本文選題：超募 + 信息不對稱　； 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：“超募”是指在IPO新股公開發(fā)行后,上市公司實(shí)際募集資金明顯超過當(dāng)次IPO預(yù)計(jì)募集投資項(xiàng)目計(jì)劃所需資金的現(xiàn)象,是當(dāng)前我國A股IPO過程中的一大特色。我國A股創(chuàng)業(yè)板上市公司在IPO過程中,普遍性的出現(xiàn)了顯著的“超募”現(xiàn)象。277家樣本公司的平均超募水平為1.92倍。 “超募”現(xiàn)象體現(xiàn)了在我國新股發(fā)行過程中,資本市場對于公司股票投資價值的判斷,與上市公司內(nèi)部從項(xiàng)目投資角度對于所需資金評估之間的重大的分歧。本文主要從三個層次對創(chuàng)業(yè)板“超募”現(xiàn)象進(jìn)行了研究,首先研究創(chuàng)業(yè)板“超募”現(xiàn)象的存在性問題,即創(chuàng)業(yè)板是否存在普遍性的“超募”現(xiàn)象；第二個層次是研究創(chuàng)業(yè)板“超募”現(xiàn)象的形成及其影響因素；第三個層次研究創(chuàng)業(yè)板“超募”現(xiàn)象對于上市公司后續(xù)投資行為所產(chǎn)生的影響。 通過實(shí)證研究,本文證實(shí)了我國創(chuàng)業(yè)板“超募”現(xiàn)象的存在；這一現(xiàn)象的形成,主要受到了信息不對稱與股票市場投資者心理狀況的影響,這表明目前創(chuàng)業(yè)板市場的新股定價還處于明顯的非理性階段；而隨著超募比例的提升,較為充裕的現(xiàn)金流會鼓勵上市公司決策者出現(xiàn)過度投資的傾向。 針對我國A股創(chuàng)業(yè)板市場存在的普遍性的IPO“超募”現(xiàn)象,及其對上市公司投資行為所產(chǎn)生的影響,本文在深層次研究的基礎(chǔ)上,嘗試性的提出了政策建議,希望能對規(guī)范我國IPO市場運(yùn)作、提升IPO募集資金使用效率和優(yōu)化我國資本市場資源配置提供幫助。
[Abstract]:"Over-offering" refers to the phenomenon that the listed company actually raises more funds than the current IPO expected to raise the investment project plan after the IPO IPO, which is a major feature in the process of A-share IPO in China at present. In the process of IPO, there is a remarkable phenomenon of "over-offering" in China's A-share gem. The average over-offering level of 277 sample companies is 1.92 times. The phenomenon of "over-offering" reflects the significant difference between the judgment of the value of the stock investment in the capital market and the evaluation of the needed funds from the project investment angle within the listed company in the process of issuing new shares in our country. This paper mainly studies the phenomenon of "super recruitment" in gem from three levels. Firstly, it studies the existence of the phenomenon of "over-raising" in gem, that is, whether there is a universal phenomenon of "over-offering" in gem; The second level is to study the formation and influence factors of the phenomenon of "over-raising" in the gem, and the third level is to study the influence of the phenomenon of "over-raising" on the subsequent investment behavior of listed companies. Through the empirical research, this paper confirms the existence of the phenomenon of "over-offering" on the gem in China, which is mainly influenced by the asymmetric information and the psychological condition of investors in the stock market. This indicates that the IPO pricing in the gem market is still in an obviously irrational stage, and with the increase of the overcapitalization ratio, the more abundant cash flow will encourage the over-investment tendency of the listed company decision makers. In view of the widespread phenomenon of IPO "over-raising" in China's A-share gem market and its influence on the investment behavior of listed companies, this paper puts forward some policy recommendations on the basis of deep research. It is hoped that it will be helpful to standardize the operation of IPO market, to improve the efficiency of raising IPO funds and to optimize the allocation of capital market resources in China.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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