本文關鍵詞： 創(chuàng)業(yè)板 投入進度 投向變更 實證分析 監(jiān)管　出處：《沈陽工業(yè)大學》2013年碩士論文　論文類型：學位論文

【摘要】：目前創(chuàng)業(yè)板市場募集資金投資項目進度緩慢與投向變更行為頻繁發(fā)生，因此本文以我國創(chuàng)業(yè)板市場項目投入進度緩慢與投向變更行為為研究對象，結合創(chuàng)業(yè)板上市公司的特點分析造成創(chuàng)業(yè)板上市公司項目投入進度緩慢和投向變更的影響因素，，檢驗這兩種行為是否會對企業(yè)績效造成一定程度的負面影響，并提出規(guī)范創(chuàng)業(yè)板市場募集資金使用行為的監(jiān)管措施和建議，希望能夠改善當前創(chuàng)業(yè)板市場募集資金投入進度緩慢和投向變更的現(xiàn)狀。 本文對我國創(chuàng)業(yè)板上市公司在公開募集資金后發(fā)生的投入進度緩慢與投向變更的現(xiàn)狀進行了數(shù)據(jù)統(tǒng)計，對投入進度緩慢和募集資金投向變更的影響因素的分析，采用了理論分析為輔實證分析為主的方法，實證分析方面是以上市公司的盈利狀況、公司治理、公司規(guī)模和財務狀況等作為自變量，采用邏輯回歸的實證研究方法進行實證檢驗。另外還對這兩種募集資金使用行為進行了績效檢驗，采用了配對樣本T檢驗的方法將這兩種募集資金使用行為前后的凈資產收益率進行配對，檢驗這兩種募集資金使用行為是否會對企業(yè)績效造成負面影響。 對投入進度緩慢和投向變更影響因素的邏輯回歸分析表明：投入進度緩慢與公司的盈利能力、公司治理具有負相關關系，與公司債務結構具有正相關關系；投向變更與公司的盈利能力、公司規(guī)模具有負相關關系，與公司債務結構具有正相關關系。投入進度緩慢和投向變更的配對樣本T檢驗表明：投入進度緩慢和投向變更對企業(yè)績效有一定程度的負面影響。 因此本文最后從信息披露、保薦機構、公司治理、募集資金審核制度等方面提出了一些監(jiān)管建議，希望能夠改善當前創(chuàng)業(yè)板市場募集資金投入進度緩慢和投向變更的現(xiàn)狀，提高稀缺資源的利用效率，維護證券市場的秩序，促進創(chuàng)業(yè)板市場的健康發(fā)展。
[Abstract]:At present, the slow progress of investment projects and the change of investment in gem market occur frequently, so this paper takes the slow progress of investment and the change of investment behavior in gem market as the research object. Combined with the characteristics of gem listed companies, this paper analyzes the factors that cause the slow progress of project input and the change of investment, and tests whether these two behaviors will have a certain degree of negative impact on corporate performance. The paper also puts forward some supervision measures and suggestions to standardize the behavior of collecting funds in the gem market, hoping to improve the current situation of the slow progress and the change of investment in the gem market. This paper makes statistics on the current situation of the slow investment progress and the change of investment of the listed companies in the gem after the public raising of funds. For the analysis of the factors that affect the slow progress of investment and the change of fund-raising investment, this paper uses the theoretical analysis as the main method of empirical analysis, the empirical analysis is based on the profit status of listed companies, corporate governance. As independent variables, the size and financial status of the company are tested by using the empirical research method of logical regression. In addition, the performance of these two kinds of fund-raising behavior is also tested. The method of paired sample T test is used to match the return on net assets before and after the use of these two kinds of raising funds to test whether these two kinds of behavior of raising funds will have a negative impact on the enterprise performance. The logistic regression analysis of the factors influencing the slow investment progress and the change of investment shows that the slow investment progress has a negative correlation with the profitability of the company, corporate governance has a negative correlation, and has a positive correlation with the corporate debt structure; The change of investment has a negative correlation with the profitability of the company and the size of the company. There is a positive correlation between investment progress and corporate debt structure. The paired sample T test shows that slow investment progress and investment change have some negative effects on firm performance. Therefore, this paper finally puts forward some regulatory suggestions from the aspects of information disclosure, recommendation organization, corporate governance, financing audit system and so on. It is hoped that the current situation of the slow progress and the change of investment in the gem market can be improved, the utilization efficiency of scarce resources can be improved, the order of the securities market can be maintained, and the healthy development of the gem market can be promoted.
【學位授予單位】：沈陽工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F275;F272.5

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