基于投资者保护的中科电气IPO募集资金使用研究

发布时间：2019-05-08 05:21

【摘要】：上市公司可以通过公开发行股票募集资金来解决公司融资困难的问题，将资金投向有利于公司发展的高收益项目，以提高公司的市场竞争力。中小投资者通过作为投融资平台的资本市场将资金提供给融资者使用，，最关心的莫过于自己的资金是如何被使用的。我国创业板启动以来，超募现象非常普遍，与此同时，许多上市公司在资金使用过程中存在随意变更募集资金投向、挥霍募集资金等问题。中小投资者的利益不可避免的遭受到侵犯，上市公司募集资金的管理和使用情况备受关注。因此，本文以中小投资者保护为视角研究案例公司募集资金使用过程中产生的问题，分析其成因，进而提出改进措施，对规范案例公司募集资金的使用、维护中小投资者利益具有重要意义。本文以中科电气股份有限公司为案例对象。首先，文章对公司的基本情况和上市募资的动机进行了介绍。然后，详细总结了公司总体募资情况及募集资金使用状况；结合公司的经营情况、并购企业盈利状况及研发现状对公司募资资金使用成效进行了分析；通过对案例公司实地调查和资料分析的方式，提出其存在变更募集资金投向、募集资金使用不合规、永久补充流动资金用途模糊、超募资金闲置的问题。最后，在全面了解问题成因的基础上，结合公司的实际情况，构想了针对具体问题的改进措施。文章旨在提供全面、具体、可行的募集资金使用改进措施，以期对完善案例公司和同类企业的募集资金管理和使用有所帮助。
[Abstract]:Listed companies can solve the problem of financing difficulties by raising funds through the public offering of shares, and invest their funds in high-yield projects which are beneficial to the development of the company, in order to improve the market competitiveness of the companies. Small and medium-sized investors provide funds to financiers through the capital market, which is a platform for investment and financing. Nothing is more concerned about how their own funds are used. Since the start of gem in China, the phenomenon of over-raising is very common. At the same time, many listed companies have some problems in the process of using capital, such as changing the investment of fund raising, squandering the fund raising and so on. The interests of small and medium-sized investors are inevitably infringed, and the management and use of funds raised by listed companies have attracted much attention. Therefore, from the angle of protection of small and medium-sized investors, this paper studies the problems in the process of raising funds of case companies, analyzes their causes, and then puts forward some improvement measures to regulate the use of funds raised by case companies. It is of great significance to safeguard the interests of small and medium-sized investors. This article takes Zhongke Electric Co., Ltd as the case object. First of all, the article introduces the basic situation of the company and the motivation to raise funds on the market. Then, it summarizes the overall fund-raising situation and the use of the fund in detail, and analyzes the effectiveness of the fund-raising fund using in combination with the operating situation of the company, the profit status of the M & A enterprises and the current situation of R & D; Through on-the-spot investigation and data analysis of case companies, it is pointed out that there are problems such as changing the investment of raising funds, irregular use of raising funds, vague use of permanent replenishment liquidity, and idle over-raising of funds. Finally, on the basis of a comprehensive understanding of the causes of the problem, combined with the actual situation of the company, the improvement measures for specific problems are conceived. The purpose of this paper is to provide comprehensive, specific and feasible measures to improve the use of fund raising in order to improve the management and use of fund raising in case companies and similar enterprises.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F426.6

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