创业板上市公司IPO超募融资与投资效率研究

发布时间：2018-06-06 02:07

本文选题：创业板 + 超募　；参考：《重庆工商大学》2014年硕士论文

【摘要】：2009年10月30日，创业板市场在中国资本市场正式启动后，其高市盈率、高发行价、高超募现象尤为突出，引发许多热点话题，国内专家学者纷纷给予关注。创业板在IPO融资过程中获得的巨额超募资金能否得到有效利用，实现资源的优化配置，这将成为企业健康平稳发展的关键。然而，当企业募集到巨额超募资金后，缺乏投资机会和投资项目，且管理层可能缺乏驾驭资金的能力并出于满足自身利益最大化考虑，倾向于风险规避，将大量资金闲置，有限资源无法高效利用，致使投资不足现象产生。同时，企业也可能盲目滥用资金，导致过度投资。无论是投资不足还是过度投资都会造成企业投资效率低下，影响企业的投资绩效，损害企业及投资者的利益。本文选取2009-2011年在创业板上市的278家公司为研究对象，梳理和回顾国内外相关文献，分析我国创业板超募融资及资金使用现状，，定性与定量分析相结合。依托自由现金流假说、委托代理理论、信息不对称理论和公司治理理论对超募资金和非效率性投资进行分析。借鉴Richardson投资预期模型，预估企业的适度投资支出和非预期投资支出水平，以此为基础构建关系模型，实证分析超募资金与非效率性投资、投资绩效间的关系，然后得出实证结果，并据此提出一系列相关建议。研究结果表明：创业板上市公司IPO超募资金与非效率性投资正相关，IPO超募金额越大，越容易发生非效率性投资，导致企业投资效率低下；企业的非效率性投资更突出表现为投资不足；超募资金与过度投资、投资不足呈正相关关系，超募资金越多，超募比率越高，企业的过度投资或投资不足现象越严重；超募资金与企业投资绩效显著负相关，超募资金越多，投资绩效越低。最后，本文根据实证结果，提出一系列相关政策建议。以期能对治理我国创业板市场超募现象、提高超募资金使用效率、提升企业投资绩效产生帮助。
[Abstract]:On October 30, 2009, after the gem market officially launched in China's capital market, its high price-earnings ratio, high issue price, superb fund-raising phenomenon is particularly prominent, leading to a lot of hot topics, domestic experts and scholars have paid attention to one after another. It is the key to the healthy and stable development of the enterprise that the growth Enterprise Market (gem) can make effective use of the huge overraised funds obtained in the process of IPO financing and realize the optimal allocation of resources. However, when the enterprise raises a large amount of excess funds, it lacks investment opportunities and investment projects, and the management may lack the ability to control the funds and, in order to meet their own interests, tends to avoid risks and leave a large amount of funds idle. Limited resources can not be used efficiently, resulting in insufficient investment phenomenon. At the same time, enterprises may also blindly misuse funds, resulting in excessive investment. Whether it is underinvestment or overinvestment, the investment efficiency of enterprises will be low, the investment performance of enterprises will be affected, and the interests of enterprises and investors will be damaged. This paper selects 278 companies listed on the gem in 2009-2011 as the research object, combs and reviews the relevant literature at home and abroad, analyzes the current situation of financing and the use of funds in China's gem, and combines qualitative and quantitative analysis. Based on the hypothesis of free cash flow, principal-agent theory, information asymmetry theory and corporate governance theory, this paper analyzes the over-raised funds and inefficient investments. Using the Richardson investment expectation model to estimate the level of moderate investment expenditure and unexpected investment expenditure, this paper constructs a relational model, and empirically analyzes the relationship between over-raised funds and non-efficient investment and investment performance. Then the empirical results are obtained and a series of relevant suggestions are put forward. The research results show that: the higher the amount of IPO over-raised and the higher the amount of non-efficient investment, the more prone to the non-efficiency investment, which leads to the inefficiency of enterprise investment; The inefficiency investment of the enterprise is more prominent in the form of insufficient investment, the over-raising fund is positively related to the over-investment and the insufficient investment, the more funds are raised, the higher the over-raising ratio is, and the more serious the overinvestment or underinvestment is, the more serious the phenomenon of overinvestment or underinvestment is. There is a significant negative correlation between overraised funds and corporate investment performance, and the more overraised funds, the lower the investment performance. Finally, according to the empirical results, this paper puts forward a series of relevant policy recommendations. It is expected that it can help to control the phenomenon of over-raising in the gem market, improve the efficiency of over-raising funds and improve the investment performance of enterprises.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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