本文選題：創(chuàng)業(yè)板 + 超募資金�。� 參考：《華東師范大學》2012年碩士論文

【摘要】：中國創(chuàng)業(yè)板市場的推出具有跨時代的歷史意義,是我國證券市場發(fā)展史上的一個重要里程碑,為完善我國多層次、多元化資本市場的建立邁出了重要一步,對推動我國市場經(jīng)濟的良好發(fā)展起到重要的作用。但是創(chuàng)業(yè)板的運行和發(fā)展并不都如人所愿,企業(yè)在創(chuàng)業(yè)板掛牌交易的過程中,也出現(xiàn)了很多與推出創(chuàng)業(yè)板的初衷相違背的問題,其中最為突出的就是隨著創(chuàng)業(yè)板高發(fā)行價的不斷飆升以及市盈率的節(jié)節(jié)攀升,創(chuàng)業(yè)板上市公司的超募問題越來越引人關(guān)注。 本文基于中小型創(chuàng)業(yè)企業(yè)融資難,但在創(chuàng)業(yè)板上市后獲得巨額超募資金又無法合理利用的背景下,對我國創(chuàng)業(yè)板超募現(xiàn)象這一命題進行研究,在廣泛閱覽文獻資料和認真分析創(chuàng)業(yè)板上市公司超募資金成因的基礎(chǔ)上,研究創(chuàng)業(yè)板上市公司超募資金的現(xiàn)狀及超募效果,總結(jié)目前超募資金的主要流向,希望通過外力的推動和制度的變革,對防范創(chuàng)業(yè)板上市公司超募資金的不合理使用提出一些建設性的意見,積極探索出創(chuàng)業(yè)板上市公司超募資金合理利用的出路,從而有益于中國創(chuàng)業(yè)板市場的運行和創(chuàng)業(yè)板公司的治理。本文主要分五部分來進行闡述： 第一部分,導論。闡述了我國創(chuàng)業(yè)板上市公司出現(xiàn)超募現(xiàn)象的背景及研究該問題的意義,并對國內(nèi)外相關(guān)研究進行總結(jié)與評述,然后簡要介紹了本文的研究內(nèi)容與研究框架、研究的創(chuàng)新點與不足。 第二部分,中國創(chuàng)業(yè)板超募概況。首先闡述創(chuàng)業(yè)板的基本情況,然后對創(chuàng)業(yè)板超募做一個界定,從不同的角度分析目前創(chuàng)業(yè)板上市公司超募資金的現(xiàn)狀。 第三部分,中國創(chuàng)業(yè)板上市公司超募原因。分別從宏觀經(jīng)濟,新股發(fā)行制度層面,發(fā)行人,利益相關(guān)方以及投資者角度來全面展開分析。并在此基礎(chǔ)之上分析創(chuàng)業(yè)板超募的弊端。從公司、投資者、社會三個角度來分析創(chuàng)業(yè)板超募可能產(chǎn)生的問題。 第四部分,中國創(chuàng)業(yè)板超募資金的投資現(xiàn)狀及其效果。統(tǒng)計了相關(guān)公司對超募資金的使用投向,并在此基礎(chǔ)上通過與中小板之間的比較,以及與公司自身在假設不存在超募的情況下的財務指標進行比較,探討超募資金對公司的影響效 第五部分,創(chuàng)業(yè)板超募的治理及資金使用的建議。對于超募資金治理方面分別從制度、保薦機構(gòu)以及投資者角度提出措施,而資金使用方面,可以提前考慮超募,改善超募資金使用的事后措施。
[Abstract]:The launch of China's gem market has a cross-epoch historical significance and is an important milestone in the history of the development of China's securities market. It has taken an important step towards the establishment of a multi-level and diversified capital market in China. To promote the good development of our market economy plays an important role. However, the operation and development of the gem are not all in line with people's wishes. In the process of listing and trading on the gem, there have also been many problems that are contrary to the original intention of launching the gem. Among them, the most outstanding is that with the soaring of the high issue price of gem and the rising of price-earnings ratio, the over-raising problem of gem listed companies attracts more and more attention. Based on the fact that it is difficult for small and medium-sized enterprises to raise funds, but under the background that they can not make use of the large amount of capital raised after gem listing, this paper studies the phenomenon of overfundraising in gem of our country. On the basis of extensive reading of literature and careful analysis of the causes of over-raising funds of listed companies on the gem, this paper studies the current situation and effects of over-raising funds of listed companies on the gem, and summarizes the main directions of over-raising funds at present. It is hoped that through the promotion of external forces and the reform of the system, some constructive suggestions will be put forward to prevent the unreasonable use of the excessive funds raised by listed companies on the gem, and the way out for the rational utilization of the funds raised by the listed companies on the gem will be actively explored. This is beneficial to the operation of the gem market and the governance of gem companies. This paper is mainly divided into five parts to elaborate: The first part, introduction. This paper expounds the background of the phenomenon of over-raising of listed companies on the gem and the significance of studying this problem, and summarizes and comments on the relevant researches at home and abroad, and then briefly introduces the research contents and research framework of this paper. The innovation and deficiency of the research. The second part, China's growth Enterprise Market (gem) overfundraising survey. At first, the paper expounds the basic situation of gem, then defines it, and analyzes the current situation of overfundraising of gem listed companies from different angles. The third part, the reason why China gem listed companies overraise. From the macro-economy, new issue system level, issuer, stakeholders and investors to carry out an overall analysis. And on the basis of this analysis of the gem over-raised shortcomings. From the company, investors, society three angles to analyze the growth Enterprise Market over-raised problems. The fourth part, the investment present situation and effect of China's growth Enterprise Market (gem). Based on the statistics of the use and investment of the overraised funds by the related companies, the comparison with the small and medium-sized boards and the financial indicators of the companies themselves under the assumption that there is no over-raising is carried out. Discussion on the effect of Over-raising funds on the Company The fifth part, the proposal of management and fund use of gem. For the management of overraised funds, measures are put forward from the system, sponsor institutions and investors' angle, and the use of funds can be considered in advance to improve the use of over-raised funds after the measures.
【學位授予單位】：華東師范大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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