本文關(guān)鍵詞： 創(chuàng)業(yè)板 超募資金 公司收益 資本配置效率　出處：《東華大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：2009年10月23日,醞釀已久的創(chuàng)業(yè)板正式啟動(dòng)。我國(guó)設(shè)立創(chuàng)業(yè)板,不僅為了更好地解決中小企業(yè)融資難問題,給有成長(zhǎng)潛力的中小企業(yè)提供了一個(gè)好的融資平臺(tái),促進(jìn)對(duì)創(chuàng)業(yè)公司新一輪經(jīng)營(yíng)發(fā)展的金融支持作用,也希望提升我國(guó)資本市場(chǎng)資本配置的效率。然而,創(chuàng)業(yè)板正式開板后,其發(fā)揮的實(shí)際功能及其現(xiàn)狀讓人感到擔(dān)憂,創(chuàng)業(yè)板“三高”現(xiàn)象屢見不鮮,新股的破發(fā)早己成為一種常態(tài),較高的資金超募率更是對(duì)資本市場(chǎng)資源的一種巨大的浪費(fèi)。截止2012年8月26日,先后有349家上市公司在創(chuàng)業(yè)板進(jìn)行融資,其中有341家出現(xiàn)資金超募現(xiàn)象,這嚴(yán)重地?fù)p害了我國(guó)資本市場(chǎng)資本配置的效率,違背了創(chuàng)業(yè)板設(shè)立的初衷。因此,對(duì)于創(chuàng)業(yè)板募集資金的使用效果以及資金超募帶來的相關(guān)影響問題值得給與關(guān)注和研究。 創(chuàng)業(yè)板公司通過IPO募集資金本來是優(yōu)化市場(chǎng)配置資源能力的一個(gè)重要體現(xiàn),但是我國(guó)創(chuàng)業(yè)板資金超募的現(xiàn)象非常嚴(yán)重,其中超募資金的低效率使用、浪費(fèi)、侵吞等傾向隱形叢生,違背了融資者的上市承諾,嚴(yán)重?fù)p害了創(chuàng)業(yè)板新股東的利益,極大地挫傷投資者的投資熱情,以至于影響上市公司的最終利益�，F(xiàn)有關(guān)于我國(guó)創(chuàng)業(yè)板超募問題的研究缺乏相應(yīng)的數(shù)據(jù)及理論的支持,沒有將超募程度進(jìn)行量化,從而與公司的收益聯(lián)系起來做系統(tǒng)的分析,繼而提出的對(duì)策建議也無法切中要害,不能從根本上認(rèn)識(shí)超募并改善、解決超募的問題。 本文從資本配置與公司投融資的一般理論入手,大量收集相關(guān)文獻(xiàn),方面定性分析了我國(guó)創(chuàng)業(yè)板上市公司資金超募的一般特征,另一方面對(duì)資金超募率進(jìn)行了測(cè)算和分析,得出超募資金及超募率的描述性統(tǒng)計(jì)結(jié)果,在此基礎(chǔ)上結(jié)合創(chuàng)業(yè)板上市公司的收益情況,考察了不同的資金超募率情況對(duì)上市公司收益的不同程度的影響。實(shí)證研究發(fā)現(xiàn),超募率越高的公司,公司的凈資產(chǎn)收益率下降越多,也就是資金超募率與公司的收益有負(fù)相關(guān)關(guān)系。進(jìn)一步的,本文創(chuàng)新性地從資本配置效率角度分析了超募所導(dǎo)致的資本配置失效以及資源的浪費(fèi)。通過將創(chuàng)業(yè)板公司實(shí)際融資金額和上市募資擬投資的項(xiàng)目進(jìn)行掛鉤,首先分析了對(duì)于企業(yè),超募資金所產(chǎn)生的影響,并通過研究得出企業(yè)資源最優(yōu)配置的條件。然后通過分析超募對(duì)企業(yè)與企業(yè)之間資本分配的影響,得出超募對(duì)于不同企業(yè)之間資源配置的影響。在此基礎(chǔ)之上,研究超募對(duì)于整個(gè)資本市場(chǎng)資本配置效率的影響。最后針對(duì)研究結(jié)論提出對(duì)策旨在合理控制融資超募從而優(yōu)化我國(guó)創(chuàng)業(yè)板上市公司收益。
[Abstract]:In October 23rd 2009, the long-simmering gem was officially launched. The establishment of the gem in China not only provides a good financing platform for small and medium-sized enterprises with growth potential, but also provides a better solution to the financing difficulties of small and medium-sized enterprises. To promote the role of financial support for the new round of operation and development of start-up companies, and also to improve the efficiency of capital allocation in China's capital market. However, after the gem was formally opened, its actual function and its present situation are worrying. The "three high" phenomenon in the gem is common, the break-up of new shares has become a normal phenomenon, and the high rate of capital over-raising is a huge waste of capital market resources. As of August 26th 2012, There are 349 listed companies financing on the gem, of which 341 have overraised funds, which seriously impairs the efficiency of capital allocation in China's capital market and violates the original intention of the establishment of the gem. It is worth paying attention to and studying the effect of the use of the funds raised by the gem and the related problems caused by the over-raising of funds. Growth Enterprise Market (gem) raised funds through IPO is an important embodiment of the ability to optimize the market allocation of resources. However, the phenomenon of over-raising of gem funds in our country is very serious, among which the inefficient use and waste of over-raised funds. The tendency of embezzlement and other invisibility has violated the listing commitments of the financiers, seriously damaged the interests of the new shareholders of the gem, and greatly dampened the investment enthusiasm of investors. Therefore, it affects the ultimate interests of listed companies. The existing research on the problem of overraising on gem in our country lacks the corresponding data and theoretical support, and does not quantify the degree of over-raising, so as to make a systematic analysis on the relationship between the degree of overfundraising and the profits of the companies. Then the countermeasures and suggestions can not reach the key point, can not fundamentally understand and improve, and solve the problem of over-raising. Starting with the general theory of capital allocation and corporate investment and financing, this paper collects a large number of relevant documents, and qualitatively analyzes the general characteristics of capital over-raising of listed companies on the gem. On the other hand, it calculates and analyzes the over-raising rate of funds. On the basis of the descriptive statistical results of the over-raised funds and the over-raised rate, combined with the income situation of listed companies on the gem, the paper investigates the effects of different funds over-raising rates on the earnings of listed companies. The higher the rate of overcapitalization, the more the return on net assets of the company falls, that is, there is a negative correlation between the rate of over-raising of funds and the income of the company. From the perspective of capital allocation efficiency, this paper analyzes the failure of capital allocation and the waste of resources caused by overcapitalization. By linking the actual amount of financing of gem companies with the projects to be invested by listed companies, First of all, the paper analyzes the influence of over-raising funds on enterprises, and obtains the conditions of optimal allocation of enterprise resources through the research, and then analyzes the impact of over-raising on the capital distribution between enterprises and enterprises. The effects of overfundraising on resource allocation among different enterprises are obtained. This paper studies the effect of overcapitalization on the efficiency of capital allocation in the whole capital market, and finally puts forward some countermeasures aimed at reasonably controlling the over-raising of funds in order to optimize the income of listed companies in the gem of our country.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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