本文關(guān)鍵詞：中小企業(yè)板上市公司IPO募集資金投向變更行為研究　出處：《華南理工大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：中小企業(yè)板自2004年開板以來，募集資金使用進度整體情況良好，但是部分公司存在募集資金變更比例較高的問題，在IPO后短期內(nèi)頻繁大額變動募集資金投向。結(jié)合統(tǒng)計的募集資金投向變更原因可以發(fā)現(xiàn)，中小企業(yè)板的部分上市公司是因為外部市場變化等原因?qū)⒛技Y金轉(zhuǎn)投其他主營業(yè)務(wù)，而部分上市公司則是用募集資金增資子公司或?qū)ν馐召徆蓹?quán)。 本文對中小企業(yè)板上市公司IPO募集資金，從變更公司數(shù)和變更比例、承諾投資項目的變更情況、變更類型和超募資金情況四方面進行概況。在此基礎(chǔ)上理論分析中小企業(yè)板上市公司IPO募集資金投向變更行為的動因。實證分析部分重點考察哪些因素影響了IPO募集資金的投向變更行為，未按招股說明書使用IPO募集資金的投資決策對公司績效會產(chǎn)生怎樣的影響。 經(jīng)實證檢驗，募集資金投向變更的程度和幾率與股權(quán)集中度正相關(guān)；募集資金投向變更的幾率與超募資金總額正相關(guān)；募集資金投向變更的程度與風(fēng)險投資背景負相關(guān)；募集資金投向變更的程度與關(guān)聯(lián)交易正相關(guān)。 對比按承諾使用募集資金的公司和變更募集資金投向公司的績效，實證結(jié)果證明，，IPO募集資金投向發(fā)生變更公司的盈利能力、增長能力和償債能力弱于按承諾使用募集資金的公司，但公司價值的差異并不顯著。 針對前述研究結(jié)論，結(jié)合中國證券市場的實際特點，本文提出中小企業(yè)板上市公司IPO募集資金使用的相關(guān)建議。
[Abstract]:The SME Board since 2004 since the opening, use of proceeds of the progress of the overall situation is good, but there are part of the company to raise funds to change a higher proportion of the problem, to invest in the IPO after frequent short-term changes large to raise funds. With statistics to raise funds to invest in the reason of change can be found, the SME board listed companies because of external market changes other reasons will raise funds to other main business, which is part of the listed companies to raise funds for capital subsidiary or the acquisition of foreign equity.
The SME board listed companies to raise funds from the IPO, change the company number and the change ratio of the change, the commitment to invest in the project, four types of change and raised funds for general situation. Based on the theoretical analysis of the SME board listed companies to raise funds investment motivation to change IPO behavior. The empirical analysis focuses on what factors affecting the change behaviors of IPO to raise funds to invest, according to the prospectus to raise funds using the IPO investment decision will produce what kind of impact on company performance.
Through the empirical analysis of the alteration of financing capital and the degree of probability and the ownership concentration is positively related to raise funds to invest in total; probability and raised funds to change the positive correlation; the alteration of financing capital and risk investment background negative correlation; to raise funds to invest and trade association is positively related to the degree of change.
Comparison of commitment by the use of the proceeds from the company and to raise funds to invest in change company performance, empirical results show that the IPO to raise funds to invest in change of the company's profitability, the company in the commitment by the use of the proceeds from the growth ability of the weak, but not significant difference in the value of the company.
In view of the previous research conclusions and the actual characteristics of China's securities market, this paper puts forward some suggestions on the use of IPO raised funds for SME board listed companies.

【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

【引證文獻】

相關(guān)碩士學(xué)位論文 前1條

1 馬雙;中小板上市公司IPO募集資金投向變更動因分析[D];山東財經(jīng)大學(xué);2013年

本文編號：1374247