本文選題：超募　切入點：資金濫用　出處：《電子科技大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國證券市場的不斷發(fā)展，自2009年中國企業(yè)IPO重啟以來，上市公司高融資超募引起了學(xué)者、社會公眾的諸多質(zhì)疑，也引起了監(jiān)管當(dāng)局的關(guān)注。問題是，現(xiàn)有曝光的上市公司融資超募以及超募資金的濫用僅僅局限于個案的零星報道，其他更基礎(chǔ)、更重大的問題，現(xiàn)在尚不清楚。這使得相關(guān)監(jiān)管部門對上市公司超募行為的危害了解甚少。 本文就是依據(jù)這樣的研究背景，對我國上市公司IPO超募問題進行了實證分析。首先從企業(yè)財務(wù)的角度構(gòu)建了上市公司IPO超募影響的指標(biāo)體系，并且根據(jù)指標(biāo)體系進行實證分析，切實的分析出當(dāng)前上市公司IPO超募的影響因素。并且根據(jù)這些影響因素利用對比分析的研究方法，對比了不同公司的超募現(xiàn)象及其影響。在超募影響因素分析的基礎(chǔ)之上，本文還對上市公司IPO超募的影響進行了分析，在對上市公司數(shù)據(jù)進行整理的基礎(chǔ)之上，對上市公司IPO超募與資金濫用的關(guān)系以及我國新股制度市場化改革與上市公司IPO超募之間的關(guān)系進行了實證研究。 通過分析，我們可以看出，上市公司的公司性質(zhì)和財務(wù)指標(biāo)對其超募行為具有顯著性影響，，其中中小企業(yè)、私營企業(yè)以及電子信息等新興產(chǎn)業(yè)其超募行為更為嚴(yán)重。從財務(wù)指標(biāo)上來看，高有息負(fù)債率以及高銷售增長率的企業(yè)也更傾向于超募行為。從上市公司超募結(jié)果上看，上市公司超募行為將會導(dǎo)致較高的現(xiàn)金流占比以及較低的財務(wù)費用，使得上市公司的償債能力增強。盈利能力、周轉(zhuǎn)能力以及成長能力與上市公司超募呈現(xiàn)負(fù)相關(guān)。通過實證分析發(fā)現(xiàn)，上市公司的超募行為必然會導(dǎo)致上市公司過度投資以及過度發(fā)放薪酬等問題。超募行為對上市公司經(jīng)理層的過度投資有一定的推動作用，同時還會導(dǎo)致董事薪酬以及經(jīng)理層薪酬的增加，但是在普通職工薪酬方面卻沒有顯著性相關(guān)。 針對本文實證分析的結(jié)果，我們建議建立健全的上市公司超募預(yù)防與應(yīng)對機制，做好超募資金的規(guī)劃和使用，合理利用超募資金；完善證券市場監(jiān)管體制，合理控制上市公司超募行為，提高信息披露水平。通過本文研究，希望對認(rèn)清上市公司IPO超募的現(xiàn)狀和影響，完善證券市場監(jiān)管制度起到借鑒意義和參考價值。
[Abstract]:With the continuous development of China's securities market, since the restart of IPO of Chinese enterprises in 2009, the high financing over-raising of listed companies has aroused a lot of questions from scholars and the public, and has also aroused the concern of the regulatory authorities. The existing exposure of over-financing by listed companies and the misuse of over-raised funds are limited to sporadic reports of individual cases, and other more fundamental and significant issues. It is not clear yet. This leaves regulators with little knowledge of the dangers of over- raising by listed companies. Based on this research background, this paper makes an empirical analysis on the problem of IPO over-raising of listed companies in China. Firstly, from the perspective of corporate finance, this paper constructs the index system of the impact of IPO overfundraising of listed companies. And according to the index system of empirical analysis, the actual analysis of the current listed companies IPO overcapitalization factors. And according to these factors to use the comparative analysis of research methods, On the basis of the analysis of the influencing factors, this paper also analyzes the influence of IPO over-raising of listed companies, which is based on the analysis of the data of listed companies. This paper makes an empirical study on the relationship between IPO over-raising and capital abuse of listed companies and the relationship between the market-oriented reform of the new stock system and the IPO over-raising of listed companies. Through analysis, we can see that the corporate nature and financial indicators of listed companies have a significant impact on their over-raising behavior, in which small and medium-sized enterprises, In terms of financial indicators, companies with high interest-bearing debt ratios and high sales growth rates are also more inclined to over-raise. The overcapitalization of listed companies will lead to higher cash flow and lower financial expenses, which will increase the solvency and profitability of listed companies. The turnover ability and growth ability of listed companies are negatively correlated with overcapitalization. The over-offering behavior of listed companies will inevitably lead to overinvestment and excessive payment of compensation by listed companies. The over-raising behavior can promote the over-investment of managers in listed companies to a certain extent. It also leads to an increase in directors' compensation and executive compensation, but there is no significant correlation in the average employee's compensation. Based on the results of empirical analysis in this paper, we propose to establish a sound prevention and response mechanism for over-raising by listed companies, to make good planning and use of over-raised funds, to make rational use of over-raised funds, and to improve the regulatory system of the securities market. Through the research of this paper, we hope that we can get a clear understanding of the current situation and influence of IPO over-raising of listed companies, and improve the securities market supervision system to play a reference and reference value.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F275

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