创业板上市公司超募与过度投资分析

发布时间：2018-03-07 22:11

本文选题：创业板　切入点：超募　出处：《南京农业大学》2014年硕士论文　论文类型：学位论文

【摘要】：为了解决中小型企业融资难问题和构建多层次的资本市场,我国于2009年10月30日正式启动了创业板市场。创业板市场的推出一定程度上解决了部分中小型企业融资难问题,也为我国构建多层次的资本市场迈出了关键的一步。但是,创业板市场的运行也存在一系列的问题,其中最为引人关注的就是创业板广泛存在的超募现象。超募就是创业板上市公司实际募集资金超过项目预计募集资金的部分。超募带来了上市公司超募资金使用无效率问题如过度投资和投资不足,也加剧了其他真正需要融资的中小企业的融资难问题。目前,超募现象已经引起了包括监管层、上市公司、学者和社会公众的广泛关注。本文以我国创业板2009年——2013年上市的355家样本企业为研究对象,研究创业板上市公司超募现象以及超募带来的企业投资问题。在借鉴前人研究成果的基础上,本人认真分析创业板上市公司超募的成因以及创业板上市公司超募资金使用现状,并用实证方法验证了创业板上市公司超募现象引起了企业过度投资问题。并为解决超募问题和超募资金的有效使用提出了一些建设性的意见。本文首先梳理了超募现象及投资有关理论,接着对我国创业板上市公司的超募现状与投资情况进行了描述。在此基础上,对我国创业板超募现象的成因和超募与过度投资的关系作了理论分析,指出我国超募现象的存在原因既有发行人自身的原因、制度层面的原因也有发行相关利益方与市场层面的原因,并且超募现象的存在一定程度上引起了企业的过度投资问题。基于前述理论分析,本文设计了实证研究部分。在提出建设后,借鉴Richardson (2006)适度模型等相关理论建立了有关实证模型,以我国创业板截止到2013年的上市公司为研究对象,选取了467个样本,用stata11.0对模型进行回归分析,实证检验了创业板上市公司超募对企业过度投资的影响,得出了二者正相关的结论：即超募现象越严重,企业过度投资越严重。最后,在以上研究的基础上本文得出了研究结论,并尝试性的提出了解决我国创业板上市公司普遍存在的超募现象的对策与建议,及超募资金的有效使用与监管建议。真心希望有关对策和建议能为解决我国创业板上市公司超募问题、提高超募资金使用效率与优化我国创业板市场功能提供支持。
[Abstract]:In order to solve the financing difficulties of small and medium-sized enterprises and to build a multi-level capital market, China officially launched the gem market in October 30th 2009. The launch of the gem market to a certain extent solved the financing difficulties of some small and medium-sized enterprises. It is also a key step for China to build a multi-level capital market. However, there are also a series of problems in the operation of the gem market. Among them, the most interesting thing is the phenomenon of over-raising, which is widely existing in the gem. Super raising is the part of the listed companies that actually raise more funds than the projects expected to raise. Super raising brings about the use of funds by listed companies. Inefficient problems such as overinvestment and underinvestment, It has also exacerbated the financing difficulties of other small and medium-sized enterprises that really need financing. At present, the phenomenon of over-raising has caused problems, including the regulatory level, the listed companies, Scholars and public concern. This paper takes 355 sample enterprises listed on the gem from 2009 to 2013 as the research object. This paper studies the phenomenon of over-raising of listed companies in the gem and the problems of enterprise investment brought about by over-raising. On the basis of drawing lessons from the previous research results, I seriously analyze the causes of over-raising of listed companies on the gem and the current situation of the use of over-raised funds by listed companies on the gem. The empirical method is used to verify that the phenomenon of over-raising of listed companies on the gem causes the overinvestment problem of enterprises, and puts forward some constructive suggestions to solve the problem of over-raising and the effective use of over-raised funds. Theory of fundraising and Investment, Then, the paper describes the status quo and investment situation of the listed companies in the gem. On this basis, it makes a theoretical analysis of the causes of the phenomenon and the relationship between the over-raising and over-investment in the gem. It is pointed out that the reasons for the phenomenon of over-raising in China are not only the issuer's own reasons, but also the reasons of the issuing related interests and the market level. And the existence of the phenomenon of over-raising has caused the problem of overinvestment to a certain extent. Based on the above theoretical analysis, this paper designs the empirical research part. Based on the relevant theories such as Richardson / 2006), the empirical model is established. Taking the listed companies of China's gem until 2013 as the research object, 467 samples are selected, and the regression analysis of the model is carried out with stata11.0. This paper empirically tests the influence of over-raising on overinvestment of listed companies in gem, and draws the conclusion that the more serious the phenomenon of over-raising is, the more serious overinvestment is. On the basis of the above research, this paper draws the conclusion of the research, and tries to put forward the countermeasures and suggestions to solve the overfundraising phenomenon of the listed companies in the gem of our country. The author sincerely hopes that the relevant countermeasures and suggestions can provide support for solving the problem of over-raising, improving the efficiency of over-raising funds and optimizing the market function of China's gem.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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