發(fā)布時間：2018-03-25 03:17

  本文選題：創(chuàng)業(yè)板市場　切入點(diǎn)：超募資金　出處：《湘潭大學(xué)》2012年碩士論文

【摘要】：創(chuàng)業(yè)板市場是各國政府專門為了一些高科技的中小企業(yè)設(shè)立的證券板塊，對于高科技產(chǎn)業(yè)來說，有著重大意義。它可以促使科學(xué)技術(shù)更快的轉(zhuǎn)換為生產(chǎn)力，為高科技產(chǎn)業(yè)的發(fā)展提供了很大的推動力。我國創(chuàng)業(yè)板的發(fā)展一波三折，在證監(jiān)會的積極倡議下，創(chuàng)業(yè)板市場最終得以建立，創(chuàng)業(yè)板市場的建立是我國完善資本市場的需要。我國的創(chuàng)業(yè)板市場剛剛建立起來，可以說經(jīng)驗(yàn)相對較少，但是對于創(chuàng)業(yè)板市場的研究卻有十分重大的現(xiàn)實(shí)意義。 然而，在創(chuàng)業(yè)板短短的發(fā)展過程中，我們發(fā)現(xiàn)一些不合理的現(xiàn)象。創(chuàng)業(yè)板成為少數(shù)人的圈錢場所，而募集的資金并未用到企業(yè)的發(fā)展上，因此傷害到了投資者的利益，并引起了相關(guān)管理者對此的關(guān)注。本文選擇“資本預(yù)算體系與創(chuàng)業(yè)板上市公司超募資金使用研究”這一命題對規(guī)范創(chuàng)業(yè)板上市公司將超募資金合理用于主營業(yè)務(wù)方向進(jìn)行研究。結(jié)合資本預(yù)算與風(fēng)險和資本預(yù)算與公司戰(zhàn)略的關(guān)系構(gòu)建了基于超募資金使用的資本預(yù)算體系，包括資本預(yù)算決策和資本預(yù)算管理體系，從而引導(dǎo)管理者在綜合考慮市場投資環(huán)境之后進(jìn)行理性的資本投資決策，以期對中國創(chuàng)業(yè)板市場的運(yùn)行和創(chuàng)業(yè)板公司治理實(shí)踐有所助益。 本文的研究思路是，第一部分引言，闡述了選題背景和研究意義，，并對資本預(yù)算與創(chuàng)業(yè)板上市公司募集資金情況進(jìn)行了整理歸納。第二部分是創(chuàng)業(yè)板上市公司資本預(yù)算相關(guān)理論基礎(chǔ)及理論分析，介紹了本文的四個基本理論，包括風(fēng)險理論、企業(yè)戰(zhàn)略理論、委托代理理論和利益相關(guān)者理論，通過對相關(guān)理論的分析指出創(chuàng)業(yè)板上市公司在規(guī)范引導(dǎo)超募資金用于公司主營業(yè)務(wù)方面使用資本預(yù)算體系的重要性。第三部分以投資項目與企業(yè)戰(zhàn)略的相關(guān)程度、投資項目的風(fēng)險以及收益的期望值為因子構(gòu)建了創(chuàng)業(yè)板上市公司資本預(yù)算決策模型——基于超募資金使用的投資效用函數(shù)，并以創(chuàng)業(yè)板中的某一公司將募集資金用于擴(kuò)建連鎖營養(yǎng)中心拓展項目來具體探討投資效用函數(shù)各個參數(shù)的確定及投資項目的選擇標(biāo)準(zhǔn)。第四部分，在第三部分資本預(yù)算決策的基礎(chǔ)上進(jìn)行的，是為資本預(yù)算決策服務(wù)的，主要是從組織結(jié)構(gòu)、信息收集系統(tǒng)、事后審計、績效測評以及項目的投資退出這五個方面來構(gòu)建創(chuàng)業(yè)板上市公司基于超募資金使用的資本預(yù)算管理體系。文章的最后一部分是對全文的一個總結(jié)。
[Abstract]:The gem is a stock market set up by the governments of various countries for some high-tech SMEs, which has great significance for the high-tech industry. It can promote the conversion of science and technology to productivity more quickly. This has provided a great impetus for the development of high-tech industries. With the rapid development of the gem in China, the gem market was finally established at the initiative of the CSRC. The establishment of the gem market is the need to perfect the capital market in our country. The gem market in our country has just been established, which can be said to have relatively little experience, but the research on the gem market is of great practical significance. However, in the short development process of the gem, we find some unreasonable phenomena. The gem has become a place for a few people to circle their money, and the funds raised have not been used in the development of enterprises, thus harming the interests of investors. This thesis chooses "Capital Budget system and Research on the use of overraised funds of gem listed companies" to standardize gem listed companies to use overraised funds in their main business. Combining the relationship between capital budget and risk and capital budget and company strategy, the capital budget system based on the use of overraised funds is constructed. Including capital budget decision making and capital budget management system, so as to guide managers to make rational capital investment decisions after considering the market investment environment synthetically. With a view to the operation of the gem market and gem governance practice has been helpful. The research idea of this paper is: the first part is the introduction, expounding the background and significance of the research. The second part is the theoretical basis and theoretical analysis of the capital budget of gem listed companies, and introduces the four basic theories of this paper, including risk theory. Enterprise strategic theory, principal-agent theory and stakeholder theory, Through the analysis of relevant theories, the paper points out the importance of using the capital budget system in guiding the excess funds to be used in the main business of the company by the gem listed companies. The third part is about the correlation between the investment project and the enterprise strategy. The paper constructs the capital budget decision model of gem listed companies, which is based on the investment utility function, which is based on the risk of investment project and the expected value of income. And a company in the gem will raise funds to expand the chain nutrition center expansion project to specifically discuss the investment utility function of each parameter and investment project selection criteria. Part IV, On the basis of the third part of the capital budget decision, it serves for the capital budget decision, mainly from the organizational structure, the information collection system, the post audit, The last part of this paper is a summary of the whole paper. The last part of this paper is a summary of the capital budget management system of the gem listed companies based on the use of over-raised funds.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275.1;F832.51

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