本文關鍵詞： 中國創(chuàng)業(yè)板 超募 新股發(fā)行制度　出處：《西華大學》2012年碩士論文　論文類型：學位論文

【摘要】：我國于2009年10月30日在深交所設立了創(chuàng)業(yè)板市場。創(chuàng)業(yè)板自從登場以來面臨重重問題，三高現(xiàn)象（高發(fā)行價、高超募率、高市盈率）是遭到廣泛質疑的一點。截止2011年12月底，共有282家公司在我國創(chuàng)業(yè)板上市，預計募集資金682.53億元，實際募集資金1832.81億元，共計超募資金1150.28億元，平均每家上市公司超募4.08億元。平均超募率為172.66%。上市公司的平均市盈率也達到了60.46倍。 對于那些剛剛上市、發(fā)展尚不成熟的中小企業(yè)來說，巨額的超募資金給企業(yè)帶來了比較大的壓力，超募資金使用不合理，不僅會對公司的經(jīng)營管理和未來的發(fā)展產(chǎn)生不利的影響，而且也不利于社會資源的優(yōu)化配置和創(chuàng)業(yè)板市場的穩(wěn)定發(fā)展。目前我國創(chuàng)業(yè)板上市公司超募資金的使用效率非常低，已經(jīng)披露超募資金使用公告的上市公司一般是將超募資金用于償還銀行貸款、補充流動資金、企業(yè)擴張、買房置地或者直接存在銀行吃利息。面對我國創(chuàng)業(yè)板市場的這些情況，如何根治超募現(xiàn)象、合理利用超募資金就成為了當前亟待解決的問題。 針對上述問題，本文主要以創(chuàng)業(yè)板2011年12月底之前上市的282家公司為研究樣本，以2009年10月-2011年12月為研究期間，從超募比例、發(fā)行市盈率、超募現(xiàn)象和抑價現(xiàn)象的關系及超募資金的投向等幾個方面系統(tǒng)的分析了當前超募的現(xiàn)狀；緊接著本文從創(chuàng)業(yè)板上市制度、IPO發(fā)行詢價制度、退市制度、保薦機構、發(fā)行人、投資者等多個方面分析了超募產(chǎn)生的原因，并認為超募既浪費了社會資源、不利于證券市場的穩(wěn)定發(fā)展，，又造成公司的人才流失、給公司帶來經(jīng)營風險，還會損害投資者的利益；最后，本文探討了根治超募問題的對策并對超募資金使用的管理給出一些建議。本文認為根治超募必須先從制度入手，并且要加強對相關機構的監(jiān)管，加快創(chuàng)業(yè)板市場擴容，加強對投資者的教育。
[Abstract]:In October 30th 2009, China set up the gem market in Shenzhen Stock Exchange. The gem has been faced with many problems since its debut, and the three high phenomena (high issue price, high raising rate). By the end of December 2011, a total of 282 companies listed on the gem, estimated to raise sixty-eight billion two hundred and fifty-three million yuan. The actual funds raised were one hundred and eighty-three billion two hundred and eighty-one million yuan, a total of one hundred and fifteen billion twenty-eight million yuan in excess of the funds raised. The average listed company overraised 408 million yuan. The average over-raised ratio was 172.66. The average price-earnings ratio of the listed company was 60.46 times. For those just listed, the development of small and medium-sized enterprises are not mature, the huge amount of excess funds to bring greater pressure on the enterprise, the use of excessive funds is unreasonable. Not only will it have a negative impact on the management and future development of the company. And it is also not conducive to the optimal allocation of social resources and the stable development of the gem market. At present, the use efficiency of excessive funds raised by listed companies on the gem is very low. The listed companies that have already disclosed the announcement of the use of the overraised funds generally use the overraised funds to repay bank loans, replenish the liquidity, and expand the enterprises. In the face of these situations in China's gem market, how to cure the phenomenon of over-raising and how to make rational use of over-raised funds has become a problem to be solved urgently. In view of the above problems, this paper mainly takes 282 companies listed before the end of December 2011 on the gem as the research sample, and takes October 2009-December 2011 as the research period. This paper systematically analyzes the present situation of over-raising from several aspects, such as the ratio of over-raising, the price-earnings ratio of issuance, the relationship between the phenomenon of over-raising and underpricing, and the investment of over-raised funds. Then this article from the gem listing system IPO IPO inquiry system, delisting system, sponsor institutions, issuers, investors and other aspects of the analysis of the causes of over-raising. It is considered that the over-raising is not only a waste of social resources, is not conducive to the stable development of the securities market, but also causes the brain drain of the company, brings business risks to the company, and also damages the interests of investors. Finally, this paper discusses the countermeasures to cure the problem and gives some suggestions on the management of the use of over-raising funds. The author thinks that the system should be the first step and the supervision of the relevant institutions should be strengthened. We will speed up the expansion of the gem market and strengthen the education of investors.
【學位授予單位】：西華大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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