本文關(guān)鍵詞：創(chuàng)業(yè)板上市公司募集資金投向變更問(wèn)題研究　出處：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：中國(guó)上市公司自1998年首次出現(xiàn)募集資金投向變更以來(lái),募集資金投向變更的情形逐漸增多,似有愈演愈烈之勢(shì),引起當(dāng)今學(xué)術(shù)界對(duì)募集資金投向變更不同角度不同層次的研究。上市公司募集資金的使用去向關(guān)系著公司的發(fā)展前景和持續(xù)性,謹(jǐn)慎地使用募集資金對(duì)高效的市場(chǎng)的運(yùn)行、合理地資源配置以及提高投資者的投資信心有重大意義。上市公司變更募集資金投資項(xiàng)目向資本市場(chǎng)傳遞的是經(jīng)營(yíng)風(fēng)險(xiǎn)和不確定性的信號(hào),同時(shí)又無(wú)助于會(huì)計(jì)業(yè)績(jī)的改善,還會(huì)造成股票交易風(fēng)險(xiǎn)增加,股票收益率下降。業(yè)內(nèi)人士指出,變更募集資金投向太過(guò)頻繁、太過(guò)隨意,隱射出上市公司在戰(zhàn)略制定方面存在缺陷,公司并未認(rèn)真考慮公司外部存在的機(jī)會(huì)與威脅,公司內(nèi)部的優(yōu)勢(shì)與弱點(diǎn),甚至單純地只是想先空設(shè)一個(gè)項(xiàng)目,在籌集資金到位后再去找可行的項(xiàng)目。即使存在經(jīng)濟(jì)以及行業(yè)發(fā)展環(huán)境變化的可能性,也不能為公司之前的市場(chǎng)調(diào)研和行業(yè)預(yù)測(cè)不到位辯解。 2009年10月30日,創(chuàng)業(yè)板市場(chǎng)建立,為我國(guó)自主創(chuàng)新型企業(yè)和其他成長(zhǎng)型的創(chuàng)業(yè)企業(yè)提供了有力的融資渠道。但十年磨一劍的創(chuàng)業(yè)板自推出以來(lái)便備受爭(zhēng)議,高發(fā)行價(jià)、高超募率、高市盈率伴隨著創(chuàng)業(yè)板,并由此引發(fā)創(chuàng)業(yè)板上市公司經(jīng)常變更募集資金投向,募集資金投向的項(xiàng)目進(jìn)度緩慢,募集資金大量閑置以及投向與主營(yíng)業(yè)務(wù)相關(guān)度不高的項(xiàng)目等一系列的問(wèn)題。因此,進(jìn)行創(chuàng)業(yè)板上市公司變更募集資金投向問(wèn)題研究,對(duì)規(guī)范創(chuàng)業(yè)板上市公司的投資行為,改善其經(jīng)營(yíng)業(yè)績(jī),進(jìn)而提升其市場(chǎng)形象,有著重要的意義。 本文采用規(guī)范研究方法,由于研究中涉及到未來(lái)的會(huì)計(jì)業(yè)績(jī)等數(shù)據(jù),樣本期間以2011年結(jié)束。本文通過(guò)對(duì)創(chuàng)業(yè)板市場(chǎng)2009-2011年首發(fā)募集資金的281家上市公司進(jìn)行統(tǒng)計(jì)分析,研究創(chuàng)業(yè)板上市公司募集資金投資項(xiàng)目變更的相關(guān)問(wèn)題并提出一系列對(duì)策和建議�；緮�(shù)據(jù)來(lái)源于深交所,另有部分?jǐn)?shù)據(jù)來(lái)源于和訊網(wǎng)和其它一些網(wǎng)站。 本論文全文總共分為七章。 第一章是緒論,大致介紹了本文的研究目的和意義,研究方法和思路,并就本文的研究貢獻(xiàn)和局限性作了說(shuō)明,并簡(jiǎn)要提出本文的研究結(jié)論。 第二章是國(guó)內(nèi)外對(duì)募集資金投向變更問(wèn)題研究的文獻(xiàn)綜述。 第三章是相關(guān)理論的闡述,涉及的理論主要有契約理論、雙重委托代理理論和MM理論。 第四章是對(duì)創(chuàng)業(yè)板上市公司變更募集資金投向的現(xiàn)狀進(jìn)行說(shuō)明。主要從創(chuàng)業(yè)板上市公司的總體概況,募資狀況,募資投向變更狀況進(jìn)行具體闡述。 第五章是對(duì)創(chuàng)業(yè)板上市公司原定募集資金投資項(xiàng)目變更的原因進(jìn)行分析。原因包括由上市公司公告得出的表面原因,以及深入分析后得出的深層次的原因。 第六章是創(chuàng)業(yè)板上市公司變更募集資金投向的后果。首先,選取營(yíng)業(yè)收入、凈利潤(rùn)、加權(quán)平均凈資產(chǎn)收益率作為判斷公司業(yè)績(jī)的指標(biāo),分析得出,創(chuàng)業(yè)板上市公司變更募集資金投向雖然對(duì)公司的平均營(yíng)業(yè)收入影響不大,但平均凈利潤(rùn)和加權(quán)平均凈資產(chǎn)收益率較按承諾投資的創(chuàng)業(yè)板上市公司和所有創(chuàng)業(yè)板上市公司的相對(duì)應(yīng)指標(biāo)是低的,說(shuō)明變更募集資金投向?qū)τ诠緛?lái)說(shuō)成本是巨大的；其次,分析變更募集資金投向?qū)Y本市場(chǎng)的影響：弱化投資者投資的信心,加劇內(nèi)幕交易和關(guān)聯(lián)交易,致使投資實(shí)體虛擬化等。 第七章是結(jié)論與建議。