上市公司超募资金使用与投资者保护——基于科伦药业的案例研究  

Use of Excessive Raised Funds and Investor Protection:A Case Study of Kelun Pharmaceutical

作　　者：陈胜蓝[1] 焦守滨[1] 杨子娇[1] 文彩虹[1] 

机构地区：[1]内蒙古大学经济管理学院,呼和浩特010021

出　　处：《管理案例研究与评论》2011年第4期279-290,共12页Journal of Management Case Studies

基　　金：教育部人文社会科学研究西部和边疆地区项目(10XJC630003);内蒙古高等学校科学研究项目(NJ10028);内蒙古大学高层次引进人才科研启动基金项目(Z20100103);内蒙古大学文科学术创新团队建设计划项目

摘　　要：随着上市公司超募资金现象受到广泛关注,上市公司如何管理和使用所超募的资金、加强保护广大投资者利益逐渐成为市场参与者关注的焦点。本文通过对科伦药业超募资金的管理与使用状况进行考察,发现该公司首先建设了超募资金相关制度,为公司合理使用超募资金奠定了制度基础;在不到一年的时间内,该公司超募资金的使用率达到95%,其中绝大部分投向主营业务全国布局战略和双强格局发展战略,体现了公司追求长远利益、加强保护投资者利益的意图。本文通过分析与评价科伦药业超募资金的管理与使用状况,为其他公司管理与使用超募资金、加强保护投资者利益提供参考依据。The excessive raised funds of listed firms have been drawing increasing attention. It is of great concern to stakeholders as to how to manage and use the excessive raised funds and how to protect investors. This paper investigates into Sichuan Kelun Pharmaceutical and finds that the company has established relevant regulations, which provide the policy foundation for the man- agement and use of the excessive raised funds. Within a year, the company has invested 95% of the excessive raised funds mainly in expanding business nationwide and developing the ＂doublestrength＂ strategy. It is consistent with the company＇s objectives to pursue long-term development and protect the interests of investors. This paper contributes to the study of management and use of the excessive raised funds and serves as reference for other listed firms.

关 键 词：超募资金 投资者保护 案例研究 

分 类 号：F275[经济管理—企业管理]