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论文编号：	9336
作者编号：	2120152422
上传时间：	2017/6/20 13:20:02
中文题目：	补充流动资金的超募资金流向研究
英文题目：	Research on the working capital supplemented by over raised funds
指导老师：	姚颐
中文关键字：	超募资金； 补充流动资金； 在职消费； 高管薪酬； 现金股利
英文关键字：	over raised funds； supplement working capital； on job consumption；executive compensation； cash dividend payment
中文摘要：	新股发行的市场化发行体制与公司上市审核的行政化审批制之间的矛盾导致了我国上市公司超募现象的产生。巨额的超募资金引起了监管部门、学者和投资者的广泛关注，特别是2009年创业板开盘以来，高抑价、高市盈率、高超募成为创业板市场三高现象。高超募带来的巨额的闲置资金导致一些企业一时之间不知如何处理，这就为资金滥用埋下了伏笔，有可能导致资本市场的资源配置效率低下。面对巨额的超募资金，我国政府也出台了一系列规范超募资金使用的文件。其中有规定允许上市公司可以使用超募资金用于永久性补充流动资金。但永久性补充流动资金的超募资金到底被上市公司如何使用，具体使用状况如何，这是一个需要研究的问题。 本文以永久性补充流动资金的超募资金的具体流向为分析目的，通过选取2010年到2015年间上市时有超募，并且使用超募资金永久性补充流动资金的上市公司为研究样本。实证分析了超募资金永久性补充流动资金水平与管理层在职消费、高管薪酬及现金股利支付的关系。结果发现上市公司的确将永久性补充流动资金的超募资金用于管理层的在职消费以及相应的对投资者的现金股利发放，但本文并未证明上市公司将永久性补充流动资金的超募资金用于发放高管薪酬,说明上市公司并没有合理使用永久性补充流动资金的超募金。本文的创新性在于部分的回答了永久性补充流动资金的超募资金的具体流向问题，进一步证明了上市公司的确存在超募资金滥用的情况，为规范超募资金的使用，限制超募资金用于永久性补充流动资金，并规范永久性补充流动资金的使用提供理论支持。
英文摘要：	The contradiction between the IPO issuing system and the administrative approval system of the listed company has led to the emergence of the phenomenon of over financing of Listed Companies in China. Huge raised funds caused widespread concern of regulators, scholars and investors, especially since the start up board opened in 2009, the high price, high price earnings ratio, high over financing become the three high phenomena of the start up board. Huge idle funds caused by over financing make it difficult for list companies to utilize the money effectively, which laid the groundwork for the misuse of funds.This may lead to inefficient allocation of resources of capital markets. Facing those problems, the Chinese government has also introduced a series of documents to regulate the use of funds raised. One of the provisions allow the listed companies to supplement permanent liquidity by using the over raised funds . However, how the Listed Companies use the working capital increased by the over raised funds is a problem needed to be studied. This paper aims to analyze the specific use of permanent working capital supplemented by over raised funds. This paper selected the listed companies between 2010 and 2015 which increased the permanent working capital increased by over raised funds to analyze the effects of the supplemented permanent working capital on job consumption,executive compensation and cash dividend payment empirically.The results show that the listed companies indeed use the money supplemented by over raised funds for on job consumption of the management and cash dividend. Which indicate that the listed companies do not have a reasonable use of the permanent working capital increased by over raised funds. but there are no evidence shows that the money are used to pay for the salary of the executive. This paper partly answers the specific use of the permanent working capital increased by over raised funds, thus the conclusions of the paper further proves that the listed companies do abuse the over raised funds. On the other hand, the paper provide theoretical support for the necessity of limiting the permanent working capital increased by over raised funds and regulating the use of the permanent working capital increased by over raised funds.
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