创业板上市公司IPO募集资金使用问题的研究

发布时间：2018-07-25 20:47

【摘要】：2009年我国证券市场创业板的开市，为我国那些不具备上市条件、创业初期、规模小、具有高成长性的中小企业、新兴企业和高科技企业提供融资渠道和成长空间。其目的是为这些公司解决筹资难的问题，为其进一步发展提供便利条件。然而，自从创业板上市以来，其IPO募集资金投向变更，资金投入率较低的现象较为严重，资金滥用的现象也层出不穷，从而导致了创业板上市公司IPO募集资金的使用效率并不理想。为此，本文首先对创业板上市公司的IPO募资状况及其募集资金的使用状况进行了研究分析，研究结果表明，我国创业板上市公司在IPO募集资金使用方面存在着如下问题：（1）创业板上市公司在IPO募集资金使用的过程中随意变更其投向的现象比较严重，并且对于募集资金投向变更信息的披露存在缺失的现象。（2）部分创业板上市公司IPO募集资金的投入较为缓慢，没有按照计划进度对募集资金进行利用。（3）部分创业板上市公司IPO募集资金的使用效率低下，甚至出现在募集资金后公司的经营业绩下滑的现象。其次，，本文通过构建回归模型主要从创业板上市公司的公司治理水平、公司成长性因素以及制度因素三个方面对引发这些募集资金使用问题的因素进行分析，并且通过实证分析的方法研究了IPO募集资金的使用效果与其投向变更率及投入率之间的关系。具体结论如下：（1）股权集中度、对关键人的激励和约束、公司成长性以及上市公司属地对募集资金投向变更的影响较大。（2）股权集中度、对关键人的激励和约束以及上市公司属地对于募集资金投入率的影响较大。（3）募集资金投向变更、募集资金的投入程度对于募集资金的使用效率有一定的影响。最后，本文针对实证结果分别从影响创业板上市公司募集资金使用问题的各个方面提出了改善募集资金使用的政策建议。主要包括提高公司治理水平、提高公司核心竞争力、优化上市公司的投融资环境以及严格上市公司的信息披露。
[Abstract]:The opening of the gem in 2009 provides financing channels and growth space for small and medium-sized enterprises, emerging enterprises and high-tech enterprises that do not have the conditions to go on the market and have small scale and high growth. The aim is to solve the financing problem for these companies and to facilitate their further development. However, since the gem listing, its IPO raised funds to change, the phenomenon of low capital investment rate is more serious, the phenomenon of capital abuse also emerge in endlessly. As a result, gem listed companies IPO raise funds efficiency is not ideal. For this reason, this paper firstly analyzes the status of IPO fundraising and the use of the funds raised by gem listed companies, and the research results show that, There are the following problems in the use of IPO funds in China's gem listed companies: (1) in the process of using the funds raised by gem companies, the phenomenon of casually changing the investment of gem listed companies is quite serious. And there is a lack of disclosure of the changing information for raising funds. (2) part of the gem listed companies IPO fund-raising investment is relatively slow, (3) the use efficiency of IPO raised funds of some gem listed companies is low, even after raising funds, the company's operating performance decline. Secondly, by constructing regression model, this paper analyzes the factors that lead to these problems in terms of corporate governance level, corporate growth factors and institutional factors of gem listed companies. And through the empirical analysis, the paper studies the relationship between the use effect of IPO raised funds and its investment rate and investment rate. The specific conclusions are as follows: (1) the degree of equity concentration, the incentive and constraint to the key person, the growth of the company and the territory of the listed company have great influence on the change of the raising capital. (2) the degree of equity concentration. The incentive and restriction to the key person and the territory of the listed company have a great influence on the investment rate of the raised funds. (3) the investment degree of the raised funds has a certain influence on the efficiency of the use of the raised funds. (3) the investment level of the raised funds has a certain influence on the utilization efficiency of the raised funds. Finally, this paper puts forward some policy suggestions on how to improve the use of the raised funds from the aspects that affect the use of the funds raised by gem listed companies. It mainly includes improving the level of corporate governance, improving the core competitiveness of the company, optimizing the investment and financing environment of the listed company and strictly disclosing the information of the listed company.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】