本文選題：創(chuàng)業(yè)板　切入點：募集資金報告　出處：《西北農(nóng)林科技大學》2013年碩士論文

【摘要】：創(chuàng)業(yè)板上市以來，為中小高新技術(shù)企業(yè)提供了全新的融資渠道，同時創(chuàng)業(yè)板市場上市公司發(fā)行價格、市盈率和市凈率偏高，資金超募嚴重已經(jīng)成為我國創(chuàng)業(yè)板市場發(fā)展面臨的主要問題。伴隨著高超募，上市公司募集資金投向、超募資金的監(jiān)管和有效使用備受市場關(guān)注，業(yè)內(nèi)關(guān)于創(chuàng)業(yè)板募集資金超募、募集資金投向變更的理論研究和爭議頗多。在此背景下本文對A上市公司募集資金報告存在的問題進行了分析，對上市公司粉飾募集資金報告的動機及手段予以歸納分析，并提出識別對策及建議。 上市公司募集資金報告中募集資金投向及預期收益，是公司首次公開發(fā)行股票時重要的定價依據(jù)，是投資者的重要投資依據(jù)，上市報告信息披露不充分、人為夸大投資總額、粉飾項目財務效益，不僅使上市招股說明書中編寫的資金募集計劃的可信性大打折扣，也使監(jiān)管部門對招股說明書的審查失去意義，更將后續(xù)的超募資金監(jiān)管陷入尷尬境界。因此，研究這一課題對于如何辨別募集資金報告真實性，督促、規(guī)范上市公司募集資金的規(guī)范化運用等方面具有一定的理論價值和現(xiàn)實意義。 本文選取A公司募集資金報告為研究對象。在A公司募集資金報告的原有框架基礎(chǔ)上，從募集資金運用、募投項目可行性報告(含項目背景和技術(shù)效益情況、項目行業(yè)競爭和市場容量情況、項目投資主體及環(huán)保情況)、募集資金對經(jīng)營及財務狀況的影響三個部分介紹募集資金報告概況。通過對募集資金報告項目可行性進行深入研究，及對募集資金報告計劃與實際執(zhí)行情況的追蹤對比分析，發(fā)現(xiàn)上市公司IPO時粉飾項目募集資金報告，高估收益、低估風險，編造項目可行性報告。上市后募集資金項目必然進展緩慢，無法按照IPO募集資金報告投資計劃進行，募投項目收益與預測嚴重不符，無法達到預期目的，從而違背募集資金報告的承諾，變更募集資金投向，變相挪用募集資金。本文在對A公司募投報告分析基礎(chǔ)上，借鑒財務報表粉飾的概念，提出募集資金報告粉飾的概念，對上市公司IPO申報中粉飾募集資金報告動機、粉飾手段進行歸納分析,并結(jié)合本人的審計和財務工作經(jīng)驗，從關(guān)注粉飾募集資金報告的異常信號起，結(jié)合財務信息尋找粉飾報告的切入點，逐步提出辨別募集資金報告真實性的方法和對策。 本文研究主要采取案例法，創(chuàng)新之處有兩方面，一是研究視角的創(chuàng)新，在實踐中，國內(nèi)資本市場披露的上市公司舞弊案件，一般都集中在財務報表造假，利潤操縱方面，少有對非財務信息-募集資金報告進行分析的案例。二是本文以A公司募集資金報告為案例，，借鑒財務報表粉飾的概念，提出募集資金報告粉飾的概念，對上市公司的粉飾動機、手段進行歸納總結(jié),并提出識別的對策，具有一定的創(chuàng)新性。 本文的局限性在于：本文案例所有分析數(shù)據(jù)均出自A公司的上市公告書，受資料及個人專業(yè)水平的限制，部分事項分析不夠深入、透徹，并且案例研究過程中，以分析為主，必定在歸納過程中帶有個人的主觀性，本案例研究的內(nèi)部效度被質(zhì)疑的可能性大。從外部效度方面，僅以A公司在IPO過程中粉飾募集投資項目為例進行分析歸納，其存在的問題并不一定具有普遍性，因此外部效度亦大大降低。另外，對任何一家上市公司提出造假的質(zhì)疑，都是很敏感的話題，尤其是對募集資金報告質(zhì)疑，在收集資料過程中由于國內(nèi)對于募集投資項目造假的披露比較少，能夠借鑒的研究成果與資料也比較稀缺，加之個人理論水平有限，文中存在的不足之處，懇請各位老師批評指正。
[Abstract]:Since the gem listing, provides a new financing channel for small and medium-sized high-tech enterprises, at the same time, the GEM listed companies to issue price, price earnings ratio and high capital raised serious has become a major problem facing the development of China's GEM market. With high oversubscription, listed companies raised funds, super the supervision and effective use of funds raised much market attention, the industry on the gem funds raised, theoretical research and controversy of the alteration of financing capital. Under this background, this article on the A of listed companies to raise funds to report problems were analyzed, the listed companies to raise funds report whitewash motive and means of inductive analysis the identification, and puts forward some countermeasures and suggestions.
