本文選題：創(chuàng)業(yè)板上市公司　切入點：過度融資　出處：《燕山大學》2012年碩士論文

【摘要】：我國資本市場普遍存在過度股權融資現(xiàn)象，創(chuàng)業(yè)板正式啟動以來，三高現(xiàn)象嚴重，隨之造成的上市公司過度融資現(xiàn)象受到監(jiān)管層和學者的關注。造成公司過度股權融資的原因包括多個層面，文章從投資者非理性投資的角度出發(fā)，研究上市公司過度融資的原因及危害，對培養(yǎng)理性投資者，完善創(chuàng)業(yè)板市場有重要意義。 運用理論研究與實證研究相結合的方法，首先，分別從過度股權融資和投資者非理性對企業(yè)融資的影響這兩方面對國內(nèi)外相關文獻進行了回顧，并在此基礎上提出研究契機。其次，對過度融資和非理性行為進行概念界定，從行為財務學角度進行理論分析，提出了人們的認知偏差和情緒使人們在投資時產(chǎn)生非理性行為。同時闡述了創(chuàng)業(yè)板的發(fā)展歷程和創(chuàng)業(yè)板成立的意義，對創(chuàng)業(yè)板融資現(xiàn)狀進行了分析，檢驗了創(chuàng)業(yè)板存在的過度融資現(xiàn)象，進而剖析了引起過度融資的原因及其造成的危害。 在上述分析的基礎上，以創(chuàng)業(yè)板2009和2010上市的153家公司為樣本，，以企業(yè)過度融資為被解釋變量，以一級市場和二級市場投資者的非理性投資指標作為解釋變量，以企業(yè)發(fā)行前的規(guī)模、盈利能力、成長能力、行業(yè)和時間作為控制變量，構建模型，對創(chuàng)業(yè)板上市公司的過度融資和投資者非理性之間的關系進行了實證檢驗。實證結果表明，投資者的非理性投資行為在一定程度上引起了創(chuàng)業(yè)板上市公司的過度融資。針對此結論，本文提出對投資者進行適當性管理，增強投資者的投資風險意識，并為投資者提出具體投資策略。此外，從公司和監(jiān)管方提出避免過度融資的對策，并提出合理建議來規(guī)范創(chuàng)業(yè)板的融資行為。
[Abstract]:The phenomenon of excessive equity financing is common in China's capital market. Since the start of the gem, the "three High" phenomenon has been serious. The causes of excessive financing of listed companies include many aspects. This paper starts from the perspective of irrational investment by investors. It is of great significance to study the cause and harm of excessive financing for listed companies to train rational investors and perfect the gem market. First of all, from the perspective of excessive equity financing and the influence of investors' irrationality on corporate financing, this paper reviews the relevant literature at home and abroad. Secondly, the concept of excessive financing and irrational behavior is defined, and the theoretical analysis is carried out from the perspective of behavioral finance. This paper puts forward that people's cognition deviation and emotion make people have irrational behavior when they invest. At the same time, it expounds the development course of the gem and the significance of the establishment of the gem, and analyzes the current financing situation of the gem. This paper examines the phenomenon of excessive financing in gem, and then analyzes the causes of excessive financing and its harm. On the basis of the above analysis, a sample of 153 companies listed on the gem 2009 and 2010 is taken as the sample, the over-financing of enterprises is taken as the explanatory variable, and the irrational investment index of investors in the primary and secondary markets is taken as the explanatory variable. Taking the scale, profitability, growth ability, industry and time as the control variables, the paper constructs a model to test the relationship between excessive financing of gem companies and investors' irrationality. To some extent, irrational investment behavior of investors has caused excessive financing of listed companies in gem. In view of this conclusion, this paper puts forward appropriate management of investors to enhance investors' awareness of investment risk. In addition, the paper puts forward countermeasures to avoid excessive financing from companies and regulators, and puts forward reasonable suggestions to standardize the financing behavior of gem.
【學位授予單位】：燕山大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F276.6;F832.51;F224

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