创业板上市公司超募资金运用的法律规制研究

Research on the Legal Regulation on the Using of GEM Listed Company's Ultra-Raised Funds

制度性漏洞下创业板上市公司通过IPO获得了巨额超募资金。基于趋利理性和寻租合谋的对价支付,创业板上市公司在运用超募资金上却严重背离了创业板市场创设的法治宗旨,产生了较多的负面效应。深入分析创业板上市公司超募资金运用的规制现状和监管缺漏,从公司内部控制、信息披露强制约束、多元监管及可诉性的法律责任追究等多重视角强化对超募资金运用的法律规制,将有利于推动创业板市场规范化发展。

Listed companies of Growth Enterprise Market （GEM） received a huge amount of ultra -raised funds under IPO because of the system vulnerabilities. The using of GEM listed company＇s ultra-raised funds will deviate seriously from the spirit of law in security market and produce more negative effects. This paper will analyze deeply the regulation of the status and the regulatory gaps. In order to create a standardized GEM, we should strengthen the legal regulation from multiple perspectives such as internal corporate governance, continuous supervision of the sponsor, multiple regulatory and legal responsibilities to investigate complaints.