本文關(guān)鍵詞：我國上市公司IPO募集資金使用效率研究　出處：《湖南大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 募集資金使用效率 代理成本 股權(quán)結(jié)構(gòu) 大股東控制

【摘要】：IPO融資已成為我國企業(yè)融資的一種重要方式。但我國上市公司普遍存在著募集資金投向變更、資金閑置或大股東占用募集資金等募集資金濫用現(xiàn)象，募集資金使用效率不高，這既不利于上市公司自身的發(fā)展，也影響了證券市場的資源配置功能。 本文首先基于委托代理理論分析了股權(quán)結(jié)構(gòu)對上市公司的募集資金使用效率的影響，然后構(gòu)建DRA模型和多元回歸模型對募集資金的使用效率及影響因素進(jìn)行了實證研究。本文選擇2005年-2007年滬深證券交易所IPO公司為樣本，以募集資金凈額、資本性投入、人力資本投入為投入變量，，以主營業(yè)務(wù)利潤增長率、主營業(yè)務(wù)收入增長率、凈資產(chǎn)收益率和托賓Q值為產(chǎn)出變量，采用DEA模型對募集資金的使用效率進(jìn)行分析，然后以主營業(yè)務(wù)利潤增加率、凈資產(chǎn)收益率和托賓Q值為因變量，以股權(quán)結(jié)構(gòu)等因素為自變量構(gòu)建多元回歸分析對募集資金使用效率影響因素進(jìn)行了實證研究。研究結(jié)果發(fā)現(xiàn)：（1）IPO融資后上市公司的經(jīng)營業(yè)績未得到顯著改善，募集資金使用效率整體偏低；（2）募集資金使用效率與大股東持股比例顯著正相關(guān)，大股東持股比例的增加可以使得大股東與其他中小股東的利益趨于一致，有利于上市公司募集資金的使用；（3）股權(quán)制衡度越高，募集資金使用效率越高，這說明股權(quán)制衡度越高越有利于防止大股東的不良行為，提高上市公司投資決策效率；（4）雖然部分學(xué)者認(rèn)為國國有控股公司由于產(chǎn)權(quán)主體不清晰等容更易出現(xiàn)內(nèi)部人控制，股權(quán)代理成本要高于民營控股公司，但是實證結(jié)果表明，二者在募集資金使用效率方面沒有顯著差異。 最后，本文在以上研究的基礎(chǔ)上，就提高我國上市公司IPO募集資金使用效率提出了相關(guān)的政策建議。
[Abstract]:IPO financing has become an important way of corporate financing in our country. However, there is widespread abuse of raising funds in listed companies, such as the change of raising funds, the idle funds or the large shareholders' occupation of the raised funds. The efficiency of raising funds is not high, which is not conducive to the development of listed companies, but also affects the resource allocation function of the stock market. Firstly, based on the principal-agent theory, this paper analyzes the influence of equity structure on the efficiency of raising funds of listed companies. Then we construct DRA model and multiple regression model to study the efficiency and influencing factors of raising funds. This paper chooses IPO Company of Shanghai and Shenzhen Stock Exchange as the sample from 2005 to 2007. Taking net raising capital, capital input and human capital input as input variables, the main business profit growth rate, main business income growth rate, net asset return rate and Tobin Q value are the output variables. DEA model is used to analyze the efficiency of raising funds, and then the main business profit increase rate, net asset return rate and Tobin Q value are taken as dependent variables. Based on multiple regression analysis of equity structure and other factors, this paper makes an empirical study on the influencing factors of the efficiency of raising funds. After IPO financing, the operating performance of listed companies has not been significantly improved. The efficiency of raising funds is on the low side; (2) the efficiency of raising funds is positively related to the proportion of large shareholders holding shares, and the increase of the proportion of large shareholders can make the interests of large shareholders and other minority shareholders tend to be in line with each other. To facilitate the use of funds raised by listed companies; 3) the higher the degree of equity balance, the higher the efficiency of raising funds, which indicates that the higher the degree of equity checks and balances is, the better it is to prevent the bad behavior of large shareholders and to improve the efficiency of investment decision-making of listed companies; Although some scholars think that the state-owned holding company is more likely to appear insider control due to the lack of clear property rights, the cost of equity agency is higher than that of private holding company, but the empirical results show that. There is no significant difference in the efficiency of raising funds between them. Finally, on the basis of the above research, this paper puts forward some relevant policy recommendations to improve the efficiency of IPO raising funds of listed companies in China.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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本文編號：1421300