创业板上市公司IPO募集资金使用行为及监管研究

发布时间：2018-01-19 09:17

本文关键词： 创业板投入进度投向变更实证分析监管　出处：《沈阳工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：目前创业板市场募集资金投资项目进度缓慢与投向变更行为频繁发生，因此本文以我国创业板市场项目投入进度缓慢与投向变更行为为研究对象，结合创业板上市公司的特点分析造成创业板上市公司项目投入进度缓慢和投向变更的影响因素，，检验这两种行为是否会对企业绩效造成一定程度的负面影响，并提出规范创业板市场募集资金使用行为的监管措施和建议，希望能够改善当前创业板市场募集资金投入进度缓慢和投向变更的现状。本文对我国创业板上市公司在公开募集资金后发生的投入进度缓慢与投向变更的现状进行了数据统计，对投入进度缓慢和募集资金投向变更的影响因素的分析，采用了理论分析为辅实证分析为主的方法，实证分析方面是以上市公司的盈利状况、公司治理、公司规模和财务状况等作为自变量，采用逻辑回归的实证研究方法进行实证检验。另外还对这两种募集资金使用行为进行了绩效检验，采用了配对样本T检验的方法将这两种募集资金使用行为前后的净资产收益率进行配对，检验这两种募集资金使用行为是否会对企业绩效造成负面影响。对投入进度缓慢和投向变更影响因素的逻辑回归分析表明：投入进度缓慢与公司的盈利能力、公司治理具有负相关关系，与公司债务结构具有正相关关系；投向变更与公司的盈利能力、公司规模具有负相关关系，与公司债务结构具有正相关关系。投入进度缓慢和投向变更的配对样本T检验表明：投入进度缓慢和投向变更对企业绩效有一定程度的负面影响。因此本文最后从信息披露、保荐机构、公司治理、募集资金审核制度等方面提出了一些监管建议，希望能够改善当前创业板市场募集资金投入进度缓慢和投向变更的现状，提高稀缺资源的利用效率，维护证券市场的秩序，促进创业板市场的健康发展。
[Abstract]:At present, the slow progress of investment projects and the change of investment in gem market occur frequently, so this paper takes the slow progress of investment and the change of investment behavior in gem market as the research object. Combined with the characteristics of gem listed companies, this paper analyzes the factors that cause the slow progress of project input and the change of investment, and tests whether these two behaviors will have a certain degree of negative impact on corporate performance. The paper also puts forward some supervision measures and suggestions to standardize the behavior of collecting funds in the gem market, hoping to improve the current situation of the slow progress and the change of investment in the gem market. This paper makes statistics on the current situation of the slow investment progress and the change of investment of the listed companies in the gem after the public raising of funds. For the analysis of the factors that affect the slow progress of investment and the change of fund-raising investment, this paper uses the theoretical analysis as the main method of empirical analysis, the empirical analysis is based on the profit status of listed companies, corporate governance. As independent variables, the size and financial status of the company are tested by using the empirical research method of logical regression. In addition, the performance of these two kinds of fund-raising behavior is also tested. The method of paired sample T test is used to match the return on net assets before and after the use of these two kinds of raising funds to test whether these two kinds of behavior of raising funds will have a negative impact on the enterprise performance. The logistic regression analysis of the factors influencing the slow investment progress and the change of investment shows that the slow investment progress has a negative correlation with the profitability of the company, corporate governance has a negative correlation, and has a positive correlation with the corporate debt structure; The change of investment has a negative correlation with the profitability of the company and the size of the company. There is a positive correlation between investment progress and corporate debt structure. The paired sample T test shows that slow investment progress and investment change have some negative effects on firm performance. Therefore, this paper finally puts forward some regulatory suggestions from the aspects of information disclosure, recommendation organization, corporate governance, financing audit system and so on. It is hoped that the current situation of the slow progress and the change of investment in the gem market can be improved, the utilization efficiency of scarce resources can be improved, the order of the securities market can be maintained, and the healthy development of the gem market can be promoted.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275;F272.5

【参考文献】