發(fā)布時(shí)間：2018-06-24 03:44

  本文選題：創(chuàng)業(yè)板 + 上市公司��； 參考：《西南財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：資本市場拓寬了企業(yè)融資的途徑,使企業(yè)可以獲得對(duì)于自身發(fā)展至關(guān)重要的資金。但在我國資本市場上存在著一種特殊的現(xiàn)象,即上市公司在獲取資金后對(duì)其原本承諾的投向進(jìn)行了變更。這樣的現(xiàn)象普遍存在于資本市場的各個(gè)板塊,涉及各行各業(yè)的上市公司,其影響也是多方面的。造成這種現(xiàn)象的原因是多樣而復(fù)雜的,既有外部規(guī)章制度的不健全,也有內(nèi)部治理結(jié)構(gòu)的不完善。 我國創(chuàng)業(yè)板雖然啟動(dòng)時(shí)間較晚,在創(chuàng)業(yè)板上市的公司數(shù)量相比主板和中小板仍有一定差距,但同樣存在著大量募集資金投向變更的現(xiàn)象。對(duì)于募集資金變更投向這一問題,以往的研究者多選取主板和中小板的上市公司為研究樣本,對(duì)創(chuàng)業(yè)板的研究則較少,因此本文從這個(gè)角度出發(fā),對(duì)我國創(chuàng)業(yè)板上市公司募集資金變更投向的問題進(jìn)行了研究。 國外的學(xué)術(shù)界對(duì)于資本市場和上市公司的各方面問題有著廣泛和深入的研究,比如融資的資本結(jié)構(gòu)、成本、順序及其與公司價(jià)值的關(guān)系方面等等,但具體到上市公司募集資金投向變更這一點(diǎn)上卻幾乎沒有研究。究其原因,主要是由于國外資本市場相對(duì)成熟健全,相關(guān)法律齊備完善,上市公司在使用募集資金時(shí)受到了嚴(yán)格的法律限制。以美國為例,按照美國相關(guān)證券法律規(guī)定,對(duì)于已經(jīng)在首次公開發(fā)行或者再融資的招(配)股說明書上確定的投資項(xiàng)目,上市公司不能將其任意變更。如確實(shí)需要變更的,必須辦理一系列復(fù)雜的相關(guān)手續(xù)并等待很長一段時(shí)間。除了有法律作保障之外,還有完善的市場和社會(huì)輿論監(jiān)督機(jī)制。一批投資者和專業(yè)中介機(jī)構(gòu)隨時(shí)關(guān)注著上市公司的經(jīng)營表現(xiàn),使得上市公司不敢“輕舉妄動(dòng)”�；�于以上種種原因,上市公司募集資金投向的變更在國外資本市場是一個(gè)十分少見的現(xiàn)象,因此國外文獻(xiàn)幾乎沒有對(duì)這方面問題的研究。 相對(duì)于國外的情況而言,募集資金投向變更在我國的上市公司中較為常見,并且這種現(xiàn)象已經(jīng)引起了包括學(xué)術(shù)界和實(shí)務(wù)界等多方的密切關(guān)注。從本世紀(jì)初以來,國內(nèi)不少學(xué)者都對(duì)此進(jìn)行了深入研究。目前來看,研究內(nèi)容主要集中在募集資金投向變更的原因、募集資金投向變更的影響因素、募集資金投向變更對(duì)企業(yè)績效的影響、市場對(duì)募集資金投向變更的反應(yīng)等四個(gè)方面。針對(duì)原因,不同的學(xué)者從宏觀、中觀、微觀的層面進(jìn)行了研究。如在宏觀層面上,有研究者考察了股票融資制度和市場監(jiān)管體系與上市公司募集資金投向變更的關(guān)系。在中觀層面上,有的研究者認(rèn)為原因可以從公司所在地區(qū)、公司所屬的行業(yè)、公司上市的不同板塊等方面找到。在微觀層面上,研究者關(guān)注的是公司的股權(quán)結(jié)構(gòu)、經(jīng)營管理水平、投資決策能力等等。針對(duì)影響因素,研究者主要從公司的治理結(jié)構(gòu)方面進(jìn)行了考慮,包括股權(quán)結(jié)構(gòu)、股權(quán)集中程度、內(nèi)控制度等等。也有研究者著眼于公司的財(cái)務(wù)特征,比如資產(chǎn)規(guī)模、負(fù)債規(guī)模、閑置資金規(guī)模等等。還有研究者從其他一些方面進(jìn)行了分析,如是否存在關(guān)聯(lián)交易、公司的長期投資機(jī)會(huì)、公司的成長性等等。在研究募集資金投向變更決策對(duì)企業(yè)業(yè)績的影響時(shí),主要運(yùn)用財(cái)務(wù)指標(biāo)法對(duì)公司募資變更前后的業(yè)績進(jìn)行對(duì)比,也有部分研究者使用了諸如數(shù)據(jù)包絡(luò)法(DEA)、問卷調(diào)查法、結(jié)構(gòu)方程法之類的方法。在研究市場對(duì)募集資金投向變更的反應(yīng)方面,研究者主要采取事件研究法來觀測IPO募資投向變更之后的市場反應(yīng)情況,具體方法是利用股市公開數(shù)據(jù)計(jì)算超額收益是否存在,進(jìn)而驗(yàn)證變更公告的發(fā)布是否會(huì)顯著地影響上市公司的股價(jià)表現(xiàn)。 本文根據(jù)在巨潮資訊網(wǎng)上對(duì)變更募集資金投向的公告進(jìn)行的整理,對(duì)2009年-2011年創(chuàng)業(yè)板市場上的募集資金情況、變更募集資金投向的總體情況、和變更募集資金投向后的去向進(jìn)行了分析說明,最后分析了變更募集資金投向?qū)�資本市場、上市公司、投資者產(chǎn)生的消極影響。總體而言,我國創(chuàng)業(yè)板市場在募集資金情況上具有“三高”現(xiàn)象——即高發(fā)行市盈率、高發(fā)行價(jià)格、高超募融資。同時(shí)在取得超募融資后,一部分上市公司變更了募集資金的投向,其去向主要包括改投新項(xiàng)目、形成關(guān)聯(lián)交易、用于委托理財(cái)和自營買賣股票、補(bǔ)充流動(dòng)資金、歸還銀行貸款、買地買房買車等等。變更行為使資本市場配置資源的基本功能無法有效發(fā)揮、對(duì)上市公司的業(yè)績產(chǎn)生了負(fù)面影響,極大地?fù)p害了投資者的信心。 在分析我國創(chuàng)業(yè)板上市公司變更募集資金投向的動(dòng)因時(shí),本文主要從公司無法控制的外部原因和與公司自身相關(guān)的內(nèi)部原因兩方面進(jìn)行了闡述。