本文關(guān)鍵詞： 創(chuàng)業(yè)板 IPO 募集資金 使用效率　出處：《河南大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：我國創(chuàng)業(yè)板市場(chǎng)自從2009年開啟以來就引起業(yè)界的廣泛關(guān)注，創(chuàng)業(yè)板公司IPO募集資金使用效率的高低成為了焦點(diǎn)。我國創(chuàng)業(yè)板的設(shè)立是為了解決處于成長初期、規(guī)模較小企業(yè)融資難的問題，合理配置資本市場(chǎng)的資金，將資金更為合理的使用，為企業(yè)創(chuàng)造更多利益，從而提高資本市場(chǎng)資本配置的效率。但是我國創(chuàng)業(yè)板公司IPO融資超募的現(xiàn)象非常嚴(yán)重，投資者投資熱情異常高漲，盲目地對(duì)創(chuàng)業(yè)板市場(chǎng)投資，造成上市公司IPO募集資金的規(guī)模遠(yuǎn)遠(yuǎn)超出預(yù)期。巨額募集資金給予上市公司投向多樣化的選擇，同時(shí)也暴露上市公司出變更研發(fā)項(xiàng)目資金投向、將募集資金用于償還銀行貸款的現(xiàn)象，甚至還有公司將大量的募集資金閑置于銀行募資專戶的行為。創(chuàng)業(yè)板募集資金沒有得到有效的利用，背離了創(chuàng)業(yè)板成立的初衷，造成募集資金的低效使用，帶來上市公司經(jīng)營業(yè)績的下滑。 本文從資本市場(chǎng)資本配置的角度出發(fā)，在相關(guān)研究理論的基礎(chǔ)上，根據(jù)我國創(chuàng)業(yè)板市場(chǎng)對(duì)募集資金管理的相關(guān)政策法規(guī)，分別對(duì)我國創(chuàng)業(yè)板公司IPO募集資金的超募狀況和募集資金的投入使用情況進(jìn)行分析。在創(chuàng)業(yè)板公司IPO募集資金統(tǒng)計(jì)分析的基礎(chǔ)上，結(jié)合創(chuàng)業(yè)板上市公司經(jīng)營業(yè)績的情況，考察上市公司IPO募集資金超募率、資金的使用投向分別與募集資金使用效率的關(guān)系。通過實(shí)證研究表明，在其他條件一定的情況下，上市公司首發(fā)募集資金超募率越高，企業(yè)的經(jīng)營業(yè)績?cè)讲�，資金的使用效率越低，超募率與募集資金的使用效率呈負(fù)相關(guān)關(guān)系。另外，本文研究了募集資金不同投向使用效率，研究結(jié)果表明創(chuàng)業(yè)板公司IPO募集資金的不同投向會(huì)顯著影響資金的使用效率，首發(fā)募集資金對(duì)主業(yè)投資、對(duì)外股權(quán)投資的比例越高，募集資金的使用效率越高，即將募集資金用于主業(yè)投資、對(duì)外股權(quán)投資與資金的使用效率有正相關(guān)影響。同時(shí)，將募集資金用于償還銀行貸款以及閑置于募集資金存款專戶都會(huì)造成資金使用效率的下降，與募集資金使用效率有負(fù)相關(guān)的影響。 研究創(chuàng)業(yè)板上市公司首發(fā)募集資金的使用效率，能夠評(píng)價(jià)創(chuàng)業(yè)板市場(chǎng)資本配置的效率，避免投資者盲目的投資熱情損害自身的利益，降低投資者的投資風(fēng)險(xiǎn)。通過研究上市公司首發(fā)募集資金投向與經(jīng)營業(yè)績的關(guān)系，可以讓上市公司更加謹(jǐn)慎的使用募集資金。上市公司只有從企業(yè)的切身利益出發(fā)，，將募集資金按照相關(guān)的政策法規(guī)合理地分配使用，避免短期的投資行為，才能提高募集資金的使用效率，為企業(yè)帶來長期穩(wěn)定和可持續(xù)發(fā)展，同時(shí)也為后續(xù)的融資提供借鑒。企業(yè)募集資金使用效率得到提高，能夠使創(chuàng)業(yè)板資本市場(chǎng)的資金得到合理地分配，避免資金的浪費(fèi)流失，完善了整個(gè)資本市場(chǎng)的資本結(jié)構(gòu)，也有利于資本市場(chǎng)資本的優(yōu)化配置和社會(huì)的可持續(xù)發(fā)展。
[Abstract]:Since 2009, the gem market in China has attracted wide attention from the industry. The efficiency of IPO fund-raising has become the focus. The establishment of the gem is to solve the problem of difficult financing for small enterprises in the early stage of growth and to allocate the capital market reasonably. More reasonable use of funds for enterprises to create more benefits, thereby improving the efficiency of capital allocation, but China's gem IPO financing phenomenon is very serious. Investors' enthusiasm for investment is very high, blind investment in the gem market, resulting in the scale of the listed companies IPO raised funds far more than expected. The huge amount of funds raised to the listed companies to diversify the choice. At the same time, it also exposed the phenomenon that listed companies changed their R & D project investment and raised funds to repay bank loans. There are even a large number of companies will idle in the bank to raise funds dedicated to the behavior. Gem raised funds have not been effectively used, contrary to the original intention of the establishment of the gem, resulting in the inefficient use of the funds raised. Bring about the decline in the operating performance of listed companies. This article from the capital market capital allocation angle, in the correlation research theory foundation, according to our country growth enterprise market to raise the fund management related policy and the law. On the basis of the statistical analysis of the IPO raised funds of the gem company, the paper analyzes the situation of the over-raised funds and the input and use of the funds raised by the gem company IPO respectively. Combined with the operating performance of listed companies in gem, this paper investigates the relationship between the over-raising rate of funds raised by IPO, the use of funds and the efficiency of raising funds. Under certain other conditions, the higher the over-raising rate of the funds raised by the listed companies, the worse the operating performance of the enterprises, and the lower the efficiency of the use of funds. There is a negative correlation between the over-raising rate and the utilization efficiency of the raised funds. In addition, this paper studies the different investment efficiency of the raised funds. The research results show that the different investment of IPO raise funds will significantly affect the efficiency of the use of funds. The proportion of the initial raising funds to the main business investment, the proportion of foreign equity investment is higher. The higher the efficiency of the use of funds, will raise funds for the main business investment, foreign equity investment and the efficiency of the use of funds have a positive correlation. At the same time. Using the raised funds to repay the bank loans and idle in the special account will cause the decrease of the efficiency of the use of funds, which has a negative impact on the efficiency of the use of funds. The research on the efficiency of the initial raising funds of the gem companies can evaluate the efficiency of the gem market capital allocation and avoid the blind investment enthusiasm of investors to harm their own interests. To reduce the investment risk of investors. Through the study of the relationship between the investment of the listed companies' initial raising funds and the operating performance. Listed companies can be more cautious in the use of fund-raising funds. Listed companies only from the immediate interests of the enterprise, will raise funds in accordance with the relevant policies and regulations reasonable allocation of use, to avoid short-term investment behavior. In order to improve the efficiency of the use of funds for the enterprise to bring long-term stability and sustainable development, but also for the subsequent financing to provide reference. The efficiency of the use of funds raised by the enterprise has been improved. It can make the capital of gem get reasonable distribution, avoid the loss of funds, and improve the capital structure of the whole capital market. It is also conducive to the optimal allocation of capital in the capital market and the sustainable development of society.
【學(xué)位授予單位】：河南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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