中國創(chuàng)業(yè)板上市公司超募影響的研究
發(fā)布時間：2018-08-26 21:47
【摘要】：中國創(chuàng)業(yè)板市場于2009年10月30日正式開板進行交易，中國創(chuàng)業(yè)板的推出算得上是“十年磨一劍”，正式由于美國NASDAQ的巨大成功，中國人們開始探討如何在中國復制納斯達克模式，如何通過證券市場的社會融資功能來支持高新技術企業(yè)的發(fā)展。截至2012年8月1日，已經有345家中小高新企業(yè)在創(chuàng)業(yè)板上市，這些公司首次公開發(fā)行股票就成功募集到2272多億元的資金，其中超募資金占募集資金總額的55.47%，合計為1260多億元。這樣驚人的高超募率與投資者的追捧、發(fā)行價格偏高有直接的關系。超募資金沒有得到充分利用，有的甚至被挪用，大大降低了巨額資金的使用效率，從而降低了公司的經營業(yè)績。超募行為可能會引發(fā)資源的不合理使用、股市出現(xiàn)泡沫，投資者的利益受到損害，嚴重挫傷了投資者對市場的信心，違背資源合理配置，這將阻礙我國證券市場可持續(xù)健康發(fā)展。 本文從定量分析和定性分析兩方面出發(fā)，就我國創(chuàng)業(yè)板上市公司存在的超募行為問題進行探索和研究，文章寫作思路是：從超募問題的理論基礎著手，，收集了大量上市公司的財務數(shù)據，分析了國內外文獻資料，一方面定性的分析了超募產生的原因和超募資金的使用狀況，對資金投向存在的問題進行了分析；另一方面，定量的剖析了超募行為對公司經營業(yè)績及股票市場價格的影響。全文共分為五部分，主要內容如下：第一部分為緒論，該部分首先介紹了論文的研究背景及研究意義，然后分析了國內外學者對創(chuàng)業(yè)板公司超募行為的研究現(xiàn)狀，最后闡述了文章研究的思路以及研究所采用的方法以及在研究中出現(xiàn)的難點、創(chuàng)新點及不足。第二部分重點介紹了公司治理理論和融資理論，這兩部分作為公司融資問題的理論基礎。第三部分闡述了創(chuàng)業(yè)板公司超募的表現(xiàn)與原因，本章介紹了超募行為的財務表現(xiàn)和數(shù)量表現(xiàn)，分析了超募的現(xiàn)狀及資金投向存在的問題，最后對超募行為產生的原因進行分析。第四部分通過收集大量的公司財務數(shù)據對創(chuàng)業(yè)板公司超募問題進行了實證分析，包括假設條件的設定、模型樣本與數(shù)據來源的選取、研究模型的檢驗與常用變量的說明，通過對實證模型的研究與分析，論證了超募對經營業(yè)績呈負相關，超募對股票市場價格呈負相關的結論。第五部分是研究結論與對策建議。本文將從如何規(guī)劃與使用超募資金、如何管理與選擇投資項目、如何完善市場體制和如何加強市場監(jiān)管等幾方面提出對策建議。
[Abstract]:On October 30, 2009, the gem market of China officially opened for trading. The launch of the gem can be regarded as "ten years of sharpening a sword", due to the huge success of NASDAQ in the United States. Chinese people begin to discuss how to copy NASDAQ model in China and how to support the development of high-tech enterprises through the social financing function of securities market. As of Aug. 1, 2012, 345 small high-tech enterprises have been listed on the gem. These companies have successfully raised more than 2272 billion yuan in their initial public offering of shares, including 55.47 billion yuan in excess of the total amount of funds raised, with a total of 126 billion yuan. Such amazing high rate of funding and investors, the issue price is on the high side has a direct relationship. The over-raised funds have not been fully utilized, and some have even been misappropriated, which greatly reduces the efficiency of the use of large amounts of funds, thus reducing the operating performance of the company. Excessive raising may lead to irrational use of resources, stock market bubbles, and damage to the interests of investors. This seriously undermines investors' confidence in the market and violates the rational allocation of resources. This will hinder the sustainable and healthy development of China's securities market. Based on quantitative analysis and qualitative analysis, this paper explores and studies the problem of over-raising behavior of listed companies in gem. The thought of this paper is to start with the theoretical basis of over-raising. This paper collects a large number of financial data of listed companies, analyzes the domestic and foreign literature, on the one hand, qualitatively analyzes the causes of over-raising and the use of over-raised funds, and analyzes the problems existing in the investment of funds; on the other hand, This paper analyzes quantitatively the influence of over-raising behavior on the company's operating performance and stock market price. The paper is divided into five parts. The main contents are as follows: the first part is the introduction. The first part introduces the research background and significance of the thesis, and then analyzes the current situation of domestic and foreign scholars' research on the overfundraising behavior of gem companies. At last, the paper expounds the research ideas, the methods adopted in the research and the difficulties, innovations and shortcomings in the research. The second part mainly introduces corporate governance theory and financing theory, which are the theoretical basis of corporate financing problem. The third part expounds the performance and reason of the excessive raising of gem company. This chapter introduces the financial performance and the quantity performance of the over-raising behavior, analyzes the present situation of the over-raising and the existing problems of the capital investment, and finally analyzes the causes of the over-raising behavior. In the fourth part, through collecting a large number of corporate financial data, the paper makes an empirical analysis on the problem of overcapitalization of gem companies, including the setting of hypothetical conditions, the selection of model samples and data sources, the test of research models and the explanation of common variables. Through the research and analysis of the empirical model, this paper demonstrates the conclusion that the over-offering is negatively related to the operating performance and the over-offering to the stock market price. The fifth part is the research conclusion and the countermeasure suggestion. This paper puts forward some suggestions on how to plan and use the over-raised funds, how to manage and choose the investment projects, how to perfect the market system and how to strengthen the market supervision and so on.