針對(duì)創(chuàng)業(yè)板上市公司募資投向變更問(wèn)題的結(jié)論提出相應(yīng)的對(duì)策和建議,完善中國(guó)證券市場(chǎng)的投融資制度,改進(jìn)上市公司的股權(quán)結(jié)構(gòu),健全管理層激勵(lì)約束制度,提高投資項(xiàng)目論證的科學(xué)性,加強(qiáng)外部監(jiān)管。 本文主要貢獻(xiàn)和不足：研究在中國(guó)特定的制度背景下創(chuàng)業(yè)板上市公司的特性、募集資金投向、募資投向變更以及由此所產(chǎn)生的公司治理結(jié)構(gòu)、業(yè)績(jī)、股票交易風(fēng)險(xiǎn)、市場(chǎng)反應(yīng)等一系列重大的基本問(wèn)題,填補(bǔ)了中國(guó)在創(chuàng)業(yè)板市場(chǎng)對(duì)募集資金投向變更研究的空白,為監(jiān)管機(jī)構(gòu)制定和完善上市公司監(jiān)管政策提供一定的理論依據(jù),以期對(duì)優(yōu)化市場(chǎng)結(jié)構(gòu),維護(hù)市場(chǎng)穩(wěn)定良性發(fā)展有所裨益。不足之處在于創(chuàng)業(yè)板建立時(shí)間太短,信息披露制度尚待完善,而本文的研究數(shù)據(jù)主要來(lái)源于深交所,公司許多未披露的數(shù)據(jù)無(wú)法獲得,雖力求分析出可靠的結(jié)論,但也可能因一些數(shù)據(jù)偏差,產(chǎn)生以偏蓋全的效果。 創(chuàng)業(yè)板上市公司募集資金投向變更的問(wèn)題,是中國(guó)證券市場(chǎng)問(wèn)題的一個(gè)縮影。在后期的監(jiān)管中,對(duì)于首發(fā)募資及再融資申請(qǐng)的監(jiān)管,應(yīng)該盡量考慮到募資投向變更的可行性,而且兼顧企業(yè)的現(xiàn)實(shí)狀況,對(duì)于手頭資金過(guò)分充足的企業(yè),不適宜再進(jìn)行較大規(guī)模的募資行為,以提高資本市場(chǎng)整體資金的使用效率。
[Abstract]:Chinese listed companies for the first time since 1998 to raise funds to invest in change, to raise funds to invest in change more and more, seems to be getting worse, causing the current academic circles to raise funds to invest in change of different levels of different angles. Listed companies to raise funds on the use of the whereabouts of the relationship between the development prospects of the company and sustainable, prudent use to raise funds for the efficient operation of the market, a reasonable allocation of resources and improve the confidence of investors is of great significance. The change of listed companies to raise funds for investment projects to transfer capital market is operating risk and uncertainty of the signal, at the same time is not conducive to the accounting performance, will result in increased risk of stock trading, the stock yield decline insiders pointed out that to raise funds to invest in change too frequently, too casual, reflected in the listed companies to make strategy The surface defects, the company did not seriously consider the company existing external opportunities and threats, strengths and weaknesses within the company, or simply want to empty a project in raising funds in place and then to find a feasible project. Even if there is a possibility of economic environment changes and the development of the industry, not for the company before the market research and industry forecasts is not in place excuse.
