创业板超募资金使用问题研究.docVIP

创业板超募?资金使用问?题研究——基于南都电?源案例分析? [摘要] 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。 [关键词] 创业板 超募资金 融资 南都电源 Resea?rch on using? Effec?ts of GEM Exces?s-raise?d Funds?——Case Studi?es Based? on NanDu? elect?ric power? Compa?ny [Abstr?act] n Octob?er 2009,the growt?h enter?prise?s marke?t(GEM) has been push out in China?.It is advan?tange? of build?ing diffe?rent level?s of growt?h enter?prise?s marke?t and perfe?cting? the frame? of capit?al marke?t.In order? to give chanc?e to finan?cing for middl?e and small?-sized? enter?prise?s and stimu?latin?g the enthu?siast?ic the innov?ate and devel?oping? in our count?ry. The numbe?r of the GEM compa?nies has raise?d rapid?ly durin?g the eight? years?. The raise? funds? wich enter?prise?s raise?d also incre?ased fastl?y.The GEM is benef?it to the devel?opmen?t of marke?t-orien?ted econo?my in China?. The GEM has appea?rs the great? numbe?r of excel?lent enter?prise?s. When the excel?lent enter?prise?s raise?d the same time, the weakn?ess of marke?t worki?ng expos?ed. Espec?ially? the high price? ,the high price? earni?ng ratio? and the Exces?s-raise?d funds?. In this artic?le, we mainl?y aimed? at the huge fund raisi?ng to study? the use of super? and large? exces?s to raise? funds? would? resul?t in grave? damag?e to the alloc?ation? effic?iency? of the enter?prise?, and too much idle funds? to reduc?e the effic?iency? of the use of funds? To make hug