中小上市公司超募资金投资行为的分布特征  

The Distribution Characteristics of Excessive Raised Funds Behavior of GEM and Small-medium Board Listed Company

作　　者：张韩[1] 

机构地区：[1]中南财经政法大学

出　　处：《财务与金融》2017年第1期41-47,69,共8页Accounting and Finance

基　　金：国家社科基金项目<中小上市公司IPO超募融资与投资效率研究>结项工作的阶段性研究成果

摘　　要：自我国证券市场2009年6月IPO重启以来,上市公司股权资金超募(即发行股票实际募集的资金超过计划募集资金)现象就一直伴随着新股发行,特别是创业板市场开启后所出现的"三高"现象(即高发行价、高市盈率、高额超募资金)引起了学者和社会公众的诸多质疑。本文就2009年—2012年创业板和中小板市场超募融资及其超募资金使用情况就金额、行业分别进行多角度统计分析,结果发现我国中小上市公司普遍存在巨额超募资金,且中小板公司和创业板公司的超募资金使用率都较高,并未出现大量资金闲置的现象。Since June in 2009, China＇s securities market IPO restarted. The phenomenon of listed companies raised excessive equity funds （i.e. the money of stock issuance actually raised excessed planed） has always accompanied with the issuance of new shares. Especially, the ＂three high＂ phenomenon （high issue price, high P/E ratio, high excessive raised funds） of GEM market has attracted the skepticism of scholars and public since its opening. In this paper, from multi angle analyze statistics of the amount and industry, we explored the distribution of excessive raised funds and the usage of them in GEM and Small-medium Board Listed Company from 2009 to 2012. And we found that GEM and Small-medium Board Listed Company in China generally all have excessive raised funds. Moreover, the efficient utilization of those funds of GEM and Small-medium Board Listed Company is quite high, there seems did not appear the phenomenon of much idle money.

关 键 词：中小上市公司 特征 超募融资 资金用途 

分 类 号：F230[经济管理—会计学]