本文選題：創(chuàng)業(yè)板　切入點(diǎn)：超募資金　出處：《暨南大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：2009年10月30日，創(chuàng)業(yè)板正式啟動(dòng)。截至2012年12月31日，已有356家企業(yè)在創(chuàng)業(yè)板成功上市。源于市場(chǎng)對(duì)創(chuàng)業(yè)板上市公司高成長(zhǎng)性的預(yù)期，創(chuàng)業(yè)板普遍存在高超募現(xiàn)象。這種超募行為引起各方對(duì)創(chuàng)業(yè)板市場(chǎng)、上市公司和投資者的關(guān)注。這些還未發(fā)展成熟的中小企業(yè)在創(chuàng)業(yè)板一上市，就獲得巨額的超募資金，給企業(yè)帶來較大的壓力。如果超募資金不合理使用，可能會(huì)對(duì)公司經(jīng)營(yíng)業(yè)績(jī)產(chǎn)生不利影響，也不利于創(chuàng)業(yè)板市場(chǎng)的健康穩(wěn)定發(fā)展。 基于上述問題，本文以2012年12月31日之前在創(chuàng)業(yè)板上市的356家公司為研究對(duì)象。在對(duì)創(chuàng)業(yè)板上市公司的超募情況及超募資金的使用投向和收益情況進(jìn)行統(tǒng)計(jì)分析的基礎(chǔ)上，對(duì)比分析了不同年份、不同板塊的上市公司超募后企業(yè)經(jīng)營(yíng)業(yè)績(jī)變化。另外，，本文還實(shí)證研究了創(chuàng)業(yè)板上市公司超募率和公司經(jīng)營(yíng)業(yè)績(jī)的關(guān)系，結(jié)果發(fā)現(xiàn)超募率與公司業(yè)績(jī)呈負(fù)相關(guān)關(guān)系，說明超募對(duì)上市公司經(jīng)營(yíng)業(yè)績(jī)產(chǎn)生負(fù)面影響，超募資金的短期使用效率不高。在實(shí)證研究的基礎(chǔ)上，本文還探討了超募資金使用效率不高的原因，認(rèn)為企業(yè)缺乏明確的超募資金使用計(jì)劃、存在改變資金投向和利益暗中輸送的情況、監(jiān)管不嚴(yán)，懲罰力度不夠等造成超募資金使用效率不高，最后針對(duì)原因提出使企業(yè)超募資金合理使用的建議和減少超募建議。
[Abstract]:In October 30th 2009, the gem was officially launched. By December 31st 2012, 356 enterprises had successfully listed on the gem. There is a widespread phenomenon of skilful fund-raising in the gem. This kind of over-raising has aroused the attention of all parties to the gem market, listed companies and investors. These small and medium-sized enterprises, which have not yet developed and mature, have obtained huge amounts of overfundraising funds as soon as they are listed on the gem. If the excessive use of funds is not reasonable, it may have a negative impact on the business performance of the company, and is not conducive to the healthy and stable development of the gem market. Based on the above problems, this paper takes 356 companies listed on the gem before December 31st 2012 as the research object. In addition, this paper also empirically studies the relationship between the over-raising rate and the operating performance of listed companies in gem. The results show that there is a negative correlation between over-raising rate and corporate performance, which indicates that over-raising has a negative impact on the operating performance of listed companies, and the short-term use efficiency of over-raised funds is not high. This paper also discusses the reasons for the inefficient use of over-raised funds, and considers that enterprises lack a clear plan for the use of over-raised funds, that there is a situation of changing the investment of funds and the secretly channelling of benefits, and that supervision is not strict. The punishment is not strong enough to cause the use efficiency of the over-raised funds is not high. Finally, the paper puts forward the suggestions to make the enterprise overraise the funds reasonably and to reduce the over-raising suggestions in view of the reasons.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F275

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