我国创业板上市公司变更募集资金投向的动因研究

发布时间：2018-06-24 03:44

本文选题：创业板 + 上市公司　；参考：《西南财经大学》2012年硕士论文

【摘要】：资本市场拓宽了企业融资的途径,使企业可以获得对于自身发展至关重要的资金。但在我国资本市场上存在着一种特殊的现象,即上市公司在获取资金后对其原本承诺的投向进行了变更。这样的现象普遍存在于资本市场的各个板块,涉及各行各业的上市公司,其影响也是多方面的。造成这种现象的原因是多样而复杂的,既有外部规章制度的不健全,也有内部治理结构的不完善。我国创业板虽然启动时间较晚,在创业板上市的公司数量相比主板和中小板仍有一定差距,但同样存在着大量募集资金投向变更的现象。对于募集资金变更投向这一问题,以往的研究者多选取主板和中小板的上市公司为研究样本,对创业板的研究则较少,因此本文从这个角度出发,对我国创业板上市公司募集资金变更投向的问题进行了研究。国外的学术界对于资本市场和上市公司的各方面问题有着广泛和深入的研究,比如融资的资本结构、成本、顺序及其与公司价值的关系方面等等,但具体到上市公司募集资金投向变更这一点上却几乎没有研究。究其原因,主要是由于国外资本市场相对成熟健全,相关法律齐备完善,上市公司在使用募集资金时受到了严格的法律限制。以美国为例,按照美国相关证券法律规定,对于已经在首次公开发行或者再融资的招(配)股说明书上确定的投资项目,上市公司不能将其任意变更。如确实需要变更的,必须办理一系列复杂的相关手续并等待很长一段时间。除了有法律作保障之外,还有完善的市场和社会舆论监督机制。一批投资者和专业中介机构随时关注着上市公司的经营表现,使得上市公司不敢“轻举妄动”。基于以上种种原因,上市公司募集资金投向的变更在国外资本市场是一个十分少见的现象,因此国外文献几乎没有对这方面问题的研究。相对于国外的情况而言,募集资金投向变更在我国的上市公司中较为常见,并且这种现象已经引起了包括学术界和实务界等多方的密切关注。从本世纪初以来,国内不少学者都对此进行了深入研究。目前来看,研究内容主要集中在募集资金投向变更的原因、募集资金投向变更的影响因素、募集资金投向变更对企业绩效的影响、市场对募集资金投向变更的反应等四个方面。针对原因,不同的学者从宏观、中观、微观的层面进行了研究。如在宏观层面上,有研究者考察了股票融资制度和市场监管体系与上市公司募集资金投向变更的关系。在中观层面上,有的研究者认为原因可以从公司所在地区、公司所属的行业、公司上市的不同板块等方面找到。在微观层面上,研究者关注的是公司的股权结构、经营管理水平、投资决策能力等等。针对影响因素,研究者主要从公司的治理结构方面进行了考虑,包括股权结构、股权集中程度、内控制度等等。也有研究者着眼于公司的财务特征,比如资产规模、负债规模、闲置资金规模等等。还有研究者从其他一些方面进行了分析,如是否存在关联交易、公司的长期投资机会、公司的成长性等等。在研究募集资金投向变更决策对企业业绩的影响时,主要运用财务指标法对公司募资变更前后的业绩进行对比,也有部分研究者使用了诸如数据包络法(DEA)、问卷调查法、结构方程法之类的方法。在研究市场对募集资金投向变更的反应方面,研究者主要采取事件研究法来观测IPO募资投向变更之后的市场反应情况,具体方法是利用股市公开数据计算超额收益是否存在,进而验证变更公告的发布是否会显著地影响上市公司的股价表现。本文根据在巨潮资讯网上对变更募集资金投向的公告进行的整理,对2009年-2011年创业板市场上的募集资金情况、变更募集资金投向的总体情况、和变更募集资金投向后的去向进行了分析说明,最后分析了变更募集资金投向对资本市场、上市公司、投资者产生的消极影响。总体而言,我国创业板市场在募集资金情况上具有“三高”现象——即高发行市盈率、高发行价格、高超募融资。同时在取得超募融资后,一部分上市公司变更了募集资金的投向,其去向主要包括改投新项目、形成关联交易、用于委托理财和自营买卖股票、补充流动资金、归还银行贷款、买地买房买车等等。变更行为使资本市场配置资源的基本功能无法有效发挥、对上市公司的业绩产生了负面影响,极大地损害了投资者的信心。在分析我国创业板上市公司变更募集资金投向的动因时,本文主要从公司无法控制的外部原因和与公司自身相关的内部原因两方面进行了阐述。外部原因主要有：项目审批时间过长,在审批期内公司所处的外部投资环境和市场条件可能发生了根本性的变化,原计划投资项目立项的基础已不复存在,错过了项目的最佳投资时间,为了避免投资失误带来的损失,上市公司只能考虑变更募集资金投向；项目准备期过长,竞争条件发生变化;监管制度不完善,缺乏诸如退市制度之类的淘汰约束机制对上市公司变更募集资金行为进行有效抑制。在实证检验过程中,本文根据前面部分的理论分析,从上市公司的经营业绩与募集资金投向变更的关系、上市公司的治理结构与募集资金投向变更的关系、上市公司募集资金规模与募集资金投向变更的关系等三个方面出发,提出了以下五点假设：(1)经营业绩越差的创业板上市公司变更募集资金投向的可能性越大；(2)股权集中程度越高的创业板上市公司变更募集资金投向的可能性越大；(3)存在董事长和总经理的职务由同一人兼任情况的创业板上市公司募集资金投向变更的可能性更大；(4)募资金额越多的创业板上市公司变更募集资金投向的可能性越大；(5)超募比率越高的创业板上市公司变更募集资金投向的可能性越大。然后通过定义和选取变量,运用Logistic回归模型进行了实证分析。实证结果支持了上述前面四个假设,即股权集中程度、董事长与总经理两职合一、募资金额与变更募集资金投向显著正相关,公司经营业绩与变更募集资金投向显著负相关,证实了我国创业板上市公司变更募集资金投向行为受到公司经营绩效、公司治理因素、募资金额等各个方面因素的影响。实证结果没有支持上述第五条假设,考虑其原因可能是在我国创业板市场上,当超募金额比率较高时,公司更倾向于利用超募资金实施投资或其他行为,从而降低了变更募集资金投向的几率。最后在以上研究的基础上提出相应的政策建议,包括完善监管制度、缩短审批时间、改善上市公司治理结构,加大对违规上市公司和中介机构的惩处,培育理性投资者等等,以期能够对规范上市公司募集资金的使用、提高上市公司的质量、促进证券市场的健康发展提供相应参考。
