發(fā)布時(shí)間：2018-03-18 21:51

  本文選題：募集資金投向變更　切入點(diǎn)：控股股東　出處：《廣東商學(xué)院》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：隨意變更募集資金投向，是我國證券市場(chǎng)的不爭(zhēng)事實(shí)。募集資金的使用狀況不僅關(guān)系到公司形象、政府監(jiān)管和投資者決策等諸多因素，而且關(guān)系到資本市場(chǎng)對(duì)社會(huì)資源的配置效率，對(duì)國家經(jīng)濟(jì)發(fā)展產(chǎn)生重大影響。我國上市公司募集資金投向變更是在中國特定證券市場(chǎng)、特定上市背景以及特定經(jīng)濟(jì)制度下的一種現(xiàn)象。這種現(xiàn)象對(duì)分析和了解中國證券市場(chǎng)存在的弊病、缺陷以及中國上市公司的不規(guī)范運(yùn)作有很強(qiáng)的代表性，對(duì)此進(jìn)行研究有重要的現(xiàn)實(shí)意義。 上市公司募集資金投向變更的形成原因可能很多，也非常復(fù)雜。對(duì)此，本文在回顧相關(guān)理論和前人研究成果的此基礎(chǔ)上，對(duì)我國上市公司募集資金投向變更的影響因素進(jìn)行探討分析，為我國上市公司隨意變更募集資金投向的治理提供建議。 通過收集我國上市公司相關(guān)數(shù)據(jù)，，本文提出以下觀點(diǎn)：1.我國上市公司普遍存在募集資金投向變更；2.我國上市公司控股股東比例及內(nèi)部人控制度與募集資金投向變更顯著相關(guān)，國有股控股股東的持股比例越高，公司治理狀況越差的上市公司更傾向于變更募集資金投向；3.上市公司獨(dú)立董事的比例與上市公司是否變更募集資金投向沒有顯著相關(guān)性；4.上市公司的經(jīng)營業(yè)績與上市公司是否變更募集資金投向沒有顯著相關(guān)性。這個(gè)結(jié)果的含義：由于我國上市公司不合理的股權(quán)結(jié)構(gòu)（例如國有股的一股獨(dú)大）影響了上市公司的公司治理結(jié)構(gòu)，導(dǎo)致我國上市公司形成了具有中國特色的內(nèi)部人控制，對(duì)于管理者的監(jiān)督與激勵(lì)缺乏效率。在這種情況下，獨(dú)立董事都很難真正發(fā)揮作用，這導(dǎo)致控股股東可能會(huì)根據(jù)自己的需要做出變更上市公司募集資金投向的決策，也有可能上市公司在做出募集資金決策的開始就缺乏科學(xué)依據(jù)，更有甚者，投資項(xiàng)目都是虛假根本不存在的，在這種情況下，違背招股投資承諾，變更募集資金投向就成了一種不可避免的現(xiàn)象。正因?yàn)槟技Y金投向的變更由控股股東及公司治理結(jié)構(gòu)影響，經(jīng)營業(yè)績好壞則不會(huì)對(duì)上市公司募集資金投向產(chǎn)生顯著影響。
[Abstract]:Change the raised funds, the securities market of our country is an indisputable fact. The use of the funds raised situation is not only related to the company's image, government regulation and investor decision-making and many other factors, but also related to the capital market on the allocation efficiency of social resources, have a significant impact on national economic development. China's listed companies to raise funds to invest in change is in the Chinese specific securities market, a special phenomenon listed background as well as specific economic system. This phenomenon to analyze and understand the shortcomings of Chinese securities market, listed companies Chinese defects and irregularities in the operation of a good representative, this research is of great practical significance.
Listed companies to raise funds to invest in the formation of the reasons may be many changes, but also very complex. In this regard, this paper based on the review of the related theories and previous research results, analyze the influencing factors of China's listed companies to raise funds to invest in change, provide recommendations for the governance of Listed Companies in China to raise funds to invest in change.
By collecting the data of the listed companies in China, this paper put forward the following views: 1. are popular in China's listed companies to raise funds to invest in change; the 2. controlling shareholders of listed company and the proportion of internal control system and the alteration of financing capital is significantly related to the proportion of state-owned shares, the controlling shareholder is higher, the worse condition of corporate governance of listed companies are more inclined to raise funds to invest in change; 3. independent directors of listed companies and the proportion of listed companies to raise funds to invest in change has no significant correlation; and the management performance of 4. listed companies of listed companies is not to raise funds to invest in change. There was no significant correlation between the results of meaning: the ownership structure of our listed companies is not reasonable (a for example, the dominance of state-owned shares shares) affect corporate governance structure of listed companies, resulting in China's listed companies have formed China characteristics The internal control, supervision and incentive for managers lack of efficiency. In this case, the independent directors are difficult to really play a role, which leads to the controlling shareholder may make changes in the listed company to raise funds for investment decision according to their own needs, there may be a lack of scientific basis in the listed companies have begun to raise funds to make decision and what is more, the investment project is false does not exist, in this case, against offering investment commitments, to raise funds to invest in change has become an inevitable phenomenon. Because of the change to raise funds by controlling shareholders and corporate governance structure, operating performance of listed companies is not to raise funds to have a significant impact.

【學(xué)位授予單位】：廣東商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1631454