创业板IPO超募与企业绩效的实证研究

发布时间：2018-02-22 02:14

本文关键词： 创业板 IPO 超额募集企业绩效　出处：《天津商业大学》2013年硕士论文　论文类型：学位论文

【摘要】：二十世纪九十年代以来，大量高新技术企业随着知识经济的兴起而迅速发展，风险资本产业也随之高速发展，客观上需要一个针对这些企业的股票市场以满足风险资本退出机制的需求。同时，随着2007年美国爆发的次贷危机逐步演变成全球经济危机，我国中小企业融资难的问题逐步凸显了出来。这种现状需要我国资本市场进行自我发展、自我完善，以满足不同规模、不同发展程度的企业的融资需求。在这种背景下，我国同许多其他国家一样，效仿美国纳斯达克市场设立了自己的创业板市场。2009年10月23日，我国证监会举办创业板启动仪式，在深圳证券交易所正式挂牌上市，截止2012年12月31日，先后有355家企业在创业板市场成功上市。但是自创业板市场启动以来，上市公司超额募集资金的现象愈演愈烈。这种严重的超额募资现象源于投资者对创业板上市公司的高成长性预期，但是经过三年多的发展，创业板上市公司的经营状况却出现了与融资情况极不协调的现象：上市公司经营业绩不断滑坡，频繁更改募资投向。基于我国创业板市场的此种现状，本文将用实证的方法研究这种高超募现象对企业绩效带来的后果。本文先对国内外的相关研究进行了文献综述。国外的相关研究主要包括IPO短期被低估、IPO长期被高估、IPO效应、IPO超募资金使用的研究以及对公司上市动机的研究等五个方面。国内的研究主要包括上市公司是否存在IPO效应、IPO前后企业业绩变化的原因和创业板市场出现高超募现象的原因及治理建议等三个方面。我国创业板上市公司IPO募资状况是本文的一个重点部分，其中对我国创业板IPO上市条件、IPO定价机制及创业板退市制度等作了详细介绍，并对153家样本公司的行业构成情况进行了统计分析，结果表明有实质性业务的制造业公司在我国创业板市场中占据着主导地位。对样本公司IPO超募的定量分析表明153家公司的平均超募率为239.35%，IPO高超募成为我国创业板上市公司的普遍行为。创业板公司公布的超募资金使用计划表明，超募资金主要投向投资并购、存放于银行、还贷及补充流动资金、买房置地等四个方面。导致我国创业板上市公司出现超募现象的原因涉及市场制度、发行人、保荐机构、投资者及金融市场等五个层面。创业板IPO超募影响企业绩效的作用机制在于：巨额超募资金闲置不用，影响企业资金利用效率；把超募资金用于主营业务将出现过度投资行为，从而导致企业经营风险上升；巨额超募资金诱发企业高管离职套现，导致企业家人才的流失。本文选择2010年12月31日前在深圳创业板市场上市的153家公司作为样本进行实证研究。以IPO超募率为自变量来研究其对公司上市后的绩效带来的影响，用权益净利率指标衡量企业经营业绩，用个股累计异常收益率来衡量个股的市场表现，以总资产的自然对数和上市后的每股净资产作为控制变量。回归结果表明，IPO超募率与权益净利率、个股累计异常收益率呈显著的负相关关系。二级市场不认可高IPO发行市盈率发行造成的高超募现象，这对不切实际的IPO高价发行敲响了警钟。通过理论分析和实证检验，本文得出了如下两个结论：一是，我国创业板市场存在普遍的IPO超募现象，这对企业的经营业绩和股票价格的市场表现有很大的不利影响；二是，我国创业板市场上的行业分布过于单一，主要以制造业为主，，其他行业的企业数量偏少。由此给出了以下的对策和建议：完善新股发行定价机制，增加中小投资者在定价中的话语权；对董事、监事和高级管理人员买卖本公司股票进行严格的规定，从而避免创业板成为个别高管的圈钱场所；加快实行退市制度，从而使得证券市场健康有效的运转；加大市场监管力度，要加强对上市公司和保荐机构的监管；加强对投资者的教育和指导，适度引入战略投资者，以此改善投资者结构。通过上述举措，使我国多层次资本市场实现健康、稳定地发展。
[Abstract]:Since 1990s, a large number of high-tech enterprises have developed rapidly with the rise of the knowledge economy, the venture capital industry rapid development, the objective needs of a stock market for these enterprises to meet the needs of venture capital exit mechanism. At the same time, with the 2007 United States subprime crisis evolved into a global economic crisis, the financing of small and medium sized enterprises China's difficult problem becomes obvious gradually. The status of China's capital market needs for self-development, self-improvement, to meet the different scale, different levels of development of the financing needs of enterprises. In this context, China and many other countries, follow the Nasdaq market set up its own gem market.2009 in October 23rd, China Securities Regulatory Commission held the gem launch ceremony, officially listed on the Shenzhen stock exchange, as of December 2012 31 Day, there have been 355 enterprises listed in the GEM market. But since the GEM market, more and more listed companies raise funds excessively high growth expectations. This serious phenomenoncomes from investors of listed companies on the gem, but after three years of development, the GEM listed companies the operating conditions and financing situation appears extremely uncoordinated phenomenon: the operating performance of listed companies continues to decline, frequent changes of fund-raising to invest. This situation of China's GEM market based on, this paper will use empirical method to study this phenomenon bring superb raised on enterprise performance consequences.
