本文選題：超募 + 資金濫用��； 參考：《電子科技大學(xué)》2014年碩士論文

【摘要】：我國(guó)在股權(quán)分置改革之后,自2009年6月起,開(kāi)始了新股發(fā)行機(jī)制改革。在新發(fā)行上市的公司中,特別是深圳證券交易所的中小企業(yè)板和創(chuàng)業(yè)板公司中,數(shù)額巨大的超募資金,可能會(huì)給公司的經(jīng)營(yíng)管理和未來(lái)發(fā)展帶來(lái)較大不利影響;同時(shí)也可能導(dǎo)致市場(chǎng)投資者承受較大損失、進(jìn)一步會(huì)對(duì)社會(huì)資源的配置造成不良影響。目前很多學(xué)者、證監(jiān)會(huì)對(duì)此有較大質(zhì)疑,公司本身的財(cái)務(wù)管理具有較大隱患。本文依據(jù)上述超募資金現(xiàn)象日益泛濫的背景下,通過(guò)運(yùn)用包括財(cái)務(wù)研究在內(nèi)的理論分析的方法,運(yùn)用實(shí)證方法對(duì)超募現(xiàn)象進(jìn)行分析。首先概述部分新股超募情況,闡述超募資金對(duì)企業(yè)發(fā)展和財(cái)務(wù)管理方面的有利方面和不利方面。對(duì)超募資金的財(cái)務(wù)影響進(jìn)行具體分析。主要通過(guò)企業(yè)財(cái)務(wù)指標(biāo)來(lái)構(gòu)建新股IPO超募的主要影響因素,按上市所處市場(chǎng)、按行業(yè)分類等影響因素對(duì)比分析研究方法,分析凈資產(chǎn)收益率等財(cái)務(wù)指標(biāo)在超募與非超募公司之間的差異,通過(guò)財(cái)務(wù)分析揭示超募資金對(duì)公司的各種影響。另外在超募影響因素分析的基礎(chǔ)上,對(duì)資金管理方面以及新股超募與資金濫用之間的關(guān)系進(jìn)行研究。對(duì)我國(guó)新股制度改革和新股超募之間的關(guān)系進(jìn)行實(shí)證研究。通過(guò)對(duì)創(chuàng)業(yè)板的超募資金極高的深圳市海普瑞藥業(yè)股份有限公司財(cái)務(wù)情況分析,通過(guò)具體的分析數(shù)據(jù)、結(jié)合杜邦財(cái)務(wù)分析等進(jìn)行研究。通過(guò)本文分析,上市公司的性質(zhì)和財(cái)務(wù)指標(biāo)會(huì)對(duì)其超募行為有顯著的影響,其中創(chuàng)業(yè)板企業(yè)超募更為嚴(yán)重。而超募資金對(duì)企業(yè)的財(cái)務(wù)影響也更為明顯,從公司超募之后的結(jié)果分析,超募會(huì)使得公司現(xiàn)金流占比較高并且財(cái)務(wù)費(fèi)用較低,增強(qiáng)了公司償債能力。上市公司超募負(fù)相關(guān)的有公司的盈利能力、周轉(zhuǎn)能力和長(zhǎng)期的成長(zhǎng)性。上市公司超募會(huì)導(dǎo)致過(guò)度投資、過(guò)度在職消費(fèi)等問(wèn)題。通過(guò)本文實(shí)證分析,我們建議,要解決上市公司超募的問(wèn)題,需要新股發(fā)行制度的深化改革,需要市場(chǎng)去調(diào)節(jié)配置資金,做好科學(xué)規(guī)劃,合理利用超募資金。監(jiān)管部門要進(jìn)一步加強(qiáng)證券市場(chǎng)的監(jiān)管,對(duì)上市公司超募行為進(jìn)行合理疏導(dǎo),從而緩解目前超募資金泛濫的現(xiàn)象。本文從財(cái)務(wù)分析的角度去分析超募資金的財(cái)務(wù)影響,希望從這個(gè)角度去剖析問(wèn)題。爭(zhēng)取對(duì)進(jìn)一步規(guī)范證券市場(chǎng)的資金募集起到一定的借鑒作用和參考,從而緩解目前IPO超募的現(xiàn)狀。
[Abstract]:After the reform of split share structure, China began the reform of new issue mechanism in June 2009.In the newly listed companies, especially in the small and medium-sized enterprises board and the growth enterprise board of Shenzhen Stock Exchange, the huge amount of over-raised funds may have a great adverse impact on the management and future development of the company.At the same time, it may cause market investors to bear large losses, which will have a further adverse impact on the allocation of social resources.At present, many scholars, the CSRC has greater doubts about this, the company's own financial management has a greater hidden danger.In this paper, under the background that the phenomenon of over-raising funds is becoming more and more widespread, this paper analyzes the phenomenon of over-raising by using the method of theoretical analysis, including financial research, and using the empirical method.Firstly, it summarizes the situation of over-raising of some new shares, and expounds the advantages and disadvantages of over-raising funds on the development of enterprises and financial management.The financial impact of over-raised funds is analyzed in detail.Mainly through the enterprise financial index to construct the main influence factor of the new stock IPO overcapitalization, according to the listed market, according to the industry classification and so on influence factor comparative analysis research method,This paper analyzes the difference of financial indexes such as return on net assets between over-raised and non-over-raised companies, and reveals the influence of over-raised funds on companies through financial analysis.In addition, on the basis of the analysis of the influencing factors, the paper studies the relationship between the capital management and the over-raising of new shares and the misuse of funds.This paper makes an empirical study on the relationship between the reform of the new stock system and the over-raising of new shares in China.This paper analyzes the financial situation of Shenzhen Hepri Pharmaceutical Co., Ltd., which is overfunded by gem, analyzes the financial situation of Shenzhen Hepri Pharmaceutical Co., Ltd., through the specific analysis data, combined with DuPont financial analysis and so on.Through the analysis of this paper, it is found that the nature and financial index of listed companies will have a significant impact on their over-raising behavior, among which the growth enterprise over-raising is more serious.From the analysis of the results after the over-raising, the cash flow of the company is higher and the financial expenses are lower, which enhances the company's ability to repay debt.The negative correlation between the overoffering and the listed company is the profitability, turnover ability and long-term growth.Over-raising of listed companies will lead to excessive investment, excessive on-the-job consumption and other problems.Through the empirical analysis of this paper, we suggest that in order to solve the problem of over-raising of listed companies, we need to deepen the reform of the new issue system, to adjust the allocation of funds in the market, to make a good scientific plan, and to make rational use of the over-raised funds.The supervision department should further strengthen the supervision of the securities market and conduct reasonable guidance to the over-raising behavior of the listed companies, so as to alleviate the phenomenon of overcapitalization at present.This paper analyzes the financial impact of overraised funds from the perspective of financial analysis, hoping to analyze the problem from this point of view.It can be used for reference to further standardize the raising of funds in the securities market, so as to alleviate the current situation of IPO over-raising.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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本文編號(hào)：1748979