In October 30, 2009, the establishment of the GEM market, provides powerful financing channels for China's independent innovation enterprises and other growth oriented start-ups. But ten years of grinding sword gem since its launch was controversial, high issue price, high price earnings ratio of superb raised rate, with the gem, and thus lead to entrepreneurship listed companies frequently change the raised funds, raised funds for the slow progress of the project, a series of problems and to a large number of idle funds raised and the main business related degree is not high projects. Therefore, for the GEM listed companies to raise funds to invest in change on the issue, the investment behavior of listed companies on GEM, improve the performance of its business, and enhance its market image, has important significance.
This paper adopts normative research method, the study involved in the future accounting performance data, the sample period to the end of 2011. This paper makes the statistical analysis of 281 listed companies to raise funds for the GEM market 2009-2011 first, listed on GEM companies to raise issues related to change of investment project and put forward a series of countermeasures and suggestions basic data from the Shenzhen Stock Exchange, and another part of data from hexun.com and some other sites.
The full text of this thesis is divided into seven chapters.
The first chapter is the introduction. It generally introduces the purpose and significance of the study, research methods and ideas, and explains the research contributions and limitations of this paper, and briefly puts forward the conclusions of this study.
The second chapter is a literature review of the research on the issue of the change of fund raising at home and abroad.
The third chapter is the elaboration of the related theories, including the theory of contract, the dual principal-agent theory and the MM theory.
The fourth chapter is to explain the current situation of changing the fund-raising funds of GEM listed companies, mainly from the general situation of GEM listed companies, the status of fund-raising, and the change of fund-raising investment.
The fifth chapter is to analyze the reasons for the change of the original raised capital investment projects of GEM listed companies. The reasons include the surface reasons listed by the announcement of the listed companies, and the deep reasons after in-depth analysis.
The sixth chapter is the GEM listed companies to raise funds to invest in change consequences. First, select the net profit, operating income, the weighted average return on net assets as judged by the company performance index analysis, the GEM listed companies to raise funds to invest in change while the average operating income of the company is not affected, but the gem average net profit and the weighted average net assets yield a commitment by the investment of the listed company and all the companies listed on GEM corresponding index is low, the change for the company to raise funds to invest in cost is enormous; secondly, analysis to raise funds to invest in change of capital markets: weakening investor confidence, intensification of insider trading and association the transaction, resulting in investment entities virtualization.
The seventh chapter is the conclusion and suggestions. According to the GEM listed companies raising alteration of the conclusion and put forward countermeasures and suggestions to improve the Chinese securities market financing system, improve the ownership structure of listed companies, improve the management incentive system, improve the scientific investment theory evidence, strengthen external supervision.
The main contribution of this paper and the insufficiency: characteristics of entrepreneurship in Chinese under the specific institutional background in listed companies, raised funds, fund-raising to invest in the change and the corporate governance structure, performance, stock market risk, market reaction and a series of major issues, to fill the China in GEM market to change of blank to raise funds for the regulatory agencies to develop and provide a theoretical basis to improve the regulatory policy of listed companies, in order to optimize the market structure, market to maintain a healthy and stable development of wrbanization. Shortcomings of the establishment of the gem is too short, the information disclosure system is not perfect, and the research data of this thesis mainly comes from the Shenzhen Stock Exchange, many companies did not disclose the data are not available, although to analysis to draw reliable conclusions, but may also be due to some deviation data, generated by covers entire effect.
The GEM listed companies to raise funds to invest in change, is a microcosm of the problem China securities market. In the latter part of the regulation, for starting fund-raising and supervision of refinancing applications, should try to consider the feasibility of fundraising investment change, but also the reality of enterprises, for the funds on hand too ample business, not suitable for then the behavior of raising large scale, in order to improve the efficiency of the use of the overall capital market funds.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51;F275

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