To raise funds to raise funds to invest in the report and the expected profitability of listed companies, is an important basis for pricing company IPO, investment is an important basis for investors, listed the report inadequate disclosure of information, artificially inflated the total amount of investment, the financial benefits of whitewash project, not only the listing prospectus in the preparation of the fund-raising plan lost credibility. The regulatory prospectus review meaningless, but will follow the raised funds supervision in an awkward state. Therefore, the research to raise funds for how to identify the authenticity of the report, supervision, has a certain theoretical value and practical significance to regulate listed companies to raise funds to standardize the use of other aspects.
This paper selects A company to raise funds to report as the research object. The original framework to raise funds report in A company, from the use of the raised funds, raise investment project feasibility report (including the background and technical efficiency, project, project competition and market capacity of project investment subject and environmental protection), to raise funds for the operation and influence the three part introduces the financial situation to raise funds report overview. On the basis of researching the feasibility analysis report to raise project funds, and to raise funds for the implementation of the plan and report the actual tracking contrast, we find that the listed company IPO project to raise funds to whitewash report, overestimateearnings, underestimate the risk, make the project feasibility report after the listing to raise funds. The gold project will slow, unable to raise funds in accordance with the IPO report of investment plan, raise investment projects and revenue forecast is not serious, can not achieve The expected purpose, which is in breach of the commitment to raise funds report, to raise funds to invest in change, in the misappropriation of funds raised in this article. The report of the A investment company raised on the basis of the analysis, based on the concept of financial statements, put forward to raise funds for the concept of whitewash report, whitewash IPO of listed companies to raise funds in the declaration of the report summarizes motivation, whitewash the analysis, combined with my work experience and financial audit report, the abnormal signal to raise funds attention from the starting point of whitewash, combined with the financial information for whitewash report, put forward methods and Countermeasures to raise funds to identify the authenticity of the report.
This paper mainly adopts the method of case, innovation has two aspects, one is the innovation of research perspective, in practice, the domestic capital market disclosure fraud cases of listed companies, are generally concentrated in the financial statements fraud, profit manipulation, less on the non financial information - raise funds report analysis case is the two. In the case of A company to raise funds to report, based on the concept of financial statements, put forward to raise funds concept of listed companies report whitewash, whitewash means motivation, are summarized, and put forward the countermeasure of recognition, has certain innovation.
The limitations of this paper is: the case analysis of all data from the A company listing announcement, by the data and personal professional level, some of the issues the analysis is not deep enough and thorough, and the case study process, to analysis, must be in an inductive process with the subjectivity of the individual, the possibility of internal case study the validity was questioned. From the external validity, only by A company in the process of IPO whitewash raise investment project as an example analysis, the problems are not necessarily universal, therefore also greatly reduce the external validity. In addition, the fraud to question any listed companies, are very sensitive the topic, especially to raise funds for the report questioned, in the process of collecting material for domestic investment projects due to raise false disclosure less research results and reference data can also dilute In addition, in addition to the limited level of personal theory and the inadequacies in the text, we ask the teachers to criticize them.

【學位授予單位】：西北農(nóng)林科技大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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本文編號：1675719