中国上市公司IPO超募研究

发布时间：2018-03-05 18:06

本文选题：超募　切入点：资金滥用　出处：《电子科技大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国证券市场的不断发展，自2009年中国企业IPO重启以来，上市公司高融资超募引起了学者、社会公众的诸多质疑，也引起了监管当局的关注。问题是，现有曝光的上市公司融资超募以及超募资金的滥用仅仅局限于个案的零星报道，其他更基础、更重大的问题，现在尚不清楚。这使得相关监管部门对上市公司超募行为的危害了解甚少。本文就是依据这样的研究背景，对我国上市公司IPO超募问题进行了实证分析。首先从企业财务的角度构建了上市公司IPO超募影响的指标体系，并且根据指标体系进行实证分析，切实的分析出当前上市公司IPO超募的影响因素。并且根据这些影响因素利用对比分析的研究方法，对比了不同公司的超募现象及其影响。在超募影响因素分析的基础之上，本文还对上市公司IPO超募的影响进行了分析，在对上市公司数据进行整理的基础之上，对上市公司IPO超募与资金滥用的关系以及我国新股制度市场化改革与上市公司IPO超募之间的关系进行了实证研究。通过分析，我们可以看出，上市公司的公司性质和财务指标对其超募行为具有显著性影响，，其中中小企业、私营企业以及电子信息等新兴产业其超募行为更为严重。从财务指标上来看，高有息负债率以及高销售增长率的企业也更倾向于超募行为。从上市公司超募结果上看，上市公司超募行为将会导致较高的现金流占比以及较低的财务费用，使得上市公司的偿债能力增强。盈利能力、周转能力以及成长能力与上市公司超募呈现负相关。通过实证分析发现，上市公司的超募行为必然会导致上市公司过度投资以及过度发放薪酬等问题。超募行为对上市公司经理层的过度投资有一定的推动作用，同时还会导致董事薪酬以及经理层薪酬的增加，但是在普通职工薪酬方面却没有显著性相关。针对本文实证分析的结果，我们建议建立健全的上市公司超募预防与应对机制，做好超募资金的规划和使用，合理利用超募资金；完善证券市场监管体制，合理控制上市公司超募行为，提高信息披露水平。通过本文研究，希望对认清上市公司IPO超募的现状和影响，完善证券市场监管制度起到借鉴意义和参考价值。
[Abstract]:With the continuous development of China's securities market, since the restart of IPO of Chinese enterprises in 2009, the high financing over-raising of listed companies has aroused a lot of questions from scholars and the public, and has also aroused the concern of the regulatory authorities. The existing exposure of over-financing by listed companies and the misuse of over-raised funds are limited to sporadic reports of individual cases, and other more fundamental and significant issues. It is not clear yet. This leaves regulators with little knowledge of the dangers of over- raising by listed companies. Based on this research background, this paper makes an empirical analysis on the problem of IPO over-raising of listed companies in China. Firstly, from the perspective of corporate finance, this paper constructs the index system of the impact of IPO overfundraising of listed companies. And according to the index system of empirical analysis, the actual analysis of the current listed companies IPO overcapitalization factors. And according to these factors to use the comparative analysis of research methods, On the basis of the analysis of the influencing factors, this paper also analyzes the influence of IPO over-raising of listed companies, which is based on the analysis of the data of listed companies. This paper makes an empirical study on the relationship between IPO over-raising and capital abuse of listed companies and the relationship between the market-oriented reform of the new stock system and the IPO over-raising of listed companies. Through analysis, we can see that the corporate nature and financial indicators of listed companies have a significant impact on their over-raising behavior, in which small and medium-sized enterprises, In terms of financial indicators, companies with high interest-bearing debt ratios and high sales growth rates are also more inclined to over-raise. The overcapitalization of listed companies will lead to higher cash flow and lower financial expenses, which will increase the solvency and profitability of listed companies. The turnover ability and growth ability of listed companies are negatively correlated with overcapitalization. The over-offering behavior of listed companies will inevitably lead to overinvestment and excessive payment of compensation by listed companies. The over-raising behavior can promote the over-investment of managers in listed companies to a certain extent. It also leads to an increase in directors' compensation and executive compensation, but there is no significant correlation in the average employee's compensation. Based on the results of empirical analysis in this paper, we propose to establish a sound prevention and response mechanism for over-raising by listed companies, to make good planning and use of over-raised funds, to make rational use of over-raised funds, and to improve the regulatory system of the securities market. Through the research of this paper, we hope that we can get a clear understanding of the current situation and influence of IPO over-raising of listed companies, and improve the securities market supervision system to play a reference and reference value.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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