我国创业板公司资金超募及其收益效应研究

发布时间：2018-02-13 16:34

本文关键词： 创业板超募资金公司收益资本配置效率　出处：《东华大学》2013年硕士论文　论文类型：学位论文

【摘要】：2009年10月23日,酝酿已久的创业板正式启动。我国设立创业板,不仅为了更好地解决中小企业融资难问题,给有成长潜力的中小企业提供了一个好的融资平台,促进对创业公司新一轮经营发展的金融支持作用,也希望提升我国资本市场资本配置的效率。然而,创业板正式开板后,其发挥的实际功能及其现状让人感到担忧,创业板“三高”现象屡见不鲜,新股的破发早己成为一种常态,较高的资金超募率更是对资本市场资源的一种巨大的浪费。截止2012年8月26日,先后有349家上市公司在创业板进行融资,其中有341家出现资金超募现象,这严重地损害了我国资本市场资本配置的效率,违背了创业板设立的初衷。因此,对于创业板募集资金的使用效果以及资金超募带来的相关影响问题值得给与关注和研究。创业板公司通过IPO募集资金本来是优化市场配置资源能力的一个重要体现,但是我国创业板资金超募的现象非常严重,其中超募资金的低效率使用、浪费、侵吞等倾向隐形丛生,违背了融资者的上市承诺,严重损害了创业板新股东的利益,极大地挫伤投资者的投资热情,以至于影响上市公司的最终利益。现有关于我国创业板超募问题的研究缺乏相应的数据及理论的支持,没有将超募程度进行量化,从而与公司的收益联系起来做系统的分析,继而提出的对策建议也无法切中要害,不能从根本上认识超募并改善、解决超募的问题。本文从资本配置与公司投融资的一般理论入手,大量收集相关文献,方面定性分析了我国创业板上市公司资金超募的一般特征,另一方面对资金超募率进行了测算和分析,得出超募资金及超募率的描述性统计结果,在此基础上结合创业板上市公司的收益情况,考察了不同的资金超募率情况对上市公司收益的不同程度的影响。实证研究发现,超募率越高的公司,公司的净资产收益率下降越多,也就是资金超募率与公司的收益有负相关关系。进一步的,本文创新性地从资本配置效率角度分析了超募所导致的资本配置失效以及资源的浪费。通过将创业板公司实际融资金额和上市募资拟投资的项目进行挂钩,首先分析了对于企业,超募资金所产生的影响,并通过研究得出企业资源最优配置的条件。然后通过分析超募对企业与企业之间资本分配的影响,得出超募对于不同企业之间资源配置的影响。在此基础之上,研究超募对于整个资本市场资本配置效率的影响。最后针对研究结论提出对策旨在合理控制融资超募从而优化我国创业板上市公司收益。
[Abstract]:In October 23rd 2009, the long-simmering gem was officially launched. The establishment of the gem in China not only provides a good financing platform for small and medium-sized enterprises with growth potential, but also provides a better solution to the financing difficulties of small and medium-sized enterprises. To promote the role of financial support for the new round of operation and development of start-up companies, and also to improve the efficiency of capital allocation in China's capital market. However, after the gem was formally opened, its actual function and its present situation are worrying. The "three high" phenomenon in the gem is common, the break-up of new shares has become a normal phenomenon, and the high rate of capital over-raising is a huge waste of capital market resources. As of August 26th 2012, There are 349 listed companies financing on the gem, of which 341 have overraised funds, which seriously impairs the efficiency of capital allocation in China's capital market and violates the original intention of the establishment of the gem. It is worth paying attention to and studying the effect of the use of the funds raised by the gem and the related problems caused by the over-raising of funds. Growth Enterprise Market (gem) raised funds through IPO is an important embodiment of the ability to optimize the market allocation of resources. However, the phenomenon of over-raising of gem funds in our country is very serious, among which the inefficient use and waste of over-raised funds. The tendency of embezzlement and other invisibility has violated the listing commitments of the financiers, seriously damaged the interests of the new shareholders of the gem, and greatly dampened the investment enthusiasm of investors. Therefore, it affects the ultimate interests of listed companies. The existing research on the problem of overraising on gem in our country lacks the corresponding data and theoretical support, and does not quantify the degree of over-raising, so as to make a systematic analysis on the relationship between the degree of overfundraising and the profits of the companies. Then the countermeasures and suggestions can not reach the key point, can not fundamentally understand and improve, and solve the problem of over-raising. Starting with the general theory of capital allocation and corporate investment and financing, this paper collects a large number of relevant documents, and qualitatively analyzes the general characteristics of capital over-raising of listed companies on the gem. On the other hand, it calculates and analyzes the over-raising rate of funds. On the basis of the descriptive statistical results of the over-raised funds and the over-raised rate, combined with the income situation of listed companies on the gem, the paper investigates the effects of different funds over-raising rates on the earnings of listed companies. The higher the rate of overcapitalization, the more the return on net assets of the company falls, that is, there is a negative correlation between the rate of over-raising of funds and the income of the company. From the perspective of capital allocation efficiency, this paper analyzes the failure of capital allocation and the waste of resources caused by overcapitalization. By linking the actual amount of financing of gem companies with the projects to be invested by listed companies, First of all, the paper analyzes the influence of over-raising funds on enterprises, and obtains the conditions of optimal allocation of enterprise resources through the research, and then analyzes the impact of over-raising on the capital distribution between enterprises and enterprises. The effects of overfundraising on resource allocation among different enterprises are obtained. This paper studies the effect of overcapitalization on the efficiency of capital allocation in the whole capital market, and finally puts forward some countermeasures aimed at reasonably controlling the over-raising of funds in order to optimize the income of listed companies in the gem of our country.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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