论文　论文类型：学位论文

【摘要】：超募是我国IPO市场一直存在的特有现象。自从2009年我国IPO重启以来,新上市公司频频出现高超募现象,引起了社会各界对超募的广泛关注,而中小企业IPO高超募情况又更加突出。投资决策作为公司财务管理三大政策之一,是公司配置资源,实现价值最大化的重要手段。公司的投资决策能否很好的利用超募资金,超募的存在对于公司投资决策又有什么影响,是否会引起投资的低效率?这些都是很值得研究的问题。鉴于此,本文探索性的对我国中小板上市公司IPO超募和投资不足的关系进行研究,具有一定的理论意义和现实意义。本文以截止2008年12月31日于我国深圳证券交易所上市的中小板公司为样本,结合国内外相关文献回顾及委托代理理论和信息不对称理论的分析,对IPO超募与投资不足的关系进行实证研究。首先,利用改进的Richardson (2006)模型计算出本文样本公司的投资不足情况；其次,对是否超募与投资不足的关系进行Logistic回归分析；进一步,对超募的严重程度与投资不足的关系进行Logistic回归分析。根据以上研究,本文得出以下结论：(1)我国中小板上市公司IPO后投资不足情况较多。从改进的Richardson (2006)模型的残差结果分析,投资不足占到了63.33%,说明我国中小企业投资不足情况比较严重；(2)我国中小板企业IPO超募情况与投资不足正相关,表明工PO超募资金的存在,使得公司更易发生投资不足行为；而超募的严重程度,无论以中位数划分还是以平均数划分,都与投资不足正相关,说明超募情况越严重,公司投资不足越容易发生,说明超募的存在确实恶化了我国中小企业的投资效率。最后本文尝试性的为我国监管部门、企业、投资者提出政策建议,希望能为规范我国IPO市场的有效运作、减少IPO超募情况的发生和提高我国资本市场资金的使用效率做出贡献。同时建议有关部门要鼓励我国中小企业多进行合理的投资,从而使得中小企业能健康快速地发展。
[Abstract]:The super offering is a unique phenomenon in China's IPO market has been in existence. Since 2009 China IPO restart, listed companies frequently appear superb raised phenomenon, has aroused widespread attention to the raised, the small and medium-sized enterprise IPO and superb raised more prominent. The investment decision as the company's financial management is one of the three policy, is the company the allocation of resources, an important means to realize the value maximization. The company's investment decisions whether raised funds to good use, there are raised and what impact on corporate investment decisions, whether it will lead to low efficiency of investment? These are very worthy of study. In view of this, this paper exploratory research on China's SME board listed companies raised IPO and lack of investment, has a certain theoretical significance and practical significance.
In this paper, by the end of December 31, 2008 listed on the Shenzhen stock exchange of China's small and medium-sized board company as the sample, with the domestic and foreign literature review and analysis of the principal-agent theory and asymmetric information theory, empirical research on the relationship between IPO and investment raised. Firstly, using the improved Richardson (2006) model to calculate the investment in this paper, the Sample Firms; secondly, the relationship is raised and the lack of investment in the Logistic regression analysis; further, the relationship between the severity and insufficient investment raised by Logistic regression analysis.
According to the above research, this paper draws the following conclusions: (1) listed companies invest less after IPO. The improved Richardson (2006) model residual analysis, lack of investment accounted for 63.33% of China's small and medium enterprises that insufficient investment is more serious; (2) IPO in small and medium sized enterprise board I in the raised situation and insufficient investment is positively related to PO indicates the presence of excess funds raised, making the company more susceptible to insufficient investment behavior; the severity and raised, whether by median divided or average division, and the lack of investment are positively related, that raised more serious, inadequate investment more easily that happens, the existence of super offering does deteriorate the efficiency of investment of small and medium-sized enterprises in China. Finally, this paper attempts to China's regulatory authorities, enterprises, put forward the policy recommendations of investors, hoping to be able to regulate the IPO market in China effectively Operation can reduce the occurrence of IPO over raising and improve the efficiency of capital market in China. Meanwhile, it is suggested that the relevant departments should encourage more rational investment of SMEs in China, so that SMEs can develop healthily and rapidly.

【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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