【摘要】：我國創(chuàng)業(yè)板市場于2009年10月正式推出,至今已有三年多的時(shí)間。至2012年底,已有355家企業(yè)在創(chuàng)業(yè)板成功上市,解決了它們的資金需求問題。然而隨著中國創(chuàng)業(yè)板市場的發(fā)展時(shí)間漸長,創(chuàng)業(yè)板上市公司數(shù)目與年限逐漸增加,其所暴露出來的問題也逐漸增多,并且有些問題越來越不容我們所忽視。據(jù)統(tǒng)計(jì),截至2012年底,創(chuàng)業(yè)板公司IPO計(jì)劃募集資金874.95億元,實(shí)際募集資金則達(dá)到了2314.55億元,超募資金合計(jì)達(dá)到1439.6億元。如此巨額超募資金的存在嚴(yán)重影響了社會秩序,造成資源配置不均衡,大量資源閑置或利用效率低下；擾亂了市場秩序,使創(chuàng)業(yè)板演變?yōu)椤叭﹀X板”,造成股市動(dòng)蕩不安；給上市公司帶來困擾,雖然解決了其資金缺乏問題,但巨額IPO超募資金卻同時(shí)給公司帶來新的風(fēng)險(xiǎn)。鑒于此,對創(chuàng)業(yè)板IPO超募問題的研究十分必要。 為了合理解決創(chuàng)業(yè)板公司IPO超募問題,探索其影響因素是必要的前提。借助理論基礎(chǔ)和理論分析,共總結(jié)了分別屬于企業(yè)自身和企業(yè)外部共十個(gè)可能的影響因素。選取2009年10月至2012年第三季度末之前上市的355家創(chuàng)業(yè)板上市公司作為樣本,利用理論分析與實(shí)證檢驗(yàn)相結(jié)合的研究方法對經(jīng)過篩選的樣本數(shù)據(jù)進(jìn)行多因素線性回歸,最終得出對創(chuàng)業(yè)板公司IPO超募具有顯著影響的因素有：公司總資產(chǎn)規(guī)模、股權(quán)集中度、償債能力、發(fā)行市盈率、上市首日換手率和新股發(fā)行價(jià)格及發(fā)行股數(shù)。 鑒于研究結(jié)論為內(nèi)外兩方面因素都對創(chuàng)業(yè)板公司IPO超募有影響,因此,同樣從公司自身及市場層面提出對策建議。有關(guān)公司自身的治理對策包括制定科學(xué)的資金募集計(jì)劃,優(yōu)化公司治理結(jié)構(gòu),拓寬公司融資渠道,增加債權(quán)融資,加強(qiáng)公司各項(xiàng)信息披露和規(guī)范自身行為；對創(chuàng)業(yè)板市場的政策建議包含對監(jiān)管部門、中介機(jī)構(gòu)和投資者三個(gè)層面的內(nèi)容。
[Abstract]:China's gem market officially launched in October 2009, has been more than three years. By the end of 2012, 355 companies had successfully listed on the gem, addressing their funding needs. However, with the development of China's gem market, the number and number of listed companies in the gem are gradually increasing, and the problems exposed are also increasing, and some of the problems can not be ignored by us more and more. According to statistics, by the end of 2012, the gem company IPO plans to raise 87.495 billion yuan of funds, but the actual funds raised reached 231.455 billion yuan, the total amount of excess funds raised reached 143.96 billion yuan. The existence of such a huge amount of excess funds has seriously affected the social order, caused imbalance in the allocation of resources, idle or inefficient use of a large number of resources, disturbed the market order, made the gem turn into a "ring money board", and caused the stock market to be unstable. It brings troubles to the listed companies and solves the problem of lack of funds, but the huge amount of IPO overfunds also brings new risks to the companies. In view of this, it is necessary to study the problem of IPO super-raising on gem. In order to solve the problem of IPO overraising in gem, it is necessary to explore its influencing factors. With the help of theoretical basis and theoretical analysis, this paper summarizes ten possible factors which belong to the enterprise itself and the external enterprise respectively. From October 2009 to the end of the third quarter of 2012, 355 gem listed companies were selected as samples, and the multi-factor linear regression of selected sample data was carried out by combining theoretical analysis and empirical test. Finally, it is concluded that the factors that have significant influence on the IPO over-raising of gem companies are: total asset size, equity concentration, solvency, price-earnings ratio, turnover rate on the first day of listing, the price of new shares and the number of shares issued. In view of the conclusion that both internal and external factors have an impact on the IPO over-raising of gem companies, the countermeasures and suggestions are also put forward from the company itself and the market level. The governance countermeasures of the company include making scientific capital raising plan, optimizing the corporate governance structure, widening the financing channels of the company, increasing the financing of the creditor's rights, strengthening the disclosure of the company's information and standardizing its own behavior; The policy recommendations on gem market include three levels: regulatory authorities, intermediary institutions and investors.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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