中國創(chuàng)業(yè)板市場高超募現(xiàn)象研究
發(fā)布時間：2018-09-10 20:35
【摘要】：在我國中小企業(yè)融資難問題已經(jīng)成為了關系我國經(jīng)濟平穩(wěn)、高速發(fā)展的重要問題,也成為了我國財經(jīng)界的頭等難題。無數(shù)的學者為解決這一難題而到處奔走,經(jīng)過多年的努力,2009年10月,全國上下期待已久的創(chuàng)業(yè)板正式開板。2009年到現(xiàn)在已經(jīng)過去了三個年頭,在這三年的發(fā)展過程中我國創(chuàng)業(yè)板市場總體來說運行平穩(wěn),但是也暴露出了許許多多的重大問題,嚴重影響了我國資本市場的健康發(fā)展,其中高超募現(xiàn)象作為最嚴重的問題之一受到了全社會的廣泛關注。 從目前的狀況來看,創(chuàng)業(yè)板市場的超募現(xiàn)象比主板市場和中小企業(yè)板市場嚴重得多,自開板以來我國創(chuàng)業(yè)板共計募集資金2080.65億元,其中超募資金為1369.04億元,平均超募率高達169.12%。如此之高的融資超募率嚴重影響了我國資本市場的發(fā)展,也違背了我國創(chuàng)業(yè)板的設立初衷。無數(shù)的利益集團借助高超募這一途徑完成利益輸送,造就數(shù)以千計億萬富豪的同時,也嚴重損害了廣大中小投資者的利益；超募資金的低效使用造成了我國資本市場資源的不合理配置,嚴重阻礙了我國資本市場的健康發(fā)展。因此研究高超募現(xiàn)象的成因并徹底解決我國創(chuàng)業(yè)板市場的高超募問題已經(jīng)刻不容緩。 本文采取規(guī)范研究和實證研究相結合的方法,分析高超募現(xiàn)象的理論成因并進行實證檢驗。首先對我國創(chuàng)業(yè)板市場的高超募現(xiàn)狀進行基本的描述,闡明問題的嚴重性；其次從理論的角度沿著三個方面即：發(fā)行價格因素、發(fā)行數(shù)量因素和其他因素對我國創(chuàng)業(yè)板高超募現(xiàn)象的成因進行分析；再次根據(jù)理論分析選取具有代表性的變量,以創(chuàng)業(yè)板開板以來的349家上市公司作為研究樣本進行多元回歸分析,找出導致創(chuàng)業(yè)板高超募現(xiàn)象的內(nèi)在誘因。研究結論顯示,導致我國創(chuàng)業(yè)板市場高超募現(xiàn)象的根本原因主要表現(xiàn)在四個方面即：較高的發(fā)行市盈率、發(fā)行數(shù)量的嚴重不合理、承銷商的聲譽影響和利益相關者之間的利益輸送,其中發(fā)行數(shù)量的不合理在很大程度上解釋了我國創(chuàng)業(yè)板的高超募現(xiàn)象；最后結合實證研究與理論分析的結果有針對性的提出解決我國創(chuàng)業(yè)板高超募現(xiàn)象的建議,以期為我國資本市場的健康發(fā)展做出自己微薄的努力。
[Abstract]:In our country, the financing difficulty of small and medium-sized enterprises has become an important problem related to the steady and rapid development of our economy, and it has also become the first difficult problem in our country's financial and economic circles. Countless scholars have been running around to solve this problem. After years of hard work, in October 2009, the long-awaited gem officially opened in the whole country. Three years have passed since 2009. During the three years of development, the gem market in our country has generally been running smoothly, but it has also exposed a lot of major problems, which have seriously affected the healthy development of the capital market in our country. As one of the most serious problems, the phenomenon of superb fundraising has been widely concerned by the whole society. According to the current situation, the phenomenon of over-raising in the gem market is much more serious than that in the main board market and the SME board market. Since the opening of the board, China's gem has raised a total of 208.065 billion yuan of funds, of which 136.904 billion yuan has been raised, with an average over-raising rate of 169.1212 yuan. Such a high financing rate seriously affects the development of China's capital market and violates the original intention of the establishment of gem. Numerous interest groups with the help of high super to complete the transmission of interest, creating thousands of billionaires, but also seriously damaged the interests of the majority of small and medium-sized investors; The inefficient use of overraised funds has resulted in the unreasonable allocation of capital market resources in China, which has seriously hindered the healthy development of the capital market in China. Therefore, it is urgent to study the causes of superb fundraising and to solve the problem of superb fundraising in China's gem market. By combining normative research with empirical research, this paper analyzes the theoretical causes of the phenomenon of superb fundraising and carries out empirical tests. First of all, the paper describes the current situation of China's gem market and clarifies the seriousness of the problem. Secondly, it follows three aspects from the theoretical point of view: the issue price factor. The factors of issuing quantity and other factors analyze the causes of the phenomenon of skilful recruitment on the gem of our country. Again, according to the theoretical analysis, the representative variables are selected. Taking 349 listed companies since the gem opening as the research sample, the multiple regression analysis is carried out to find out the intrinsic inducement that leads to the phenomenon of excellent fundraising on the gem. The conclusion of the study shows that the fundamental reasons leading to the skilful fundraising in the gem market of our country are mainly manifested in four aspects: higher price-to-earnings ratio of issuance, serious irrationality of the amount of issuance, The influence of underwriters' reputation and the benefit transmission among stakeholders, the unreasonable amount of issuance largely explains the phenomenon of excellent fundraising in gem. Finally, combining the results of empirical research and theoretical analysis, the author puts forward some suggestions to solve the problem of skilful fund-raising on gem in order to make a modest effort for the healthy development of China's capital market.
