【摘要】：2009年我國證券市場創(chuàng)業(yè)板的開市，為我國那些不具備上市條件、創(chuàng)業(yè)初期、規(guī)模小、具有高成長性的中小企業(yè)、新興企業(yè)和高科技企業(yè)提供融資渠道和成長空間。其目的是為這些公司解決籌資難的問題，為其進一步發(fā)展提供便利條件。然而，自從創(chuàng)業(yè)板上市以來，其IPO募集資金投向變更，資金投入率較低的現(xiàn)象較為嚴(yán)重，資金濫用的現(xiàn)象也層出不窮，從而導(dǎo)致了創(chuàng)業(yè)板上市公司IPO募集資金的使用效率并不理想。 為此，本文首先對創(chuàng)業(yè)板上市公司的IPO募資狀況及其募集資金的使用狀況進行了研究分析，研究結(jié)果表明，我國創(chuàng)業(yè)板上市公司在IPO募集資金使用方面存在著如下問題：（1）創(chuàng)業(yè)板上市公司在IPO募集資金使用的過程中隨意變更其投向的現(xiàn)象比較嚴(yán)重，并且對于募集資金投向變更信息的披露存在缺失的現(xiàn)象。（2）部分創(chuàng)業(yè)板上市公司IPO募集資金的投入較為緩慢，沒有按照計劃進度對募集資金進行利用。（3）部分創(chuàng)業(yè)板上市公司IPO募集資金的使用效率低下，甚至出現(xiàn)在募集資金后公司的經(jīng)營業(yè)績下滑的現(xiàn)象。 其次，，本文通過構(gòu)建回歸模型主要從創(chuàng)業(yè)板上市公司的公司治理水平、公司成長性因素以及制度因素三個方面對引發(fā)這些募集資金使用問題的因素進行分析，并且通過實證分析的方法研究了IPO募集資金的使用效果與其投向變更率及投入率之間的關(guān)系。具體結(jié)論如下：（1）股權(quán)集中度、對關(guān)鍵人的激勵和約束、公司成長性以及上市公司屬地對募集資金投向變更的影響較大。（2）股權(quán)集中度、對關(guān)鍵人的激勵和約束以及上市公司屬地對于募集資金投入率的影響較大。（3）募集資金投向變更、募集資金的投入程度對于募集資金的使用效率有一定的影響。 最后，本文針對實證結(jié)果分別從影響創(chuàng)業(yè)板上市公司募集資金使用問題的各個方面提出了改善募集資金使用的政策建議。主要包括提高公司治理水平、提高公司核心競爭力、優(yōu)化上市公司的投融資環(huán)境以及嚴(yán)格上市公司的信息披露。
[Abstract]:The opening of the gem in 2009 provides financing channels and growth space for small and medium-sized enterprises, emerging enterprises and high-tech enterprises that do not have the conditions to go on the market and have small scale and high growth. The aim is to solve the financing problem for these companies and to facilitate their further development. However, since the gem listing, its IPO raised funds to change, the phenomenon of low capital investment rate is more serious, the phenomenon of capital abuse also emerge in endlessly. As a result, gem listed companies IPO raise funds efficiency is not ideal. For this reason, this paper firstly analyzes the status of IPO fundraising and the use of the funds raised by gem listed companies, and the research results show that, There are the following problems in the use of IPO funds in China's gem listed companies: (1) in the process of using the funds raised by gem companies, the phenomenon of casually changing the investment of gem listed companies is quite serious. And there is a lack of disclosure of the changing information for raising funds. (2) part of the gem listed companies IPO fund-raising investment is relatively slow, (3) the use efficiency of IPO raised funds of some gem listed companies is low, even after raising funds, the company's operating performance decline. Secondly, by constructing regression model, this paper analyzes the factors that lead to these problems in terms of corporate governance level, corporate growth factors and institutional factors of gem listed companies. And through the empirical analysis, the paper studies the relationship between the use effect of IPO raised funds and its investment rate and investment rate. The specific conclusions are as follows: (1) the degree of equity concentration, the incentive and constraint to the key person, the growth of the company and the territory of the listed company have great influence on the change of the raising capital. (2) the degree of equity concentration. The incentive and restriction to the key person and the territory of the listed company have a great influence on the investment rate of the raised funds. (3) the investment degree of the raised funds has a certain influence on the efficiency of the use of the raised funds. (3) the investment level of the raised funds has a certain influence on the utilization efficiency of the raised funds. Finally, this paper puts forward some policy suggestions on how to improve the use of the raised funds from the aspects that affect the use of the funds raised by gem listed companies. It mainly includes improving the level of corporate governance, improving the core competitiveness of the company, optimizing the investment and financing environment of the listed company and strictly disclosing the information of the listed company.
【學(xué)位授予單位】：山西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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