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论文编号：	5373
作者编号：	2120112404
上传时间：	2013/6/6 22:58:14
中文题目：	我国创业板上市公司IPO超募资金使用去向、影响因素及其经济后果研究
英文题目：	On the utilization, causes and consequences of GEM listed companies IPO over raised funds in China
指导老师：	陆宇建
中文关键字：	创业板;IPO超募资金使用；过度投资
英文关键字：	GEM; utilization of IPO over-raised funds; over investment
中文摘要：	我国创业板自开启以来，公司IPO超额募集的现象一直持续。关于创业板上市公司IPO超募资金的使用投向问题更是引起社会各界的关注，媒体舆论认为创业板上市公司IPO超募资金存在“滥用”或过度投资的问题。是什么因素影响我国创业板上市公司如此使用IPO超募资金？当前IPO超募资金的使用是否确实导致业绩的恶化或确实存在过度投资的现象？是否进而导致代理冲突的加剧？对这些问题进行研究是本文的目的。 本文以委托代理理论、现金流与代理成本假说为理论依据，结合我国创业板上市公司的制度背景，以创业板上市公司为研究对象，通过阅读创业板上市公司IPO超募资金使用公告统计整理出创业板上市公司对IPO超募资金的使用情况，并按照资本性项目支出和非资本性项目支出进行分类。实证部分运用多元回归的方法检验发现超募资金的大小、上市当年财务杠杆、董事长与总经理兼任会显著地正向影响IPO超募资金使用的多寡，但独立董事比例对上市公司IPO超募资金的使用不存在明显的作用；同时以公司上市前后净资产收益率的（负向）变化为因变量建立模型发现IPO超募资金中投入非资本性项目的支出会显著缓解上市前后净资产收益率的下滑。在探讨IPO超募资金是否存在过度投资的部分，采用分组检验的方法，得出创业板上市公司IPO超募资金在使用过程中并不存在过度投资的问题。
英文摘要：	Since the China's GEM is founded, listed companies keep over raise during the period of initial public offerings （IPO）. The opinion from public media is that CEO of GEM listed companies tend to abuse IPO over-raised funds or over investment, and this idea cause common investors’ attention as well. Confronting with this view, the dissertation wants to figure out whether media reports true or not through empirical research method. The dissertation is based on agency theory, cash flow and agency costs hypothesis, rules and regulations related to GEM listed companies’ management. All the study samples are from GEM companies from 2009 to 2012. This dissertation focuses on three questions as follows. Firstly, it discusses the determinants of IPO over-raised funds utilization by multiple regression means, which turned out the amount of over-raised fund, financial leverage, the chairman of the board also served as CEO could significantly affect the use of over-raised funds positively. Secondly, the dissertation found that when the IPO over-raised funds are paid in non-capital investment program, the （negative） change of listed companies’ ROE before and after IPO would be alleviated obviously. This result proved that the utilization of IPO over-raised funds has not deteriorated the agent problem but eased it instead. In the last part of empirical research, it learned from previous studies, adopted grouping T-test, got a conclusion that there was no overinvestment among the utilization of IPO over-raised funds.
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