中国创业板市场高超募现象研究
发布时间：2018-09-10 20:35
【摘要】：在我国中小企业融资难问题已经成为了关系我国经济平稳、高速发展的重要问题,也成为了我国财经界的头等难题。无数的学者为解决这一难题而到处奔走,经过多年的努力,2009年10月,全国上下期待已久的创业板正式开板。2009年到现在已经过去了三个年头,在这三年的发展过程中我国创业板市场总体来说运行平稳,但是也暴露出了许许多多的重大问题,严重影响了我国资本市场的健康发展,其中高超募现象作为最严重的问题之一受到了全社会的广泛关注。 从目前的状况来看,创业板市场的超募现象比主板市场和中小企业板市场严重得多,自开板以来我国创业板共计募集资金2080.65亿元,其中超募资金为1369.04亿元,平均超募率高达169.12%。如此之高的融资超募率严重影响了我国资本市场的发展,也违背了我国创业板的设立初衷。无数的利益集团借助高超募这一途径完成利益输送,造就数以千计亿万富豪的同时,也严重损害了广大中小投资者的利益；超募资金的低效使用造成了我国资本市场资源的不合理配置,严重阻碍了我国资本市场的健康发展。因此研究高超募现象的成因并彻底解决我国创业板市场的高超募问题已经刻不容缓。 本文采取规范研究和实证研究相结合的方法,分析高超募现象的理论成因并进行实证检验。首先对我国创业板市场的高超募现状进行基本的描述,阐明问题的严重性；其次从理论的角度沿着三个方面即：发行价格因素、发行数量因素和其他因素对我国创业板高超募现象的成因进行分析；再次根据理论分析选取具有代表性的变量,以创业板开板以来的349家上市公司作为研究样本进行多元回归分析,找出导致创业板高超募现象的内在诱因。研究结论显示,导致我国创业板市场高超募现象的根本原因主要表现在四个方面即：较高的发行市盈率、发行数量的严重不合理、承销商的声誉影响和利益相关者之间的利益输送,其中发行数量的不合理在很大程度上解释了我国创业板的高超募现象；最后结合实证研究与理论分析的结果有针对性的提出解决我国创业板高超募现象的建议,以期为我国资本市场的健康发展做出自己微薄的努力。
[Abstract]:In our country, the financing difficulty of small and medium-sized enterprises has become an important problem related to the steady and rapid development of our economy, and it has also become the first difficult problem in our country's financial and economic circles. Countless scholars have been running around to solve this problem. After years of hard work, in October 2009, the long-awaited gem officially opened in the whole country. Three years have passed since 2009. During the three years of development, the gem market in our country has generally been running smoothly, but it has also exposed a lot of major problems, which have seriously affected the healthy development of the capital market in our country. As one of the most serious problems, the phenomenon of superb fundraising has been widely concerned by the whole society. According to the current situation, the phenomenon of over-raising in the gem market is much more serious than that in the main board market and the SME board market. Since the opening of the board, China's gem has raised a total of 208.065 billion yuan of funds, of which 136.904 billion yuan has been raised, with an average over-raising rate of 169.1212 yuan. Such a high financing rate seriously affects the development of China's capital market and violates the original intention of the establishment of gem. Numerous interest groups with the help of high super to complete the transmission of interest, creating thousands of billionaires, but also seriously damaged the interests of the majority of small and medium-sized investors; The inefficient use of overraised funds has resulted in the unreasonable allocation of capital market resources in China, which has seriously hindered the healthy development of the capital market in China. Therefore, it is urgent to study the causes of superb fundraising and to solve the problem of superb fundraising in China's gem market. By combining normative research with empirical research, this paper analyzes the theoretical causes of the phenomenon of superb fundraising and carries out empirical tests. First of all, the paper describes the current situation of China's gem market and clarifies the seriousness of the problem. Secondly, it follows three aspects from the theoretical point of view: the issue price factor. The factors of issuing quantity and other factors analyze the causes of the phenomenon of skilful recruitment on the gem of our country. Again, according to the theoretical analysis, the representative variables are selected. Taking 349 listed companies since the gem opening as the research sample, the multiple regression analysis is carried out to find out the intrinsic inducement that leads to the phenomenon of excellent fundraising on the gem. The conclusion of the study shows that the fundamental reasons leading to the skilful fundraising in the gem market of our country are mainly manifested in four aspects: higher price-to-earnings ratio of issuance, serious irrationality of the amount of issuance, The influence of underwriters' reputation and the benefit transmission among stakeholders, the unreasonable amount of issuance largely explains the phenomenon of excellent fundraising in gem. Finally, combining the results of empirical research and theoretical analysis, the author puts forward some suggestions to solve the problem of skilful fund-raising on gem in order to make a modest effort for the healthy development of China's capital market.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224