【學位授予單位】：東北財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224
[Abstract]:In our country, the financing difficulty of small and medium-sized enterprises has become an important problem related to the steady and rapid development of our economy, and it has also become the first difficult problem in our country's financial and economic circles. Countless scholars have been running around to solve this problem. After years of hard work, in October 2009, the long-awaited gem officially opened in the whole country. Three years have passed since 2009. During the three years of development, the gem market in our country has generally been running smoothly, but it has also exposed a lot of major problems, which have seriously affected the healthy development of the capital market in our country. As one of the most serious problems, the phenomenon of superb fundraising has been widely concerned by the whole society. According to the current situation, the phenomenon of over-raising in the gem market is much more serious than that in the main board market and the SME board market. Since the opening of the board, China's gem has raised a total of 208.065 billion yuan of funds, of which 136.904 billion yuan has been raised, with an average over-raising rate of 169.1212 yuan. Such a high financing rate seriously affects the development of China's capital market and violates the original intention of the establishment of gem. Numerous interest groups with the help of high super to complete the transmission of interest, creating thousands of billionaires, but also seriously damaged the interests of the majority of small and medium-sized investors; The inefficient use of overraised funds has resulted in the unreasonable allocation of capital market resources in China, which has seriously hindered the healthy development of the capital market in China. Therefore, it is urgent to study the causes of superb fundraising and to solve the problem of superb fundraising in China's gem market. By combining normative research with empirical research, this paper analyzes the theoretical causes of the phenomenon of superb fundraising and carries out empirical tests. First of all, the paper describes the current situation of China's gem market and clarifies the seriousness of the problem. Secondly, it follows three aspects from the theoretical point of view: the issue price factor. The factors of issuing quantity and other factors analyze the causes of the phenomenon of skilful recruitment on the gem of our country. Again, according to the theoretical analysis, the representative variables are selected. Taking 349 listed companies since the gem opening as the research sample, the multiple regression analysis is carried out to find out the intrinsic inducement that leads to the phenomenon of excellent fundraising on the gem. The conclusion of the study shows that the fundamental reasons leading to the skilful fundraising in the gem market of our country are mainly manifested in four aspects: higher price-to-earnings ratio of issuance, serious irrationality of the amount of issuance, The influence of underwriters' reputation and the benefit transmission among stakeholders, the unreasonable amount of issuance largely explains the phenomenon of excellent fundraising in gem. Finally, combining the results of empirical research and theoretical analysis, the author puts forward some suggestions to solve the problem of skilful fund-raising on gem in order to make a modest effort for the healthy development of China's capital market.
【學位授予單位】：東北財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224
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