创业板上市公司超募资金使用效率研究金融学专业论文.docxVIP

Ab Ab stract Since the launch of the GEM has been plagued with’’three highs”problem，high issue price，high p／e ratio and ultra-raised funds phenomenon appeared frequently in the process of GEM IPO，the existence of a large amount of ultra-raised funds makes the GEM hit the”Misappropriating”label．Due to the CSRC and the relevant departments of the GEM listed companies use of ultra-raised funds lack of a clear and detailed rules，C捆tUSe a large number of ultra-raised funds idle，excessive investment and the phenomenon of improper use，these problems not only violates the original intention of the GEM，waste lot of resources，but also harm the interests of investors， and will bring great challenge to the development of capital market．Therefore，in the current GEM ultra·raised funds idle rate is higher,standardize the management and of ultra-raised funds，promote the use of ultra·raised funds efficiency,to protect the interests of investors，to guarantee the healthy development of the GEM has far·reaching significance． GEM listed companies in China to exceed raise，first of all，the paper analyzes the current situation of the GEM in China offering，including the overall situation of the GEM，the difference of regional industry status，explains the GEM listed companies raise questions of universality and diversity,secondly from macroeeonomic factors，distribution system defects，underwriters profit-driven， investors irrational behavior，etc，the author analyzes the reasons of super raise appear， points out that the GEM ultra-raised funds adverse effect caused by improper．In the analysis of the current status of the funds raised in use，this article will super funds raised spending is divided into two parts，capital expenditure and capital expenditure concrete elaboration，pointed out our country current GEM ultra-raised funds using characteristics：first，a large amount of ultra-raised funds idle，raise funds utilization rate is not high；Second，the ultra—raised funds project investment lack of