外部原因主要有：項(xiàng)目審批時(shí)間過長,在審批期內(nèi)公司所處的外部投資環(huán)境和市場條件可能發(fā)生了根本性的變化,原計(jì)劃投資項(xiàng)目立項(xiàng)的基礎(chǔ)已不復(fù)存在,錯(cuò)過了項(xiàng)目的最佳投資時(shí)間,為了避免投資失誤帶來的損失,上市公司只能考慮變更募集資金投向；項(xiàng)目準(zhǔn)備期過長,競爭條件發(fā)生變化;監(jiān)管制度不完善,缺乏諸如退市制度之類的淘汰約束機(jī)制對(duì)上市公司變更募集資金行為進(jìn)行有效抑制。 在實(shí)證檢驗(yàn)過程中,本文根據(jù)前面部分的理論分析,從上市公司的經(jīng)營業(yè)績與募集資金投向變更的關(guān)系、上市公司的治理結(jié)構(gòu)與募集資金投向變更的關(guān)系、上市公司募集資金規(guī)模與募集資金投向變更的關(guān)系等三個(gè)方面出發(fā),提出了以下五點(diǎn)假設(shè)：(1)經(jīng)營業(yè)績越差的創(chuàng)業(yè)板上市公司變更募集資金投向的可能性越大；(2)股權(quán)集中程度越高的創(chuàng)業(yè)板上市公司變更募集資金投向的可能性越大；(3)存在董事長和總經(jīng)理的職務(wù)由同一人兼任情況的創(chuàng)業(yè)板上市公司募集資金投向變更的可能性更大；(4)募資金額越多的創(chuàng)業(yè)板上市公司變更募集資金投向的可能性越大；(5)超募比率越高的創(chuàng)業(yè)板上市公司變更募集資金投向的可能性越大。然后通過定義和選取變量,運(yùn)用Logistic回歸模型進(jìn)行了實(shí)證分析。實(shí)證結(jié)果支持了上述前面四個(gè)假設(shè),即股權(quán)集中程度、董事長與總經(jīng)理兩職合一、募資金額與變更募集資金投向顯著正相關(guān),公司經(jīng)營業(yè)績與變更募集資金投向顯著負(fù)相關(guān),證實(shí)了我國創(chuàng)業(yè)板上市公司變更募集資金投向行為受到公司經(jīng)營績效、公司治理因素、募資金額等各個(gè)方面因素的影響。實(shí)證結(jié)果沒有支持上述第五條假設(shè),考慮其原因可能是在我國創(chuàng)業(yè)板市場上,當(dāng)超募金額比率較高時(shí),公司更傾向于利用超募資金實(shí)施投資或其他行為,從而降低了變更募集資金投向的幾率。 最后在以上研究的基礎(chǔ)上提出相應(yīng)的政策建議,包括完善監(jiān)管制度、縮短審批時(shí)間、改善上市公司治理結(jié)構(gòu),加大對(duì)違規(guī)上市公司和中介機(jī)構(gòu)的懲處,培育理性投資者等等,以期能夠?qū)σ?guī)范上市公司募集資金的使用、提高上市公司的質(zhì)量、促進(jìn)證券市場的健康發(fā)展提供相應(yīng)參考。
[Abstract]:The capital market has widened the way of enterprise financing so that enterprises can obtain funds which are vital to their own development. However, there is a special phenomenon in the capital market of our country, that is, the listed companies have changed their original commitment after obtaining funds. This phenomenon is common in various sectors of the capital market. The influence of the listed companies in all walks of life is multifaceted. The cause of this phenomenon is diverse and complex, not only the external rules and regulations are not perfect, but also the internal governance structure is not perfect.
Although the start time of Chinese gem is relatively late, the number of companies listed on the gem still has a certain gap compared with the main board and the small and medium board, but there is a large amount of fund raising to change. The research on industry board is less. Therefore, from this point of view, this paper studies the issue of the change of the fund-raising capital of Listed Companies in China's gem.
The foreign academic circles have extensive and deep research on all aspects of the capital market and listed companies, such as capital structure, cost, order and the relationship with the value of the company. However, there is little research on the change of the fund raising of the listed companies. The main reason is that the country is due to the country. The foreign capital market is relatively mature, the relevant laws are perfect, and the listed companies are subjected to strict legal restrictions when they use the funds. Any change. If there is a need to change, a series of complex procedures must be handled and a long time. In addition to the protection of the law, there is a perfect market and supervision mechanism of public opinion. A number of investors and professional intermediaries are always concerned about the performance of the listed companies, making the listed companies dare not to "light up". On the basis of the above reasons, the change of the fund raising of the listed companies is a rare phenomenon in the foreign capital market, so there is little research on this issue in the foreign literature.
