中国创业板上市公司超募影响的研究

发布时间：2018-08-26 21:47

【摘要】：中国创业板市场于2009年10月30日正式开板进行交易，中国创业板的推出算得上是“十年磨一剑”，正式由于美国NASDAQ的巨大成功，中国人们开始探讨如何在中国复制纳斯达克模式，如何通过证券市场的社会融资功能来支持高新技术企业的发展。截至2012年8月1日，已经有345家中小高新企业在创业板上市，这些公司首次公开发行股票就成功募集到2272多亿元的资金，其中超募资金占募集资金总额的55.47%，合计为1260多亿元。这样惊人的高超募率与投资者的追捧、发行价格偏高有直接的关系。超募资金没有得到充分利用，有的甚至被挪用，大大降低了巨额资金的使用效率，从而降低了公司的经营业绩。超募行为可能会引发资源的不合理使用、股市出现泡沫，投资者的利益受到损害，严重挫伤了投资者对市场的信心，违背资源合理配置，这将阻碍我国证券市场可持续健康发展。本文从定量分析和定性分析两方面出发，就我国创业板上市公司存在的超募行为问题进行探索和研究，文章写作思路是：从超募问题的理论基础着手，，收集了大量上市公司的财务数据，分析了国内外文献资料，一方面定性的分析了超募产生的原因和超募资金的使用状况，对资金投向存在的问题进行了分析；另一方面，定量的剖析了超募行为对公司经营业绩及股票市场价格的影响。全文共分为五部分，主要内容如下：第一部分为绪论，该部分首先介绍了论文的研究背景及研究意义，然后分析了国内外学者对创业板公司超募行为的研究现状，最后阐述了文章研究的思路以及研究所采用的方法以及在研究中出现的难点、创新点及不足。第二部分重点介绍了公司治理理论和融资理论，这两部分作为公司融资问题的理论基础。第三部分阐述了创业板公司超募的表现与原因，本章介绍了超募行为的财务表现和数量表现，分析了超募的现状及资金投向存在的问题，最后对超募行为产生的原因进行分析。第四部分通过收集大量的公司财务数据对创业板公司超募问题进行了实证分析，包括假设条件的设定、模型样本与数据来源的选取、研究模型的检验与常用变量的说明，通过对实证模型的研究与分析，论证了超募对经营业绩呈负相关，超募对股票市场价格呈负相关的结论。第五部分是研究结论与对策建议。本文将从如何规划与使用超募资金、如何管理与选择投资项目、如何完善市场体制和如何加强市场监管等几方面提出对策建议。
[Abstract]:On October 30, 2009, the gem market of China officially opened for trading. The launch of the gem can be regarded as "ten years of sharpening a sword", due to the huge success of NASDAQ in the United States. Chinese people begin to discuss how to copy NASDAQ model in China and how to support the development of high-tech enterprises through the social financing function of securities market. As of Aug. 1, 2012, 345 small high-tech enterprises have been listed on the gem. These companies have successfully raised more than 2272 billion yuan in their initial public offering of shares, including 55.47 billion yuan in excess of the total amount of funds raised, with a total of 126 billion yuan. Such amazing high rate of funding and investors, the issue price is on the high side has a direct relationship. The over-raised funds have not been fully utilized, and some have even been misappropriated, which greatly reduces the efficiency of the use of large amounts of funds, thus reducing the operating performance of the company. Excessive raising may lead to irrational use of resources, stock market bubbles, and damage to the interests of investors. This seriously undermines investors' confidence in the market and violates the rational allocation of resources. This will hinder the sustainable and healthy development of China's securities market. Based on quantitative analysis and qualitative analysis, this paper explores and studies the problem of over-raising behavior of listed companies in gem. The thought of this paper is to start with the theoretical basis of over-raising. This paper collects a large number of financial data of listed companies, analyzes the domestic and foreign literature, on the one hand, qualitatively analyzes the causes of over-raising and the use of over-raised funds, and analyzes the problems existing in the investment of funds; on the other hand, This paper analyzes quantitatively the influence of over-raising behavior on the company's operating performance and stock market price. The paper is divided into five parts. The main contents are as follows: the first part is the introduction. The first part introduces the research background and significance of the thesis, and then analyzes the current situation of domestic and foreign scholars' research on the overfundraising behavior of gem companies. At last, the paper expounds the research ideas, the methods adopted in the research and the difficulties, innovations and shortcomings in the research. The second part mainly introduces corporate governance theory and financing theory, which are the theoretical basis of corporate financing problem. The third part expounds the performance and reason of the excessive raising of gem company. This chapter introduces the financial performance and the quantity performance of the over-raising behavior, analyzes the present situation of the over-raising and the existing problems of the capital investment, and finally analyzes the causes of the over-raising behavior. In the fourth part, through collecting a large number of corporate financial data, the paper makes an empirical analysis on the problem of overcapitalization of gem companies, including the setting of hypothetical conditions, the selection of model samples and data sources, the test of research models and the explanation of common variables. Through the research and analysis of the empirical model, this paper demonstrates the conclusion that the over-offering is negatively related to the operating performance and the over-offering to the stock market price. The fifth part is the research conclusion and the countermeasure suggestion. This paper puts forward some suggestions on how to plan and use the over-raised funds, how to manage and choose the investment projects, how to perfect the market system and how to strengthen the market supervision and so on.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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