国民技术股份有限公司IPO“三高”发行透视

发布时间：2018-04-15 02:22

本文选题：创业板 + 三高发行　；参考：《华东理工大学》2013年硕士论文

【摘要】：中国资本市场的发展经历了整整二十年,经过这些年的发展,其上市公司的数量以及总市值已经不亚于成熟发达资本市场。二零零九年,千呼万唤的创业板在深圳交易所开通,创业板为中国众多的中小企业打开了融资的渠道,解决了中小企业发展资金相对较难的问题。一部分优秀的中小企业在获得资金后,迅速发展崛起。但是,更多的中小企业从一开始上市,其目的就是圈钱,通过资本市场实现财富暴增。创业板企业三高,即高成长,高科技,高附加值也日益演变成了高股价,高市盈率,高募集资金的新“三高”,其带来的后果就是不但没有实现社会资金的优化配置,而且让二级市场的投资者蒙受损失,没有享受到投资创业板带来的相应的回报。国民技术股份有限公司就是典型的三高发行,从上市股价暴涨到183元到2012年8月,股价已经跌到38.8元,二级市场投资者严重套牢。国民技术股份有限公司是创业板众多公司中的一个缩影,如何引进国外成熟发达资本市场的经验,从承销保荐人制度、IPO询价模式和机制、信息披露制度、分红制度退市制度方面加以完成,是摆在中国创业板面前的一个紧迫问题。首先,创业板的定义、特点、目的和意义进行阐述,然后从国外成熟发达资本证券市场的创业板发展历史进行研究,进而得出其发展过程中取得的成功经验和失败教训的理论基础。其次,针对国民技术股份有限公司三高发行的问题,笔者运用财务分析、SWOT分析法以及矩阵分析法,对比等技术及工具,揭示了国民技术股份有限公司三高发行的根本原因以及发行上市后公司经营状况发生的变化的真正原因。最后,作者提出了抑制三高发行的解决办法,即通过创业板上市公司承销、保荐人制度的完善和改建、创业板上市公司IPO询价模式和机制的完善和改进、创业板上市公司信息披露制度的完善和监管、创业板上市公司分红制度的完善和监管、创业板上市公司退市制度的完善和监管等方面,实现中国资本市场创业板的良性发展。本文不仅对国民技术股份有限公司三高发行具有深层的反思和实践意义,而且对业内其他企业、特别是期望通过IPO公开发行上市的大量中小企业也具有一定的参考价值。
[Abstract]:After 20 years of development, the number of listed companies and the total market value of China's capital market have been no less than that of the mature developed capital market.In 2009, the gem was launched on the Shenzhen Stock Exchange. The gem opened financing channels for a large number of small and medium-sized enterprises in China, and solved the relatively difficult problem of SMEs' development funds.Part of the outstanding small and medium enterprises in the access to funds, rapid development and rise.However, more small and medium-sized enterprises listed from the beginning, its purpose is to circle money, through the capital market to achieve wealth boom.The three heights of gem enterprises, that is, high growth, high technology, and high added value, have increasingly evolved into the new "three high" of high stock price, high price-earnings ratio, and high raising funds. The result is that not only has the optimized allocation of social funds not been realized,And let the secondary market investors suffer losses, did not enjoy the corresponding return from investment gem.National Technology Co., Ltd. is a typical listing of the three high, from the stock price jumped to 183 yuan to August 2012, the stock price has fallen to 38.8 yuan, secondary market investors are seriously trapped.National Technology Co., Ltd. is a microcosm of many companies in the gem. How to introduce the experience of foreign mature developed capital market, from underwriting sponsor system to IPO inquiry mode and mechanism, information disclosure system,Dividend system delisting system to be completed, is placed in front of China gem an urgent problem.First of all, the definition, characteristics, purpose and significance of the gem are expounded, and then the history of gem development in the mature developed capital securities market abroad is studied.The theoretical basis of the successful experience and the failure lesson in the process of its development is obtained.Secondly, aiming at the issue of the three high companies of the National Technology Co., Ltd., the author uses the SWOT analysis method of financial analysis and the matrix analysis method, contrast and other techniques and tools.This paper reveals the fundamental reasons of the issuance of the three high companies and the real reasons of the changes in the operating conditions of the companies after the issuance and listing of the National Technology Co., Ltd.Finally, the author puts forward the solutions to restrain the issuance of the three high companies, that is, through the underwriting of the gem listed companies, the perfection and reconstruction of the sponsor system, the perfection and improvement of the IPO inquiry mode and mechanism of the gem listed companies.In order to realize the benign development of China's capital market, the information disclosure system of listed companies on the gem, the dividend system of listed companies on the gem and the delisting system of listed companies on the gem are perfected and supervised.This paper is not only of deep reflection and practical significance to the national technology company, but also has certain reference value to other enterprises in the industry, especially to a large number of small and medium-sized enterprises which expect to go public through IPO.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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