[Abstract]:The capital market has widened the way of enterprise financing so that enterprises can obtain funds which are vital to their own development. However, there is a special phenomenon in the capital market of our country, that is, the listed companies have changed their original commitment after obtaining funds. This phenomenon is common in various sectors of the capital market. The influence of the listed companies in all walks of life is multifaceted. The cause of this phenomenon is diverse and complex, not only the external rules and regulations are not perfect, but also the internal governance structure is not perfect.
Although the start time of Chinese gem is relatively late, the number of companies listed on the gem still has a certain gap compared with the main board and the small and medium board, but there is a large amount of fund raising to change. The research on industry board is less. Therefore, from this point of view, this paper studies the issue of the change of the fund-raising capital of Listed Companies in China's gem.
The foreign academic circles have extensive and deep research on all aspects of the capital market and listed companies, such as capital structure, cost, order and the relationship with the value of the company. However, there is little research on the change of the fund raising of the listed companies. The main reason is that the country is due to the country. The foreign capital market is relatively mature, the relevant laws are perfect, and the listed companies are subjected to strict legal restrictions when they use the funds. Any change. If there is a need to change, a series of complex procedures must be handled and a long time. In addition to the protection of the law, there is a perfect market and supervision mechanism of public opinion. A number of investors and professional intermediaries are always concerned about the performance of the listed companies, making the listed companies dare not to "light up". On the basis of the above reasons, the change of the fund raising of the listed companies is a rare phenomenon in the foreign capital market, so there is little research on this issue in the foreign literature.
