本文關(guān)鍵詞： 創(chuàng)業(yè)板 IPO 超額募集 企業(yè)績(jī)效　出處：《天津商業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：二十世紀(jì)九十年代以來(lái)，大量高新技術(shù)企業(yè)隨著知識(shí)經(jīng)濟(jì)的興起而迅速發(fā)展，風(fēng)險(xiǎn)資本產(chǎn)業(yè)也隨之高速發(fā)展，客觀上需要一個(gè)針對(duì)這些企業(yè)的股票市場(chǎng)以滿足風(fēng)險(xiǎn)資本退出機(jī)制的需求。同時(shí)，隨著2007年美國(guó)爆發(fā)的次貸危機(jī)逐步演變成全球經(jīng)濟(jì)危機(jī)，我國(guó)中小企業(yè)融資難的問題逐步凸顯了出來(lái)。這種現(xiàn)狀需要我國(guó)資本市場(chǎng)進(jìn)行自我發(fā)展、自我完善，以滿足不同規(guī)模、不同發(fā)展程度的企業(yè)的融資需求。在這種背景下，我國(guó)同許多其他國(guó)家一樣，效仿美國(guó)納斯達(dá)克市場(chǎng)設(shè)立了自己的創(chuàng)業(yè)板市場(chǎng)。2009年10月23日，我國(guó)證監(jiān)會(huì)舉辦創(chuàng)業(yè)板啟動(dòng)儀式，在深圳證券交易所正式掛牌上市，截止2012年12月31日，先后有355家企業(yè)在創(chuàng)業(yè)板市場(chǎng)成功上市。但是自創(chuàng)業(yè)板市場(chǎng)啟動(dòng)以來(lái)，上市公司超額募集資金的現(xiàn)象愈演愈烈。這種嚴(yán)重的超額募資現(xiàn)象源于投資者對(duì)創(chuàng)業(yè)板上市公司的高成長(zhǎng)性預(yù)期，但是經(jīng)過三年多的發(fā)展，創(chuàng)業(yè)板上市公司的經(jīng)營(yíng)狀況卻出現(xiàn)了與融資情況極不協(xié)調(diào)的現(xiàn)象：上市公司經(jīng)營(yíng)業(yè)績(jī)不斷滑坡，頻繁更改募資投向。基于我國(guó)創(chuàng)業(yè)板市場(chǎng)的此種現(xiàn)狀，本文將用實(shí)證的方法研究這種高超募現(xiàn)象對(duì)企業(yè)績(jī)效帶來(lái)的后果。 本文先對(duì)國(guó)內(nèi)外的相關(guān)研究進(jìn)行了文獻(xiàn)綜述。國(guó)外的相關(guān)研究主要包括IPO短期被低估、IPO長(zhǎng)期被高估、IPO效應(yīng)、IPO超募資金使用的研究以及對(duì)公司上市動(dòng)機(jī)的研究等五個(gè)方面。國(guó)內(nèi)的研究主要包括上市公司是否存在IPO效應(yīng)、IPO前后企業(yè)業(yè)績(jī)變化的原因和創(chuàng)業(yè)板市場(chǎng)出現(xiàn)高超募現(xiàn)象的原因及治理建議等三個(gè)方面。我國(guó)創(chuàng)業(yè)板上市公司IPO募資狀況是本文的一個(gè)重點(diǎn)部分，其中對(duì)我國(guó)創(chuàng)業(yè)板IPO上市條件、IPO定價(jià)機(jī)制及創(chuàng)業(yè)板退市制度等作了詳細(xì)介紹，并對(duì)153家樣本公司的行業(yè)構(gòu)成情況進(jìn)行了統(tǒng)計(jì)分析，結(jié)果表明有實(shí)質(zhì)性業(yè)務(wù)的制造業(yè)公司在我國(guó)創(chuàng)業(yè)板市場(chǎng)中占據(jù)著主導(dǎo)地位。對(duì)樣本公司IPO超募的定量分析表明153家公司的平均超募率為239.35%，IPO高超募成為我國(guó)創(chuàng)業(yè)板上市公司的普遍行為。創(chuàng)業(yè)板公司公布的超募資金使用計(jì)劃表明，超募資金主要投向投資并購(gòu)、存放于銀行、還貸及補(bǔ)充流動(dòng)資金、買房置地等四個(gè)方面。導(dǎo)致我國(guó)創(chuàng)業(yè)板上市公司出現(xiàn)超募現(xiàn)象的原因涉及市場(chǎng)制度、發(fā)行人、保薦機(jī)構(gòu)、投資者及金融市場(chǎng)等五個(gè)層面。創(chuàng)業(yè)板IPO超募影響企業(yè)績(jī)效的作用機(jī)制在于：巨額超募資金閑置不用，影響企業(yè)資金利用效率；把超募資金用于主營(yíng)業(yè)務(wù)將出現(xiàn)過度投資行為，從而導(dǎo)致企業(yè)經(jīng)營(yíng)風(fēng)險(xiǎn)上升；巨額超募資金誘發(fā)企業(yè)高管離職套現(xiàn)，導(dǎo)致企業(yè)家人才的流失。 本文選擇2010年12月31日前在深圳創(chuàng)業(yè)板市場(chǎng)上市的153家公司作為樣本進(jìn)行實(shí)證研究。以IPO超募率為自變量來(lái)研究其對(duì)公司上市后的績(jī)效帶來(lái)的影響，用權(quán)益凈利率指標(biāo)衡量企業(yè)經(jīng)營(yíng)業(yè)績(jī)，用個(gè)股累計(jì)異常收益率來(lái)衡量個(gè)股的市場(chǎng)表現(xiàn)，以總資產(chǎn)的自然對(duì)數(shù)和上市后的每股凈資產(chǎn)作為控制變量。