上市公司IPO募集资金投向变更问题的研究

发布时间：2018-04-26 16:19

本文选题：首次公开发行 + 募集资金　；参考：《华东师范大学》2014年硕士论文

【摘要】：近年来,大量企业在我国证券市场通过IPO上市股权融资,但随着企业IPO成功上市之后,紧接而来的是有一部分上市公司并未如约将IPO募集资金投资到招股说明书计划的项目中,而是改变募集资金的投资方向,从而出现了一系列的问题。本文在此背景下,总结与回顾了国内外已有文献的基础上,选择2010-2012年A股主板市场IPO募集资金变更的上市公司为样本,运用EXCEL和MATLAB统计软件对数据进行处理、描述性分析及线性拟合,并以此对IPO募集资金投向变更的原因及带来的影响进行讨论研究。本文共分为六章：第一章绪论主要介绍本文的研究背景与研究内容。第二章是文献综述,首先介绍国内外学者与IPO募集资金使用的相关文献,然后分别介绍与IPO募集资金投向变更的原因和影响两方面内容相关的文献,使读者对目前已有的相关研究内容有大致了解。第三章是描述性统计,先对整个IPO市场及变更情况的现状与历史数据进行总体统计,然后选取2010-2012年A股主板市场IPO募集资金投向变更的公司为样本,从变更公司的行业分布、变更的频率以及变更的类型与资金去向三个方面进行统计描述性分析。第四章则详细讨论IPO募集资金投向变更的原因,将变更原因分为外部原因与内部原因来讨论,并承接上一章内容,以样本中的实例具体情况来分析变更原因。第五章则根据统计数据利用各种图表并建立线性回归模型来研究IPO募集资金投向变更对公司股价波动及公司经营业绩的影响。结果表明IPO募集资金投向变更对股价波动没有影响,而在短期内会影响使得公司经营业绩变差。最后一章则给出本文的研究结论,并对如何改善IPO募集资金投向变更情况提出一些建议。
[Abstract]:In recent years, a large number of enterprises in China's securities market through the IPO listed equity financing, but with the successful listing of IPO, there are a number of listed companies have not been the contract to raise funds to invest in the prospectus of the IPO project. Instead of changing the direction of investment in raising funds, a series of problems arose. Under this background, based on the summary and review of the domestic and foreign literature, this paper selects the listed companies which have changed the IPO financing in the A share main Board market from 2010 to 2012 as samples, and uses EXCEL and MATLAB statistical software to process the data. Descriptive analysis and linear fitting are used to study the causes and effects of the change of IPO funding. This paper is divided into six chapters: the first chapter mainly introduces the research background and research content. The second chapter is the literature review, first introduces the domestic and foreign scholars and the IPO raise the fund use related literature, then separately introduces the IPO raise the fund investment to change the reason and the influence two aspects content related literature. So that readers have a general understanding of the existing research content. The third chapter is descriptive statistics. Firstly, the present situation and historical data of the whole IPO market and its changes are analyzed. Then, the capital raised by IPO in the A-share main Board market from 2010 to 2012 is selected as a sample, and the industry distribution of the changing companies is taken as the sample. The frequency of change, the type of change and the direction of capital are analyzed statistically and descriptive. The fourth chapter discusses the reasons of the change of IPO financing in detail, divides the reasons of change into external and internal reasons, and carries on the content of the previous chapter, and analyzes the reasons of the change with examples in the sample. The fifth chapter uses various charts and establishes linear regression model according to statistical data to study the influence of the change of IPO financing on the stock price fluctuation and the operating performance of the company. The results show that the change in the investment of IPO does not affect the volatility of stock price, but in the short term, it will make the company's operating performance worse. In the last chapter, the conclusion of this paper is given, and some suggestions on how to improve the change of IPO financing investment are put forward.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】