Firstly, the related research at home and abroad were reviewed. The researches mainly include IPO short-term IPO long-term undervalued, overvalued, IPO effect of the IPO funds raised over the use of the IPO motivation research five. Whether IPO effect exists in the domestic research mainly includes three listed companies. Reasons for changes in business performance before and after IPO and the GEM market phenomenon and superb raised suggestions. IPO financing situation of China's GEM listed companies is a key part of this paper, which listed on the gem of China IPO, IPO pricing mechanism and gem delisting system were introduced in detail. In 153, Sample Firms and industry structure are analyzed, the results show that there are substantial business manufacturing companies occupy a leading position in China's GEM market. The sample of public Our quantitative analysis showed that IPO raised 153 companies raised the average rate of 239.35%, IPO superb raised has become a common behavior of China's listed companies. GEM companies announced the use of funds raised over the plan that mainly raised funds to invest in investment acquisitions, deposited in the bank, loan and added liquidity four aspects of housing land and so on. The cause of China's GEM listed companies raised over the phenomenon relates to the market system, the issuer, sponsor, five levels of investors and financial markets. In the mechanism of gem IPO raised influence enterprise performance: excess funds idle, affect the utilization efficiency of enterprise funds; the raised funds for the main business will be over investment behavior, resulting in increased business risk; excess funds by executives leaving cash, resulting in the loss of entrepreneurial talent.
This paper chooses 153 companies listed in Shenzhen gem market before December 31, 2010 as samples for empirical research. Based on IPO ultra raised ratio as independent variables to study the impact on the company after the listing of the performance brought by the measure of performance with the net interest rate index of stock rights, with the cumulative abnormal rate of return to measure the stock market performance and as a control variable to the natural logarithm of the total assets and net assets per share after the listing. The regression results show that IPO raised rate and net interest rates, the stock cumulative abnormal return rate was a significant negative correlation. The two class market does not recognize the high IPO earnings release issued by superb raised phenomenon, the unrealistic the IPO price issue has sounded the alarm. Through theoretical analysis and empirical test, this paper draws the following two conclusions: one is that the GEM market in China are generally IPO raised over the phenomenon, for the enterprise Has a great adverse effect on the market performance of the operating performance and stock price; two, the GEM market in China distribution industry is too single, mainly in the manufacturing industry, the number of too few companies in other industries. This gives the following countermeasures and suggestions: improve the IPOs pricing mechanism, the increase in the medium and small investors in the pricing power of discourse; for directors, supervisors and senior management personnel of the sale of shares of the company are strict rules, so as to avoid the gem to become individual executives quanqian places; to speed up the implementation of the delisting system, which makes the stock market healthy and effective operation; strengthen market supervision, to strengthen the supervision of the listed company and the sponsor; strengthen the education and guidance for investors, the introduction of appropriate strategic investors, in order to improve the structure of investors. Through these initiatives, the multi-level capital market in China to achieve health Kang, a stable development.

【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】