【學位授予單位】：遼寧大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51
[Abstract]:On October 30, 2009, the gem market of China officially opened for trading. The launch of the gem can be regarded as "ten years of sharpening a sword", due to the huge success of NASDAQ in the United States. Chinese people begin to discuss how to copy NASDAQ model in China and how to support the development of high-tech enterprises through the social financing function of securities market. As of Aug. 1, 2012, 345 small high-tech enterprises have been listed on the gem. These companies have successfully raised more than 2272 billion yuan in their initial public offering of shares, including 55.47 billion yuan in excess of the total amount of funds raised, with a total of 126 billion yuan. Such amazing high rate of funding and investors, the issue price is on the high side has a direct relationship. The over-raised funds have not been fully utilized, and some have even been misappropriated, which greatly reduces the efficiency of the use of large amounts of funds, thus reducing the operating performance of the company. Excessive raising may lead to irrational use of resources, stock market bubbles, and damage to the interests of investors. This seriously undermines investors' confidence in the market and violates the rational allocation of resources. This will hinder the sustainable and healthy development of China's securities market. Based on quantitative analysis and qualitative analysis, this paper explores and studies the problem of over-raising behavior of listed companies in gem. The thought of this paper is to start with the theoretical basis of over-raising. This paper collects a large number of financial data of listed companies, analyzes the domestic and foreign literature, on the one hand, qualitatively analyzes the causes of over-raising and the use of over-raised funds, and analyzes the problems existing in the investment of funds; on the other hand, This paper analyzes quantitatively the influence of over-raising behavior on the company's operating performance and stock market price. The paper is divided into five parts. The main contents are as follows: the first part is the introduction. The first part introduces the research background and significance of the thesis, and then analyzes the current situation of domestic and foreign scholars' research on the overfundraising behavior of gem companies. At last, the paper expounds the research ideas, the methods adopted in the research and the difficulties, innovations and shortcomings in the research. The second part mainly introduces corporate governance theory and financing theory, which are the theoretical basis of corporate financing problem. The third part expounds the performance and reason of the excessive raising of gem company. This chapter introduces the financial performance and the quantity performance of the over-raising behavior, analyzes the present situation of the over-raising and the existing problems of the capital investment, and finally analyzes the causes of the over-raising behavior. In the fourth part, through collecting a large number of corporate financial data, the paper makes an empirical analysis on the problem of overcapitalization of gem companies, including the setting of hypothetical conditions, the selection of model samples and data sources, the test of research models and the explanation of common variables. Through the research and analysis of the empirical model, this paper demonstrates the conclusion that the over-offering is negatively related to the operating performance and the over-offering to the stock market price. The fifth part is the research conclusion and the countermeasure suggestion. This paper puts forward some suggestions on how to plan and use the over-raised funds, how to manage and choose the investment projects, how to perfect the market system and how to strengthen the market supervision and so on.
【學位授予單位】：遼寧大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51
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