本文選題：創(chuàng)業(yè)板 + 超募��； 參考：《重慶工商大學》2014年碩士論文

【摘要】：2009年10月30日，創(chuàng)業(yè)板市場在中國資本市場正式啟動后，其高市盈率、高發(fā)行價、高超募現象尤為突出，引發(fā)許多熱點話題，國內專家學者紛紛給予關注。創(chuàng)業(yè)板在IPO融資過程中獲得的巨額超募資金能否得到有效利用，實現資源的優(yōu)化配置，這將成為企業(yè)健康平穩(wěn)發(fā)展的關鍵。然而，當企業(yè)募集到巨額超募資金后，缺乏投資機會和投資項目，且管理層可能缺乏駕馭資金的能力并出于滿足自身利益最大化考慮，傾向于風險規(guī)避，將大量資金閑置，有限資源無法高效利用，致使投資不足現象產生。同時，企業(yè)也可能盲目濫用資金，導致過度投資。無論是投資不足還是過度投資都會造成企業(yè)投資效率低下，影響企業(yè)的投資績效，損害企業(yè)及投資者的利益。 本文選取2009-2011年在創(chuàng)業(yè)板上市的278家公司為研究對象，梳理和回顧國內外相關文獻，分析我國創(chuàng)業(yè)板超募融資及資金使用現狀，，定性與定量分析相結合。依托自由現金流假說、委托代理理論、信息不對稱理論和公司治理理論對超募資金和非效率性投資進行分析。借鑒Richardson投資預期模型，預估企業(yè)的適度投資支出和非預期投資支出水平，以此為基礎構建關系模型，實證分析超募資金與非效率性投資、投資績效間的關系，然后得出實證結果，并據此提出一系列相關建議。 研究結果表明：創(chuàng)業(yè)板上市公司IPO超募資金與非效率性投資正相關，IPO超募金額越大，越容易發(fā)生非效率性投資，導致企業(yè)投資效率低下；企業(yè)的非效率性投資更突出表現為投資不足；超募資金與過度投資、投資不足呈正相關關系，超募資金越多，超募比率越高，企業(yè)的過度投資或投資不足現象越嚴重；超募資金與企業(yè)投資績效顯著負相關，超募資金越多，投資績效越低。最后，本文根據實證結果，提出一系列相關政策建議。以期能對治理我國創(chuàng)業(yè)板市場超募現象、提高超募資金使用效率、提升企業(yè)投資績效產生幫助。
[Abstract]:On October 30, 2009, after the gem market officially launched in China's capital market, its high price-earnings ratio, high issue price, superb fund-raising phenomenon is particularly prominent, leading to a lot of hot topics, domestic experts and scholars have paid attention to one after another. It is the key to the healthy and stable development of the enterprise that the growth Enterprise Market (gem) can make effective use of the huge overraised funds obtained in the process of IPO financing and realize the optimal allocation of resources. However, when the enterprise raises a large amount of excess funds, it lacks investment opportunities and investment projects, and the management may lack the ability to control the funds and, in order to meet their own interests, tends to avoid risks and leave a large amount of funds idle. Limited resources can not be used efficiently, resulting in insufficient investment phenomenon. At the same time, enterprises may also blindly misuse funds, resulting in excessive investment. Whether it is underinvestment or overinvestment, the investment efficiency of enterprises will be low, the investment performance of enterprises will be affected, and the interests of enterprises and investors will be damaged. This paper selects 278 companies listed on the gem in 2009-2011 as the research object, combs and reviews the relevant literature at home and abroad, analyzes the current situation of financing and the use of funds in China's gem, and combines qualitative and quantitative analysis. Based on the hypothesis of free cash flow, principal-agent theory, information asymmetry theory and corporate governance theory, this paper analyzes the over-raised funds and inefficient investments. Using the Richardson investment expectation model to estimate the level of moderate investment expenditure and unexpected investment expenditure, this paper constructs a relational model, and empirically analyzes the relationship between over-raised funds and non-efficient investment and investment performance. Then the empirical results are obtained and a series of relevant suggestions are put forward. The research results show that: the higher the amount of IPO over-raised and the higher the amount of non-efficient investment, the more prone to the non-efficiency investment, which leads to the inefficiency of enterprise investment; The inefficiency investment of the enterprise is more prominent in the form of insufficient investment, the over-raising fund is positively related to the over-investment and the insufficient investment, the more funds are raised, the higher the over-raising ratio is, and the more serious the overinvestment or underinvestment is, the more serious the phenomenon of overinvestment or underinvestment is. There is a significant negative correlation between overraised funds and corporate investment performance, and the more overraised funds, the lower the investment performance. Finally, according to the empirical results, this paper puts forward a series of relevant policy recommendations. It is expected that it can help to control the phenomenon of over-raising in the gem market, improve the efficiency of over-raising funds and improve the investment performance of enterprises.
【學位授予單位】：重慶工商大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

【參考文獻】

相關期刊論文 前10條

1 黃琴;馬俊杰;;“超募”提升了創(chuàng)業(yè)板公司業(yè)績嗎[J];財會月刊;2011年32期

2 王峰娟;張運來;徐皎;;創(chuàng)業(yè)板“超募”現象及其治理[J];財務與會計(理財版);2010年07期

3 衣龍新;楊峰;;創(chuàng)業(yè)板上市公司IPO“超募”與財務行為特征[J];財務與會計(理財版);2011年02期

4 張強;張寶;;機構投資者情緒、承銷商聲譽與融資超募——來自中國創(chuàng)業(yè)板市場的證據[J];經濟經緯;2012年02期

5 徐一民;張志宏;;上市公司股權結構、股權激勵與投資效率相關性研究[J];會計論壇;2012年01期

6 張志宏;龔靚;;創(chuàng)業(yè)板上市公司超募資金迎合性投資行為研究——基于市場非有效的角度[J];金融經濟學研究;2013年03期

7 劉s

本文編號：1984520