回歸結(jié)果表明，IPO超募率與權(quán)益凈利率、個(gè)股累計(jì)異常收益率呈顯著的負(fù)相關(guān)關(guān)系。二級(jí)市場(chǎng)不認(rèn)可高IPO發(fā)行市盈率發(fā)行造成的高超募現(xiàn)象，這對(duì)不切實(shí)際的IPO高價(jià)發(fā)行敲響了警鐘。通過理論分析和實(shí)證檢驗(yàn)，本文得出了如下兩個(gè)結(jié)論：一是，我國(guó)創(chuàng)業(yè)板市場(chǎng)存在普遍的IPO超募現(xiàn)象，這對(duì)企業(yè)的經(jīng)營(yíng)業(yè)績(jī)和股票價(jià)格的市場(chǎng)表現(xiàn)有很大的不利影響；二是，我國(guó)創(chuàng)業(yè)板市場(chǎng)上的行業(yè)分布過于單一，主要以制造業(yè)為主，，其他行業(yè)的企業(yè)數(shù)量偏少。由此給出了以下的對(duì)策和建議：完善新股發(fā)行定價(jià)機(jī)制，增加中小投資者在定價(jià)中的話語(yǔ)權(quán)；對(duì)董事、監(jiān)事和高級(jí)管理人員買賣本公司股票進(jìn)行嚴(yán)格的規(guī)定，從而避免創(chuàng)業(yè)板成為個(gè)別高管的圈錢場(chǎng)所；加快實(shí)行退市制度，從而使得證券市場(chǎng)健康有效的運(yùn)轉(zhuǎn)；加大市場(chǎng)監(jiān)管力度，要加強(qiáng)對(duì)上市公司和保薦機(jī)構(gòu)的監(jiān)管；加強(qiáng)對(duì)投資者的教育和指導(dǎo)，適度引入戰(zhàn)略投資者，以此改善投資者結(jié)構(gòu)。通過上述舉措，使我國(guó)多層次資本市場(chǎng)實(shí)現(xiàn)健康、穩(wěn)定地發(fā)展。
[Abstract]:Since 1990s, a large number of high-tech enterprises have developed rapidly with the rise of the knowledge economy, the venture capital industry rapid development, the objective needs of a stock market for these enterprises to meet the needs of venture capital exit mechanism. At the same time, with the 2007 United States subprime crisis evolved into a global economic crisis, the financing of small and medium sized enterprises China's difficult problem becomes obvious gradually. The status of China's capital market needs for self-development, self-improvement, to meet the different scale, different levels of development of the financing needs of enterprises. In this context, China and many other countries, follow the Nasdaq market set up its own gem market.2009 in October 23rd, China Securities Regulatory Commission held the gem launch ceremony, officially listed on the Shenzhen stock exchange, as of December 2012 31 Day, there have been 355 enterprises listed in the GEM market. But since the GEM market, more and more listed companies raise funds excessively high growth expectations. This serious phenomenoncomes from investors of listed companies on the gem, but after three years of development, the GEM listed companies the operating conditions and financing situation appears extremely uncoordinated phenomenon: the operating performance of listed companies continues to decline, frequent changes of fund-raising to invest. This situation of China's GEM market based on, this paper will use empirical method to study this phenomenon bring superb raised on enterprise performance consequences.
