本文關(guān)鍵詞：我國(guó)中小板上市公司IPO超募與投資不足關(guān)系的實(shí)證研究　出處：《浙江工商大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： IPO超募 投資不足 中小企業(yè)

【摘要】：超募是我國(guó)IPO市場(chǎng)一直存在的特有現(xiàn)象。自從2009年我國(guó)IPO重啟以來,新上市公司頻頻出現(xiàn)高超募現(xiàn)象,引起了社會(huì)各界對(duì)超募的廣泛關(guān)注,而中小企業(yè)IPO高超募情況又更加突出。投資決策作為公司財(cái)務(wù)管理三大政策之一,是公司配置資源,實(shí)現(xiàn)價(jià)值最大化的重要手段。公司的投資決策能否很好的利用超募資金,超募的存在對(duì)于公司投資決策又有什么影響,是否會(huì)引起投資的低效率?這些都是很值得研究的問題。鑒于此,本文探索性的對(duì)我國(guó)中小板上市公司IPO超募和投資不足的關(guān)系進(jìn)行研究,具有一定的理論意義和現(xiàn)實(shí)意義。 本文以截止2008年12月31日于我國(guó)深圳證券交易所上市的中小板公司為樣本,結(jié)合國(guó)內(nèi)外相關(guān)文獻(xiàn)回顧及委托代理理論和信息不對(duì)稱理論的分析,對(duì)IPO超募與投資不足的關(guān)系進(jìn)行實(shí)證研究。首先,利用改進(jìn)的Richardson (2006)模型計(jì)算出本文樣本公司的投資不足情況；其次,對(duì)是否超募與投資不足的關(guān)系進(jìn)行Logistic回歸分析；進(jìn)一步,對(duì)超募的嚴(yán)重程度與投資不足的關(guān)系進(jìn)行Logistic回歸分析。 根據(jù)以上研究,本文得出以下結(jié)論：(1)我國(guó)中小板上市公司IPO后投資不足情況較多。從改進(jìn)的Richardson (2006)模型的殘差結(jié)果分析,投資不足占到了63.33%,說明我國(guó)中小企業(yè)投資不足情況比較嚴(yán)重；(2)我國(guó)中小板企業(yè)IPO超募情況與投資不足正相關(guān),表明工PO超募資金的存在,使得公司更易發(fā)生投資不足行為；而超募的嚴(yán)重程度,無論以中位數(shù)劃分還是以平均數(shù)劃分,都與投資不足正相關(guān),說明超募情況越嚴(yán)重,公司投資不足越容易發(fā)生,說明超募的存在確實(shí)惡化了我國(guó)中小企業(yè)的投資效率。最后本文嘗試性的為我國(guó)監(jiān)管部門、企業(yè)、投資者提出政策建議,希望能為規(guī)范我國(guó)IPO市場(chǎng)的有效運(yùn)作、減少IPO超募情況的發(fā)生和提高我國(guó)資本市場(chǎng)資金的使用效率做出貢獻(xiàn)。同時(shí)建議有關(guān)部門要鼓勵(lì)我國(guó)中小企業(yè)多進(jìn)行合理的投資,從而使得中小企業(yè)能健康快速地發(fā)展。
[Abstract]:The super offering is a unique phenomenon in China's IPO market has been in existence. Since 2009 China IPO restart, listed companies frequently appear superb raised phenomenon, has aroused widespread attention to the raised, the small and medium-sized enterprise IPO and superb raised more prominent. The investment decision as the company's financial management is one of the three policy, is the company the allocation of resources, an important means to realize the value maximization. The company's investment decisions whether raised funds to good use, there are raised and what impact on corporate investment decisions, whether it will lead to low efficiency of investment? These are very worthy of study. In view of this, this paper exploratory research on China's SME board listed companies raised IPO and lack of investment, has a certain theoretical significance and practical significance.
In this paper, by the end of December 31, 2008 listed on the Shenzhen stock exchange of China's small and medium-sized board company as the sample, with the domestic and foreign literature review and analysis of the principal-agent theory and asymmetric information theory, empirical research on the relationship between IPO and investment raised. Firstly, using the improved Richardson (2006) model to calculate the investment in this paper, the Sample Firms; secondly, the relationship is raised and the lack of investment in the Logistic regression analysis; further, the relationship between the severity and insufficient investment raised by Logistic regression analysis.
According to the above research, this paper draws the following conclusions: (1) listed companies invest less after IPO. The improved Richardson (2006) model residual analysis, lack of investment accounted for 63.33% of China's small and medium enterprises that insufficient investment is more serious; (2) IPO in small and medium sized enterprise board I in the raised situation and insufficient investment is positively related to PO indicates the presence of excess funds raised, making the company more susceptible to insufficient investment behavior; the severity and raised, whether by median divided or average division, and the lack of investment are positively related, that raised more serious, inadequate investment more easily that happens, the existence of super offering does deteriorate the efficiency of investment of small and medium-sized enterprises in China. Finally, this paper attempts to China's regulatory authorities, enterprises, put forward the policy recommendations of investors, hoping to be able to regulate the IPO market in China effectively Operation can reduce the occurrence of IPO over raising and improve the efficiency of capital market in China. Meanwhile, it is suggested that the relevant departments should encourage more rational investment of SMEs in China, so that SMEs can develop healthily and rapidly.

【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 江偉;沈藝峰;;大股東控制、資產(chǎn)替代與債權(quán)人保護(hù)[J];財(cái)經(jīng)研究;2005年12期

2 徐曉東;張?zhí)煳?;公司治理、自由現(xiàn)金流與非效率投資[J];財(cái)經(jīng)研究;2009年10期

3 蔡吉甫;;非效率投資、公司業(yè)績(jī)及其影響因素研究[J];財(cái)會(huì)通訊;2010年09期

4 程哲;;公司治理對(duì)投資不足的影響性研究[J];財(cái)會(huì)通訊;2011年33期

5 馮曉;崔毅;;創(chuàng)業(yè)板超募現(xiàn)象的制度性思考[J];財(cái)會(huì)月刊;2010年23期

6 黃琴;馬俊杰;;“超募”提升了創(chuàng)業(yè)板公司業(yè)績(jī)嗎[J];財(cái)會(huì)月刊;2011年32期

7 王峰娟;張運(yùn)來;徐皎;;創(chuàng)業(yè)板“超募”現(xiàn)象及其治理[J];財(cái)務(wù)與會(huì)計(jì)(理財(cái)版);2010年07期

8 歐陽(yáng)凌,歐陽(yáng)令南,周紅霞;股權(quán)制度安排、信息不對(duì)稱與企業(yè)非效率投資行為[J];當(dāng)代經(jīng)濟(jì)科學(xué);2005年04期

9 蔣東生;;過度投資與企業(yè)價(jià)值[J];管理世界;2011年01期

10 周義興;;遏制新股發(fā)行超募需有中小投資者參與制度安排[J];股市動(dòng)態(tài)分析;2010年01期

相關(guān)博士學(xué)位論文 前1條

1 崔萍;中國(guó)上市公司投資不足和過度投資研究[D];暨南大學(xué);2006年

相關(guān)碩士學(xué)位論文 前1條

1 楊品蕓;董事會(huì)特征、非效率投資與公司價(jià)值的實(shí)證研究[D];西南財(cái)經(jīng)大學(xué);2011年

，

本文編號(hào)：1404337