本文關(guān)鍵詞：創(chuàng)業(yè)板上市公司IPO超募資金投向及使用效率研究　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：我國創(chuàng)業(yè)板市場成立以來,順利地實(shí)現(xiàn)了高速擴(kuò)張的目標(biāo)。在創(chuàng)業(yè)板上市的企業(yè)大部分是科技型中小企業(yè),這些企業(yè)都通過了 IPO募集到了大量資金。科技型中小企業(yè)的蓬勃發(fā)展為我國資本市場注入了一劑鮮活的清流,然而我國資本市場在獲益的同時(shí)也不免受到了一些負(fù)面問題的困擾。創(chuàng)業(yè)板IPO的高發(fā)行價(jià)格、高市盈率和高超募率現(xiàn)象屢見不鮮,創(chuàng)業(yè)板超募現(xiàn)象嚴(yán)重、大量超募資金閑置,超募資金使用效率低下種種問題都為我國經(jīng)濟(jì)市場的發(fā)展帶來了安全隱患。因此找出創(chuàng)業(yè)板高超募現(xiàn)象成因,減少超募現(xiàn)象發(fā)生、提升IPO超募資金使用效率、優(yōu)化超募資金投向,對推動我國資本市場穩(wěn)健發(fā)展有著不容忽視的重要意義。借鑒前人經(jīng)驗(yàn),結(jié)合財(cái)務(wù)學(xué)、管理學(xué)以及經(jīng)濟(jì)學(xué)等多門學(xué)科的基礎(chǔ)理論,對國內(nèi)創(chuàng)業(yè)板上市公司IPO超募現(xiàn)象成因、超募資金使用效率的相關(guān)問題進(jìn)行分析。在廣泛閱讀國內(nèi)外文獻(xiàn)的基礎(chǔ)上對上市公司超募資金及使用效率的有關(guān)概念進(jìn)行界定,運(yùn)用歸納分析法、比較分析法以及描述性統(tǒng)計(jì)分析法,從定性與定量的角度對創(chuàng)業(yè)板IPO超募資金投向及使用效率的現(xiàn)狀進(jìn)行綜合評價(jià);為使研究更具說服力,選取我國創(chuàng)業(yè)板超募企業(yè)的超募數(shù)據(jù)和財(cái)務(wù)績效指標(biāo)為研究樣本,分為制造業(yè)、信息技術(shù)業(yè)以及除制造業(yè)和信息技術(shù)業(yè)以外的其他行業(yè)三個(gè)模塊,對超募資金的使用效率與企業(yè)部分財(cái)務(wù)指標(biāo)的關(guān)系進(jìn)行總結(jié)。最后,從政策制定者、企業(yè)、投資者三個(gè)角度出發(fā),結(jié)合我國實(shí)際情況,針對性地提出了降低超募率,提高超募資金使用效率、優(yōu)化超募資金投向的相關(guān)對策建議,從而促進(jìn)證券市場相關(guān)制度的完善、降低上市公司運(yùn)營風(fēng)險(xiǎn)、警示投資者理性投資。為進(jìn)一步推動創(chuàng)業(yè)板科技型中小企業(yè)的可持續(xù)健康發(fā)展、促進(jìn)資本市場良性循環(huán)提供助益。
[Abstract]:Since the establishment of the GEM market in China, the successful realization of the rapid expansion of the target. In the GEM listed companies are mostly in small and medium sized enterprises, these enterprises have passed the IPO to raise a lot of money. The vigorous development of small and medium-sized enterprises has injected a fresh clean agent for the capital market of our country, but I China's capital market at the same time benefit is not by some negative problems. The gem IPO high issue price, high price earnings ratio and superb raised rate It is often seen. gem super raised, the phenomenon is serious, a lot of raised funds idle, development problems raised funds for the use of low efficiency of the market economy in our country bring security risks. So to find out the causes of the phenomenon of gem superb raised, reduce the occurrence of the phenomenon of super raised, to enhance the efficiency of IPO to use the raised funds, raised funds to invest in optimization, to promote China's capital market. There are important health development. From previous experience, combined with the basic theory of finance, management science and economics and other disciplines, the domestic companies listed on GEM IPO raised over the causes of the phenomenon, issues related to the use of funds raised over efficiency were analyzed. The concept of listed companies raised funds and use efficiency based on extensive reading of literature on the definition, the use of inductive analysis, comparative analysis and descriptive statistical analysis method, comprehensive evaluation of the status quo from qualitative and quantitative aspects of the gem IPO raised funds and use efficiency; in order to make the study more convincing, selection of China's gem raised the company raised data and financial performance indicators for the study sample, divided into the manufacturing industry, information technology industry and other sectors except manufacturing and information technology industry of the three modules of the raised funds Summarize the relationship between part of financial indicators and efficiency of enterprises. Finally, policy makers from three angles, enterprises, investors, combined with China's actual situation, put forward to reduce the raised rate, improve the efficiency of the use of raised funds, optimizing the relevant countermeasures and suggestions of the raised funds to invest, so as to promote the to improve the securities market system, reduce the operational risk of listed companies, warning investors rational investment. In order to further promote the gem SME sustainable development, to provide help to promote a virtuous cycle of capital market.

【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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