创业板超募资金使用问题研究论文.doc

创业板超募资金使用问题研究——基于南都电源案例分析 2009年10月我国正式推出了中国创业板市场，这有利于构建多层次创业板市场，完善资本市场结构，为中小企业提供了更方便的融资机会，激发我国对于创新研发的热情。经过了8年时间，创业板上市公司的数量在不断增加，企业所能募集到的资金也不断上升。我国的创业板市场对推动我国市场经济的良好发展起到重大作用，在创业板中出现了大量表现优异的企业,但是其发展壮大的同时市场运作的缺陷也逐渐暴露，其中最为突出的就是高发行价，高市盈率还有不断上升的超额募集资金。 在本文中，我们主要针对巨额的超募集资金使用问题进行研究，并且巨额的超额募集资金会严重损害企业的配置效率，且过度的闲置资金降低了资金的使用效率。为了使j巨额超募资金能得到合理利用，我们对此展开了研究，首先我们以60家创业板上市公司为样本研究创业板上市公司的超募情况及超募原因，再通过对南都电源这家公司为研究对象进行具体案例分析，对其超募资金来源和超募资金的使用效果进行详细分析。最后总结并提出如何合理利用超募资金，提高超募资金使用效率的方法和展望，希望通过本文的研究能让企业重视超募资金的使用，提高超募资金利用率，提升超募资金的使用效率，让投资者的资金能尽可能得到最大回报，让社会资源能充分发挥作用，保证证券市场的良好发展。 创业板超募资金融资南都电源 Research on using Effects of GEM Excess-raised Funds——Case Studies Based on NanDu electric power Company [Abstract] n October 2009,the growth enterprises market(GEM) has been push out in China.It is advantange of building different levels of growth enterprises market and perfecting the frame of capital market.In order to give chance to financing for middle and small-sized enterprises and stimulating the enthusiastic the innovate and developing in our country. The number of the GEM companies has raised rapidly during the eight years. The raise funds wich enterprises raised also increased fastly.The GEM is benefit to the development of market-oriented economy in China. The GEM has appears the great number of excellent enterprises. When the excellent enterprises raised the same time, the weakness of market working exposed. Especially the high price ,the high price earning ratio and the Excess-raised funds. In this article, we mainly aimed at the huge fund raising to study the use of super and large excess to raise funds would result in grave damage to the allocation efficiency of the enterprise, and too much idle funds to reduce the efficiency of the use of funds To make huge funds raised in excess of the j can get reasonable use, we have launched a study, first of all we take 60 gem listed companies as samples to study the gem listed companies raise and ultra raise reason, again through the SMW p