Compared with the foreign situation, it is more common in the listed companies of our country to raise funds to change, and this phenomenon has aroused close attention in many fields, including the academic and practical circles. Since the beginning of this century, many scholars in China have studied it deeply. At present, the research content is mainly concentrated on the collection. The reasons for the change of funds, the influencing factors of the fund raising to the change, the impact of the fund raising on the performance of the enterprise, the reaction of the market to the change of the fund raising, and other four aspects. In view of the reasons, different scholars have studied from the macro, medium and micro level. For example, at the macro level, the researchers examined the stock. At the middle level, some researchers believe that the reasons can be found in the areas where the company is located, the industry belongs to the company, the different sectors of the company's listing. At the micro level, the researchers are concerned about the company's ownership structure, management and management. Level, investment decision-making ability and so on. In view of the influencing factors, the researchers mainly consider the corporate governance structure, including the ownership structure, the degree of ownership concentration, the internal control system and so on. Some researchers have also focused on the financial characteristics of the company, such as the scale of assets, the scale of liabilities, the scale of idle funds and so on. Some aspects are analyzed, such as whether there are related transactions, the long-term investment opportunities of the company, the growth of the company, and so on. In the study of the impact of the change decision on the performance of the enterprise, the financial index method is used to compare the performance of the company before and after the change of fund raising, and some researchers use the data envelopment, such as the data envelopment. Method (DEA), questionnaire, structural equation method, and so on. In the study of the response of the market to the change of raised funds, the researchers mainly take the event study method to observe the market reaction after the IPO fundraising to change. The concrete method is to use the public stock data to calculate the existence of excess returns, and then verify the change public. Whether the announcement will significantly affect the share price performance of listed companies.
