创业板“超募”现象与过度投资

发布时间：2018-04-22 06:31

本文选题：超募 + 信息不对称　；参考：《复旦大学》2012年硕士论文

【摘要】：“超募”是指在IPO新股公开发行后,上市公司实际募集资金明显超过当次IPO预计募集投资项目计划所需资金的现象,是当前我国A股IPO过程中的一大特色。我国A股创业板上市公司在IPO过程中,普遍性的出现了显著的“超募”现象。277家样本公司的平均超募水平为1.92倍。 “超募”现象体现了在我国新股发行过程中,资本市场对于公司股票投资价值的判断,与上市公司内部从项目投资角度对于所需资金评估之间的重大的分歧。本文主要从三个层次对创业板“超募”现象进行了研究,首先研究创业板“超募”现象的存在性问题,即创业板是否存在普遍性的“超募”现象；第二个层次是研究创业板“超募”现象的形成及其影响因素；第三个层次研究创业板“超募”现象对于上市公司后续投资行为所产生的影响。通过实证研究,本文证实了我国创业板“超募”现象的存在；这一现象的形成,主要受到了信息不对称与股票市场投资者心理状况的影响,这表明目前创业板市场的新股定价还处于明显的非理性阶段；而随着超募比例的提升,较为充裕的现金流会鼓励上市公司决策者出现过度投资的倾向。针对我国A股创业板市场存在的普遍性的IPO“超募”现象,及其对上市公司投资行为所产生的影响,本文在深层次研究的基础上,尝试性的提出了政策建议,希望能对规范我国IPO市场运作、提升IPO募集资金使用效率和优化我国资本市场资源配置提供帮助。
[Abstract]:"Over-offering" refers to the phenomenon that the listed company actually raises more funds than the current IPO expected to raise the investment project plan after the IPO IPO, which is a major feature in the process of A-share IPO in China at present. In the process of IPO, there is a remarkable phenomenon of "over-offering" in China's A-share gem. The average over-offering level of 277 sample companies is 1.92 times. The phenomenon of "over-offering" reflects the significant difference between the judgment of the value of the stock investment in the capital market and the evaluation of the needed funds from the project investment angle within the listed company in the process of issuing new shares in our country. This paper mainly studies the phenomenon of "super recruitment" in gem from three levels. Firstly, it studies the existence of the phenomenon of "over-raising" in gem, that is, whether there is a universal phenomenon of "over-offering" in gem; The second level is to study the formation and influence factors of the phenomenon of "over-raising" in the gem, and the third level is to study the influence of the phenomenon of "over-raising" on the subsequent investment behavior of listed companies. Through the empirical research, this paper confirms the existence of the phenomenon of "over-offering" on the gem in China, which is mainly influenced by the asymmetric information and the psychological condition of investors in the stock market. This indicates that the IPO pricing in the gem market is still in an obviously irrational stage, and with the increase of the overcapitalization ratio, the more abundant cash flow will encourage the over-investment tendency of the listed company decision makers. In view of the widespread phenomenon of IPO "over-raising" in China's A-share gem market and its influence on the investment behavior of listed companies, this paper puts forward some policy recommendations on the basis of deep research. It is hoped that it will be helpful to standardize the operation of IPO market, to improve the efficiency of raising IPO funds and to optimize the allocation of capital market resources in China.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

【参考文献】