Compared with the foreign situation, it is more common in the listed companies of our country to raise funds to change, and this phenomenon has aroused close attention in many fields, including the academic and practical circles. Since the beginning of this century, many scholars in China have studied it deeply. At present, the research content is mainly concentrated on the collection. The reasons for the change of funds, the influencing factors of the fund raising to the change, the impact of the fund raising on the performance of the enterprise, the reaction of the market to the change of the fund raising, and other four aspects. In view of the reasons, different scholars have studied from the macro, medium and micro level. For example, at the macro level, the researchers examined the stock. At the middle level, some researchers believe that the reasons can be found in the areas where the company is located, the industry belongs to the company, the different sectors of the company's listing. At the micro level, the researchers are concerned about the company's ownership structure, management and management. Level, investment decision-making ability and so on. In view of the influencing factors, the researchers mainly consider the corporate governance structure, including the ownership structure, the degree of ownership concentration, the internal control system and so on. Some researchers have also focused on the financial characteristics of the company, such as the scale of assets, the scale of liabilities, the scale of idle funds and so on. Some aspects are analyzed, such as whether there are related transactions, the long-term investment opportunities of the company, the growth of the company, and so on. In the study of the impact of the change decision on the performance of the enterprise, the financial index method is used to compare the performance of the company before and after the change of fund raising, and some researchers use the data envelopment, such as the data envelopment. Method (DEA), questionnaire, structural equation method, and so on. In the study of the response of the market to the change of raised funds, the researchers mainly take the event study method to observe the market reaction after the IPO fundraising to change. The concrete method is to use the public stock data to calculate the existence of excess returns, and then verify the change public. Whether the announcement will significantly affect the share price performance of listed companies.
In this paper, according to the arrangement of the announcement of the change of fund raising funds on the huge tide information network, this paper analyzes the general situation of the fund raising in the -2011 market in 2009, the overall situation of the change of the fund raising, and the direction of the change of the raised funds, and the last analysis of the change of the fund to the capital market. The negative impact of the listed companies and investors. In general, China's GEM market has a "three high" phenomenon in the situation of raising funds, that is, high issue price earnings ratio, high issue price, high raising financing. At the same time, after the acquisition of super financing, some listed companies have changed the fund raising, mainly including the change of investment. The project, forming related transactions, is used to entrust financial management and buy and sell stocks, replenish liquidity, return bank loans, buy a house and buy a car, etc. the change behavior makes the basic function of the capital market allocation resources not effective, and has a negative impact on the performance of the listed companies, which greatly damages the investor's confidence.
In the analysis of the motivation of the change of fund raising of the GEM listed companies in China, this paper mainly expounds two aspects of the external reasons that the company can't control and the internal causes related to the company itself. The external reasons are: the long time of the project approval, the external investment environment and market conditions of the company in the examination and approval period There may have been fundamental changes. The foundation of the original project investment project has gone out of existence, missed the best investment time of the project, and in order to avoid the loss caused by the investment mistakes, the listed companies can only consider the change of raise funds; the project preparation period is too long, the competition items change; the supervision system is not perfect, and the lack of such retreats is lacking. The elimination mechanism of the market system effectively inhibits the behavior of Listed Companies in raising funds.
In the process of empirical test, this paper, based on the theoretical analysis of the previous part, puts forward the following three aspects: the relationship between the operating performance of the listed companies and the change of the raised funds, the relationship between the governance structure of the listed companies and the change of the raised funds, the relationship between the scale of the raised funds and the change of the raised funds to the change. The five assumption is that: (1) the greater the possibility of the listed companies of the GEM listed companies with poor operating performance, the greater the possibility of raising funds to raise funds; (2) the higher the degree of concentration of equity concentration, the greater the possibility of changing the fund to raise funds; (3) the position of the board of directors and general managers of the board of directors and the general manager is raised by the GEM listed companies of the same person. The possibility of the change of gold is greater; (4) the more possibility of raising fund raising money, the greater the possibility of changing the fund raising funds; (5) the more possibility of the venture capital listed companies with higher enrollment ratio, the greater the possibility of changing the raise funds. Then the empirical analysis is carried out by using the Logistic regression model through the definition and selection of variables. The results support the above four assumptions, namely, the degree of ownership concentration, the chairman of the chairman and the general manager two, the amount of fund-raising and the change of the fund to raise a significant positive correlation, the company's operating performance and the change of the fund to raise a significant negative correlation, confirmed that China's GEM listed companies to change the financing of investment behavior by the company is managed by the company. Performance, corporate governance, fund-raising, and other factors. The empirical results do not support the above fifth assumptions, considering that the reason may be that in the Chinese gem market, the company is more inclined to use super funds to carry out investment or other behavior when the rate of excess raised money is high, thus reducing the change of fund raising. The probability of a direction.
Finally, on the basis of the above research, the corresponding policy suggestions are put forward, including improving the regulatory system, shortening the time of examination and approval, improving the governance structure of listed companies, increasing the punishment of listed companies and intermediaries, cultivating rational investors and so on, in order to raise the use of funds for the standard listed companies and improve the quality of the listed companies. To provide a reference for promoting healthy development of securities market.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.6;F224

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