IPO超募对上市公司经营绩效的影响研究

发布时间：2018-01-22 12:58

本文关键词： 创业板融资公司绩效　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国创业板于2009年底正式启动,是专门为因发展需要融资但又暂时不能在主板上市的高新技术企业、创业公司及中小企业等提供融资渠道及成长空间的证券交易市场。它的特点是门槛低、风险大并且监管严格,地位仅次于主板市场;它是主板市场的一个强有力的补充,为完善资本市场做出了巨大的贡献。但同时也出现了高超额募集的现象,引起了理论界学者和相关监管机构的密切关注。本文首先概述了我国创业板企业首次公开发行超募融资现象及公司经营绩效方面的理论基础,不仅界定了相关的概念,而且还从资本结构、信息不对称及自由现金流三个视角分析了两者之间的内在逻辑关系,完善了创业板首次公开发行超募融资对上市公司经营绩效的影响的理论。其次,通过收集与定量分析相关的统计数据,从行业分布及资金投向两个方面描述了我国创业板上市公司IPO超募融资的现状,另外还分别从宏观经济环境、资本市场制度及市场参与者利益驱动这三个层面剖析了形成这种现象的原因。之后,本文以2009-2012年在创业板上市的346家公司对应的2010-2015年的财务数据为研究对象,对创业板IPO超募融资与企业绩效关系的进行实证设计。分别选取超募率为解释变量,总资产的对数为控制变量,公司的经营绩效水平为被解释变量,构造实证模型。其中,运用因子分析法从9个财务指标中提取出了代表公司绩效水平的三个因子,并根据因子得分计算出每个公司相应的综合评价值,利用这个综合评价值来更全面地来评价公司的经营绩效水平。同时,在实证设计中考虑到了时间因素的影响,分别对公司上市后1-3年的的经营绩效水平与超募率的关系做了分析,并得出结论:总体来看,超募率与创业板上市公司的经营绩效水平之间呈负相关关系,这种相关关系在上市后前两年比较显著,甚至在第二年呈现略微加强的趋势,但是在第三年会大幅度得减弱。最后,从四个方面提出改善对创业板IPO融资现象的建议,分别是完善我国创业板市场制度体系、加强公司治理、完善监管体系、加强对投资者的教育。以期规范超额募集资金的使用,实现社会资源配置的最优化,促进我国创业板市场持续健康的发展。
[Abstract]:The gem of our country was officially launched on end of 2009. It is a high-tech enterprise that needs to raise funds for its development but cannot be listed on the main board for the time being. It is characterized by low threshold, high risk and strict supervision, which is second only to the main board market. It is a strong supplement to the main board market, which has made great contributions to the improvement of capital market. But at the same time, there is a phenomenon of high over-raising. This paper first summarizes the theoretical basis of the phenomenon of overfundraising and corporate performance in the initial public offering of gem enterprises in China. It not only defines the related concepts, but also analyzes the inherent logical relationship between them from the perspectives of capital structure, information asymmetry and free cash flow. Improve the growth Enterprise Market initial public offering of over-raised financing on the impact of listed companies operating performance theory. Secondly, through the collection and quantitative analysis of relevant statistical data. This paper describes the current situation of IPO overfundraising of gem listed companies in China from the two aspects of industry distribution and capital investment. In addition, it also describes the macroeconomic environment. The capital market system and market participants' interests drive these three levels to analyze the causes of this phenomenon. This paper studies the financial data of 346 companies listed on the gem from 2009-2012 to 2010-2015. The empirical design of the relationship between IPO over-raising financing and enterprise performance is carried out. The overraised rate is selected as the explanatory variable, the logarithm of total assets as the control variable, and the operating performance level of the company as the explained variable. Construction of empirical model. Among them, the use of factor analysis to extract from the nine financial indicators representing the performance of the three factors, and based on the factor score to calculate the corresponding comprehensive evaluation value of each company. This comprehensive evaluation value is used to evaluate the performance of the company more comprehensively. At the same time, the impact of time factors is taken into account in the empirical design. This paper analyzes the relationship between the operating performance level and the over-raising rate in 1-3 years after the listing of the company, and draws a conclusion that: overall, there is a negative correlation between the over-offering rate and the operating performance level of the gem listed companies. The correlation was significant in the first two years of the market, even slightly stronger in the second year, but weakened significantly in the third year. Finally. From four aspects to improve the gem IPO financing recommendations, respectively, to improve the gem market system, strengthen corporate governance, improve the regulatory system. To strengthen the education of investors in order to standardize the use of excess funds, to achieve the optimal allocation of social resources, and to promote the sustainable and healthy development of the gem market in China.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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