我国创业板公司IPO募集资金使用效率研究

发布时间：2018-01-28 03:14

本文关键词： 创业板 IPO 募集资金使用效率　出处：《河南大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国创业板市场自从2009年开启以来就引起业界的广泛关注，创业板公司IPO募集资金使用效率的高低成为了焦点。我国创业板的设立是为了解决处于成长初期、规模较小企业融资难的问题，合理配置资本市场的资金，将资金更为合理的使用，为企业创造更多利益，从而提高资本市场资本配置的效率。但是我国创业板公司IPO融资超募的现象非常严重，投资者投资热情异常高涨，盲目地对创业板市场投资，造成上市公司IPO募集资金的规模远远超出预期。巨额募集资金给予上市公司投向多样化的选择，同时也暴露上市公司出变更研发项目资金投向、将募集资金用于偿还银行贷款的现象，甚至还有公司将大量的募集资金闲置于银行募资专户的行为。创业板募集资金没有得到有效的利用，背离了创业板成立的初衷，造成募集资金的低效使用，带来上市公司经营业绩的下滑。本文从资本市场资本配置的角度出发，在相关研究理论的基础上，根据我国创业板市场对募集资金管理的相关政策法规，分别对我国创业板公司IPO募集资金的超募状况和募集资金的投入使用情况进行分析。在创业板公司IPO募集资金统计分析的基础上，结合创业板上市公司经营业绩的情况，考察上市公司IPO募集资金超募率、资金的使用投向分别与募集资金使用效率的关系。通过实证研究表明，在其他条件一定的情况下，上市公司首发募集资金超募率越高，企业的经营业绩越差，资金的使用效率越低，超募率与募集资金的使用效率呈负相关关系。另外，本文研究了募集资金不同投向使用效率，研究结果表明创业板公司IPO募集资金的不同投向会显著影响资金的使用效率，首发募集资金对主业投资、对外股权投资的比例越高，募集资金的使用效率越高，即将募集资金用于主业投资、对外股权投资与资金的使用效率有正相关影响。同时，将募集资金用于偿还银行贷款以及闲置于募集资金存款专户都会造成资金使用效率的下降，与募集资金使用效率有负相关的影响。研究创业板上市公司首发募集资金的使用效率，能够评价创业板市场资本配置的效率，避免投资者盲目的投资热情损害自身的利益，降低投资者的投资风险。通过研究上市公司首发募集资金投向与经营业绩的关系，可以让上市公司更加谨慎的使用募集资金。上市公司只有从企业的切身利益出发，，将募集资金按照相关的政策法规合理地分配使用，避免短期的投资行为，才能提高募集资金的使用效率，为企业带来长期稳定和可持续发展，同时也为后续的融资提供借鉴。企业募集资金使用效率得到提高，能够使创业板资本市场的资金得到合理地分配，避免资金的浪费流失，完善了整个资本市场的资本结构，也有利于资本市场资本的优化配置和社会的可持续发展。
[Abstract]:Since 2009, the gem market in China has attracted wide attention from the industry. The efficiency of IPO fund-raising has become the focus. The establishment of the gem is to solve the problem of difficult financing for small enterprises in the early stage of growth and to allocate the capital market reasonably. More reasonable use of funds for enterprises to create more benefits, thereby improving the efficiency of capital allocation, but China's gem IPO financing phenomenon is very serious. Investors' enthusiasm for investment is very high, blind investment in the gem market, resulting in the scale of the listed companies IPO raised funds far more than expected. The huge amount of funds raised to the listed companies to diversify the choice. At the same time, it also exposed the phenomenon that listed companies changed their R & D project investment and raised funds to repay bank loans. There are even a large number of companies will idle in the bank to raise funds dedicated to the behavior. Gem raised funds have not been effectively used, contrary to the original intention of the establishment of the gem, resulting in the inefficient use of the funds raised. Bring about the decline in the operating performance of listed companies. This article from the capital market capital allocation angle, in the correlation research theory foundation, according to our country growth enterprise market to raise the fund management related policy and the law. On the basis of the statistical analysis of the IPO raised funds of the gem company, the paper analyzes the situation of the over-raised funds and the input and use of the funds raised by the gem company IPO respectively. Combined with the operating performance of listed companies in gem, this paper investigates the relationship between the over-raising rate of funds raised by IPO, the use of funds and the efficiency of raising funds. Under certain other conditions, the higher the over-raising rate of the funds raised by the listed companies, the worse the operating performance of the enterprises, and the lower the efficiency of the use of funds. There is a negative correlation between the over-raising rate and the utilization efficiency of the raised funds. In addition, this paper studies the different investment efficiency of the raised funds. The research results show that the different investment of IPO raise funds will significantly affect the efficiency of the use of funds. The proportion of the initial raising funds to the main business investment, the proportion of foreign equity investment is higher. The higher the efficiency of the use of funds, will raise funds for the main business investment, foreign equity investment and the efficiency of the use of funds have a positive correlation. At the same time. Using the raised funds to repay the bank loans and idle in the special account will cause the decrease of the efficiency of the use of funds, which has a negative impact on the efficiency of the use of funds. The research on the efficiency of the initial raising funds of the gem companies can evaluate the efficiency of the gem market capital allocation and avoid the blind investment enthusiasm of investors to harm their own interests. To reduce the investment risk of investors. Through the study of the relationship between the investment of the listed companies' initial raising funds and the operating performance. Listed companies can be more cautious in the use of fund-raising funds. Listed companies only from the immediate interests of the enterprise, will raise funds in accordance with the relevant policies and regulations reasonable allocation of use, to avoid short-term investment behavior. In order to improve the efficiency of the use of funds for the enterprise to bring long-term stability and sustainable development, but also for the subsequent financing to provide reference. The efficiency of the use of funds raised by the enterprise has been improved. It can make the capital of gem get reasonable distribution, avoid the loss of funds, and improve the capital structure of the whole capital market. It is also conducive to the optimal allocation of capital in the capital market and the sustainable development of society.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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