In this paper, according to the arrangement of the announcement of the change of fund raising funds on the huge tide information network, this paper analyzes the general situation of the fund raising in the -2011 market in 2009, the overall situation of the change of the fund raising, and the direction of the change of the raised funds, and the last analysis of the change of the fund to the capital market. The negative impact of the listed companies and investors. In general, China's GEM market has a "three high" phenomenon in the situation of raising funds, that is, high issue price earnings ratio, high issue price, high raising financing. At the same time, after the acquisition of super financing, some listed companies have changed the fund raising, mainly including the change of investment. The project, forming related transactions, is used to entrust financial management and buy and sell stocks, replenish liquidity, return bank loans, buy a house and buy a car, etc. the change behavior makes the basic function of the capital market allocation resources not effective, and has a negative impact on the performance of the listed companies, which greatly damages the investor's confidence.
In the analysis of the motivation of the change of fund raising of the GEM listed companies in China, this paper mainly expounds two aspects of the external reasons that the company can't control and the internal causes related to the company itself. The external reasons are: the long time of the project approval, the external investment environment and market conditions of the company in the examination and approval period There may have been fundamental changes. The foundation of the original project investment project has gone out of existence, missed the best investment time of the project, and in order to avoid the loss caused by the investment mistakes, the listed companies can only consider the change of raise funds; the project preparation period is too long, the competition items change; the supervision system is not perfect, and the lack of such retreats is lacking. The elimination mechanism of the market system effectively inhibits the behavior of Listed Companies in raising funds.
In the process of empirical test, this paper, based on the theoretical analysis of the previous part, puts forward the following three aspects: the relationship between the operating performance of the listed companies and the change of the raised funds, the relationship between the governance structure of the listed companies and the change of the raised funds, the relationship between the scale of the raised funds and the change of the raised funds to the change. The five assumption is that: (1) the greater the possibility of the listed companies of the GEM listed companies with poor operating performance, the greater the possibility of raising funds to raise funds; (2) the higher the degree of concentration of equity concentration, the greater the possibility of changing the fund to raise funds; (3) the position of the board of directors and general managers of the board of directors and the general manager is raised by the GEM listed companies of the same person. The possibility of the change of gold is greater; (4) the more possibility of raising fund raising money, the greater the possibility of changing the fund raising funds; (5) the more possibility of the venture capital listed companies with higher enrollment ratio, the greater the possibility of changing the raise funds. Then the empirical analysis is carried out by using the Logistic regression model through the definition and selection of variables. The results support the above four assumptions, namely, the degree of ownership concentration, the chairman of the chairman and the general manager two, the amount of fund-raising and the change of the fund to raise a significant positive correlation, the company's operating performance and the change of the fund to raise a significant negative correlation, confirmed that China's GEM listed companies to change the financing of investment behavior by the company is managed by the company. Performance, corporate governance, fund-raising, and other factors. The empirical results do not support the above fifth assumptions, considering that the reason may be that in the Chinese gem market, the company is more inclined to use super funds to carry out investment or other behavior when the rate of excess raised money is high, thus reducing the change of fund raising. The probability of a direction.
Finally, on the basis of the above research, the corresponding policy suggestions are put forward, including improving the regulatory system, shortening the time of examination and approval, improving the governance structure of listed companies, increasing the punishment of listed companies and intermediaries, cultivating rational investors and so on, in order to raise the use of funds for the standard listed companies and improve the quality of the listed companies. To provide a reference for promoting healthy development of securities market.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F276.6;F224

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