[Abstract]:In our country, the financing difficulty of small and medium-sized enterprises has become an important problem related to the steady and rapid development of our economy, and it has also become the first difficult problem in our country's financial and economic circles. Countless scholars have been running around to solve this problem. After years of hard work, in October 2009, the long-awaited gem officially opened in the whole country. Three years have passed since 2009. During the three years of development, the gem market in our country has generally been running smoothly, but it has also exposed a lot of major problems, which have seriously affected the healthy development of the capital market in our country. As one of the most serious problems, the phenomenon of superb fundraising has been widely concerned by the whole society. According to the current situation, the phenomenon of over-raising in the gem market is much more serious than that in the main board market and the SME board market. Since the opening of the board, China's gem has raised a total of 208.065 billion yuan of funds, of which 136.904 billion yuan has been raised, with an average over-raising rate of 169.1212 yuan. Such a high financing rate seriously affects the development of China's capital market and violates the original intention of the establishment of gem. Numerous interest groups with the help of high super to complete the transmission of interest, creating thousands of billionaires, but also seriously damaged the interests of the majority of small and medium-sized investors; The inefficient use of overraised funds has resulted in the unreasonable allocation of capital market resources in China, which has seriously hindered the healthy development of the capital market in China. Therefore, it is urgent to study the causes of superb fundraising and to solve the problem of superb fundraising in China's gem market. By combining normative research with empirical research, this paper analyzes the theoretical causes of the phenomenon of superb fundraising and carries out empirical tests. First of all, the paper describes the current situation of China's gem market and clarifies the seriousness of the problem. Secondly, it follows three aspects from the theoretical point of view: the issue price factor. The factors of issuing quantity and other factors analyze the causes of the phenomenon of skilful recruitment on the gem of our country. Again, according to the theoretical analysis, the representative variables are selected. Taking 349 listed companies since the gem opening as the research sample, the multiple regression analysis is carried out to find out the intrinsic inducement that leads to the phenomenon of excellent fundraising on the gem. The conclusion of the study shows that the fundamental reasons leading to the skilful fundraising in the gem market of our country are mainly manifested in four aspects: higher price-to-earnings ratio of issuance, serious irrationality of the amount of issuance, The influence of underwriters' reputation and the benefit transmission among stakeholders, the unreasonable amount of issuance largely explains the phenomenon of excellent fundraising in gem. Finally, combining the results of empirical research and theoretical analysis, the author puts forward some suggestions to solve the problem of skilful fund-raising on gem in order to make a modest effort for the healthy development of China's capital market.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224
【参考文献】
相关期刊论文 前10条
1 贾海波;;创业板巨额超募资金流向令人忧的解决之道[J];财经界;2010年12期
2 张志强;俞明轩;;刍论创业板的合理市盈率[J];财经问题研究;2011年04期
3 冯晓;崔毅;;创业板超募现象的制度性思考[J];财会月刊;2010年23期
4 向显湖;朱艳;杜倩倩;;谈创业板超募资金问题产生的影响[J];财会月刊;2010年32期
5 刘娟;;创业板公司高超募率的原因分析及对策思考[J];财会月刊;2011年02期
6 王峰娟;张运来;徐皎;;创业板“超募”现象及其治理[J];财务与会计(理财版);2010年07期
7 曾永艺;吴世农;吴冉R，
本文编号：2235541
本文链接：https://www.wllwen.com/guanlilunwen/zhqtouz/2235541.html
最近更新
教材专著
