IPO募集资金投向变更原因实证分析

发布时间：2018-06-07 03:31

本文选题：IPO募集资金 + 募资变更　；参考：《华南理工大学》2012年硕士论文

【摘要】：成立二十多年来，中国证券市场随着中国改革开放的深入进一步发展壮大，成为国民经济的重要组成部分，对国民经济的发展起到了重要作用。证券市场在融资与资源配置方面发挥着举足轻重的作用。自从扩容和股权分置改革以来，我国的资本市场规模已经十分庞大。资本市场的发达能有效缓解部分企业资金短缺的问题。在资本市场的发展过程中，经过不断的完善和改革相关制度，IPO募集资金的企业数量和募集资金的规模都在迅速扩大。我们在看到成绩的同时，也同时看到现在我国IPO募集资金的使用也存在着一些问题，，而这些问题的产生对于我们的企业和投资者以及证券市场都造成了一定的负面影响。本文在系统的梳理了国内外关于募集资金投向变更研究的基础上，运用多元回归Logit模型，对于IPO募集资金投向变更的原因进行实证分析。首先，本文对于国外的关于公司的融资顺序、资本结构及其与公司价值的关系方面以及国内的募集资金使用的研究进行了总结和梳理。其实本文在分析了我国上市公司IPO募集资金投向变更和IPO募集资金投向变更状况的基础上，提出了本文的假设，并运用Logit模型对于IPO募集资金投向变更的原因进行实证分析，在实证检验后对模型提出了修改，得出更具有说服力的结论，我国上市公司IPO募集资金的变更与上市公司的资产负债率、公司的盈利水平、市场因素和上市公司的资产规模等原因有关。最后，探讨了规范募集资金使用规范的政策建议。
[Abstract]:Since the establishment of China's securities market more than 20 years ago, with the further development of China's reform and opening up, it has become an important part of the national economy and played an important role in the development of the national economy. The securities market plays an important role in financing and resource allocation. Since the expansion and the split share structure reform, China's capital market scale has been very large. The development of capital market can effectively alleviate the problem of capital shortage in some enterprises. In the process of capital market development, the number and scale of IPO funds raised by IPOs are expanding rapidly through continuous improvement and reform. At the same time, we also see that there are some problems in the use of IPO raising funds in our country, and these problems have a certain negative impact on our enterprises and investors as well as the securities market. On the basis of systematically combing the domestic and foreign researches on the change of fund-raising investment, this paper makes an empirical analysis on the reasons of the change of IPO's fund-raising investment by using the multivariate regression Logit model. First of all, this paper summarizes and combs the research on the financing order, capital structure and the relationship between the capital structure and the value of the company, as well as the domestic use of the raised funds. In fact, based on the analysis of the change of IPO and IPO, this paper puts forward the hypothesis of this paper, and makes an empirical analysis of the reasons of the change of IPO's financing by using the Logit model. After the empirical test, the model is revised, and a more convincing conclusion is drawn: the change of IPO raised funds, the ratio of assets and liabilities of listed companies, and the profit level of listed companies in our country. Market factor and listed company's asset scale and so on reason related. Finally, the paper discusses the policy recommendations on the standard use of fund-raising funds.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【引证文献】