创业板资金超募原因及其使用状况研究-会计学专业论文.docxVIP

摘 要 针对创业板高超募现象在 IPO 中反复出现，本文从多角度对创业板资金超募 和投资进行分析，总结超募形成的原因。通过实证分析检验公司上市前盈利情况、 承销商声誉以及投资者情绪对资金超募率的影响。文章进一步从我国新股发行制 度、询价制度等制度层面问题以及承销保荐机构的利益驱动等角度对我国创业板 资金超募现象进行解释。 关于超募资金投向，分析发现创业板超募资金投向集中于：存放银行、补充 企业流动资金、股权投资、归还银行贷款、进行项目投资、购买土地不动产、研 发投资。而真正投入高成长、高盈利项目的并不多，从而导致资金闲置、投资效 率低，对我国资本市场的长期稳定发展产生不利影响。 通过对创业板资金超募原因和超募资金的投资进行研究，本文提出：通过限 制超募资金投向，提前制定超募资金使用计划，加强项目的甄别与后续管理，强 化超募资金使用情况的信息披露，建立超募资金专户管理制度等一系列方式提高 超募资金的使用效率。并可以通过适当使用存量发行方式，转变新股发行方式， 加强对券商的监管和投资者教育以及完善询价制度等方式改善我国创业板大幅 度资金超募的现状，提高创业板市场的投融资效率和效果。 关键词：创业板，资金超募，使用状况 Abstract With the over-raised capital becoming a common phenomenon in the Growth Enterprises Market (GEM), this paper tries to explain the reasons for this phenomenon in different perspectives. Through empirical analysis, the paper tests the effects of the company’s profitability status before IPO, the reputation of the underwriter and the sentiment of the investors on the over-raised rate. Then, the paper explains the reasons for high over-raised rate as the result of imperfect IPO issuing system, pricing mechanism and the profit-driven aim of the underwriters. As to where the over-raised funds are used, most of the money is kept in the bank, used to increase the circulating cash flow, to repay the bank loan, to purchase fixed assets or used in the different projects and equity investments. The over-raised capital that is used to earn proper return for the investors is not too much, and most of the capital is idle, reflecting the inefficient use of the money, which will have adverse effect on the long-term development of the capital market in China. To increase the returns earned by the over-raised funds, the following efforts could be made: limiting the areas where the over-raised funds could be used; making plans for the over-raised funds in advance in case it happens; enforcing the management of the projects that are to be invested or have been invested; enhancing the information disclosure on the use of over-raised funds and a single account used for the