创业板上市公司IPO超募资金投向及使用效率研究

发布时间：2018-01-03 00:04

本文关键词：创业板上市公司IPO超募资金投向及使用效率研究　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

更多相关文章： 创业板 IPO 超募资金 投资效益

【摘要】：我国创业板市场成立以来,顺利地实现了高速扩张的目标。在创业板上市的企业大部分是科技型中小企业,这些企业都通过了 IPO募集到了大量资金。科技型中小企业的蓬勃发展为我国资本市场注入了一剂鲜活的清流,然而我国资本市场在获益的同时也不免受到了一些负面问题的困扰。创业板IPO的高发行价格、高市盈率和高超募率现象屡见不鲜,创业板超募现象严重、大量超募资金闲置,超募资金使用效率低下种种问题都为我国经济市场的发展带来了安全隐患。因此找出创业板高超募现象成因,减少超募现象发生、提升IPO超募资金使用效率、优化超募资金投向,对推动我国资本市场稳健发展有着不容忽视的重要意义。借鉴前人经验,结合财务学、管理学以及经济学等多门学科的基础理论,对国内创业板上市公司IPO超募现象成因、超募资金使用效率的相关问题进行分析。在广泛阅读国内外文献的基础上对上市公司超募资金及使用效率的有关概念进行界定,运用归纳分析法、比较分析法以及描述性统计分析法,从定性与定量的角度对创业板IPO超募资金投向及使用效率的现状进行综合评价;为使研究更具说服力,选取我国创业板超募企业的超募数据和财务绩效指标为研究样本,分为制造业、信息技术业以及除制造业和信息技术业以外的其他行业三个模块,对超募资金的使用效率与企业部分财务指标的关系进行总结。最后,从政策制定者、企业、投资者三个角度出发,结合我国实际情况,针对性地提出了降低超募率,提高超募资金使用效率、优化超募资金投向的相关对策建议,从而促进证券市场相关制度的完善、降低上市公司运营风险、警示投资者理性投资。为进一步推动创业板科技型中小企业的可持续健康发展、促进资本市场良性循环提供助益。
[Abstract]:Since the establishment of the GEM market in China, the successful realization of the rapid expansion of the target. In the GEM listed companies are mostly in small and medium sized enterprises, these enterprises have passed the IPO to raise a lot of money. The vigorous development of small and medium-sized enterprises has injected a fresh clean agent for the capital market of our country, but I China's capital market at the same time benefit is not by some negative problems. The gem IPO high issue price, high price earnings ratio and superb raised rate It is often seen. gem super raised, the phenomenon is serious, a lot of raised funds idle, development problems raised funds for the use of low efficiency of the market economy in our country bring security risks. So to find out the causes of the phenomenon of gem superb raised, reduce the occurrence of the phenomenon of super raised, to enhance the efficiency of IPO to use the raised funds, raised funds to invest in optimization, to promote China's capital market. There are important health development. From previous experience, combined with the basic theory of finance, management science and economics and other disciplines, the domestic companies listed on GEM IPO raised over the causes of the phenomenon, issues related to the use of funds raised over efficiency were analyzed. The concept of listed companies raised funds and use efficiency based on extensive reading of literature on the definition, the use of inductive analysis, comparative analysis and descriptive statistical analysis method, comprehensive evaluation of the status quo from qualitative and quantitative aspects of the gem IPO raised funds and use efficiency; in order to make the study more convincing, selection of China's gem raised the company raised data and financial performance indicators for the study sample, divided into the manufacturing industry, information technology industry and other sectors except manufacturing and information technology industry of the three modules of the raised funds Summarize the relationship between part of financial indicators and efficiency of enterprises. Finally, policy makers from three angles, enterprises, investors, combined with China's actual situation, put forward to reduce the raised rate, improve the efficiency of the use of raised funds, optimizing the relevant countermeasures and suggestions of the raised funds to invest, so as to promote the to improve the securities market system, reduce the operational risk of listed companies, warning investors rational investment. In order to further promote the gem SME sustainable development, to provide help to promote a virtuous cycle of capital market.

【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

【参考文献】