我国IPO上市公司超募资金财务影响研究

发布时间：2018-04-14 10:39

本文选题：超募 + 资金滥用　；参考：《电子科技大学》2014年硕士论文

【摘要】：我国在股权分置改革之后,自2009年6月起,开始了新股发行机制改革。在新发行上市的公司中,特别是深圳证券交易所的中小企业板和创业板公司中,数额巨大的超募资金,可能会给公司的经营管理和未来发展带来较大不利影响;同时也可能导致市场投资者承受较大损失、进一步会对社会资源的配置造成不良影响。目前很多学者、证监会对此有较大质疑,公司本身的财务管理具有较大隐患。本文依据上述超募资金现象日益泛滥的背景下,通过运用包括财务研究在内的理论分析的方法,运用实证方法对超募现象进行分析。首先概述部分新股超募情况,阐述超募资金对企业发展和财务管理方面的有利方面和不利方面。对超募资金的财务影响进行具体分析。主要通过企业财务指标来构建新股IPO超募的主要影响因素,按上市所处市场、按行业分类等影响因素对比分析研究方法,分析净资产收益率等财务指标在超募与非超募公司之间的差异,通过财务分析揭示超募资金对公司的各种影响。另外在超募影响因素分析的基础上,对资金管理方面以及新股超募与资金滥用之间的关系进行研究。对我国新股制度改革和新股超募之间的关系进行实证研究。通过对创业板的超募资金极高的深圳市海普瑞药业股份有限公司财务情况分析,通过具体的分析数据、结合杜邦财务分析等进行研究。通过本文分析,上市公司的性质和财务指标会对其超募行为有显著的影响,其中创业板企业超募更为严重。而超募资金对企业的财务影响也更为明显,从公司超募之后的结果分析,超募会使得公司现金流占比较高并且财务费用较低,增强了公司偿债能力。上市公司超募负相关的有公司的盈利能力、周转能力和长期的成长性。上市公司超募会导致过度投资、过度在职消费等问题。通过本文实证分析,我们建议,要解决上市公司超募的问题,需要新股发行制度的深化改革,需要市场去调节配置资金,做好科学规划,合理利用超募资金。监管部门要进一步加强证券市场的监管,对上市公司超募行为进行合理疏导,从而缓解目前超募资金泛滥的现象。本文从财务分析的角度去分析超募资金的财务影响,希望从这个角度去剖析问题。争取对进一步规范证券市场的资金募集起到一定的借鉴作用和参考,从而缓解目前IPO超募的现状。
[Abstract]:After the reform of split share structure, China began the reform of new issue mechanism in June 2009.In the newly listed companies, especially in the small and medium-sized enterprises board and the growth enterprise board of Shenzhen Stock Exchange, the huge amount of over-raised funds may have a great adverse impact on the management and future development of the company.At the same time, it may cause market investors to bear large losses, which will have a further adverse impact on the allocation of social resources.At present, many scholars, the CSRC has greater doubts about this, the company's own financial management has a greater hidden danger.In this paper, under the background that the phenomenon of over-raising funds is becoming more and more widespread, this paper analyzes the phenomenon of over-raising by using the method of theoretical analysis, including financial research, and using the empirical method.Firstly, it summarizes the situation of over-raising of some new shares, and expounds the advantages and disadvantages of over-raising funds on the development of enterprises and financial management.The financial impact of over-raised funds is analyzed in detail.Mainly through the enterprise financial index to construct the main influence factor of the new stock IPO overcapitalization, according to the listed market, according to the industry classification and so on influence factor comparative analysis research method,This paper analyzes the difference of financial indexes such as return on net assets between over-raised and non-over-raised companies, and reveals the influence of over-raised funds on companies through financial analysis.In addition, on the basis of the analysis of the influencing factors, the paper studies the relationship between the capital management and the over-raising of new shares and the misuse of funds.This paper makes an empirical study on the relationship between the reform of the new stock system and the over-raising of new shares in China.This paper analyzes the financial situation of Shenzhen Hepri Pharmaceutical Co., Ltd., which is overfunded by gem, analyzes the financial situation of Shenzhen Hepri Pharmaceutical Co., Ltd., through the specific analysis data, combined with DuPont financial analysis and so on.Through the analysis of this paper, it is found that the nature and financial index of listed companies will have a significant impact on their over-raising behavior, among which the growth enterprise over-raising is more serious.From the analysis of the results after the over-raising, the cash flow of the company is higher and the financial expenses are lower, which enhances the company's ability to repay debt.The negative correlation between the overoffering and the listed company is the profitability, turnover ability and long-term growth.Over-raising of listed companies will lead to excessive investment, excessive on-the-job consumption and other problems.Through the empirical analysis of this paper, we suggest that in order to solve the problem of over-raising of listed companies, we need to deepen the reform of the new issue system, to adjust the allocation of funds in the market, to make a good scientific plan, and to make rational use of the over-raised funds.The supervision department should further strengthen the supervision of the securities market and conduct reasonable guidance to the over-raising behavior of the listed companies, so as to alleviate the phenomenon of overcapitalization at present.This paper analyzes the financial impact of overraised funds from the perspective of financial analysis, hoping to analyze the problem from this point of view.It can be used for reference to further standardize the raising of funds in the securities market, so as to alleviate the current situation of IPO over-raising.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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