Firstly, the related research at home and abroad were reviewed. The researches mainly include IPO short-term IPO long-term undervalued, overvalued, IPO effect of the IPO funds raised over the use of the IPO motivation research five. Whether IPO effect exists in the domestic research mainly includes three listed companies. Reasons for changes in business performance before and after IPO and the GEM market phenomenon and superb raised suggestions. IPO financing situation of China's GEM listed companies is a key part of this paper, which listed on the gem of China IPO, IPO pricing mechanism and gem delisting system were introduced in detail. In 153, Sample Firms and industry structure are analyzed, the results show that there are substantial business manufacturing companies occupy a leading position in China's GEM market. The sample of public Our quantitative analysis showed that IPO raised 153 companies raised the average rate of 239.35%, IPO superb raised has become a common behavior of China's listed companies. GEM companies announced the use of funds raised over the plan that mainly raised funds to invest in investment acquisitions, deposited in the bank, loan and added liquidity four aspects of housing land and so on. The cause of China's GEM listed companies raised over the phenomenon relates to the market system, the issuer, sponsor, five levels of investors and financial markets. In the mechanism of gem IPO raised influence enterprise performance: excess funds idle, affect the utilization efficiency of enterprise funds; the raised funds for the main business will be over investment behavior, resulting in increased business risk; excess funds by executives leaving cash, resulting in the loss of entrepreneurial talent.
This paper chooses 153 companies listed in Shenzhen gem market before December 31, 2010 as samples for empirical research. Based on IPO ultra raised ratio as independent variables to study the impact on the company after the listing of the performance brought by the measure of performance with the net interest rate index of stock rights, with the cumulative abnormal rate of return to measure the stock market performance and as a control variable to the natural logarithm of the total assets and net assets per share after the listing. The regression results show that IPO raised rate and net interest rates, the stock cumulative abnormal return rate was a significant negative correlation. The two class market does not recognize the high IPO earnings release issued by superb raised phenomenon, the unrealistic the IPO price issue has sounded the alarm. Through theoretical analysis and empirical test, this paper draws the following two conclusions: one is that the GEM market in China are generally IPO raised over the phenomenon, for the enterprise Has a great adverse effect on the market performance of the operating performance and stock price; two, the GEM market in China distribution industry is too single, mainly in the manufacturing industry, the number of too few companies in other industries. This gives the following countermeasures and suggestions: improve the IPOs pricing mechanism, the increase in the medium and small investors in the pricing power of discourse; for directors, supervisors and senior management personnel of the sale of shares of the company are strict rules, so as to avoid the gem to become individual executives quanqian places; to speed up the implementation of the delisting system, which makes the stock market healthy and effective operation; strengthen market supervision, to strengthen the supervision of the listed company and the sponsor; strengthen the education and guidance for investors, the introduction of appropriate strategic investors, in order to improve the structure of investors. Through these initiatives, the multi-level capital market in China to achieve health Kang, a stable development.

【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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