2008年中小板公司募集资金使用情况分析

The Usage of SME Board Listed Firm's Raised Funds:2008

中小企业板273家公司中有26家公司在2007年完成了募集资金使用,2008年有247家公司存在募集资金使用,该等公司首发及再融资共计募集资金909.6674亿元。公开披露信息显示,中小企业板上市公司募集资金使用情况总体良好,大部分公司做到了制度健全、使用规范,募集资金变更比例不高,通过合理使用募集资金取得了良好效益。但是,少数公司也出现了募集资金使用进度缓慢、频繁补充流动资金、变更比例较高等现象。本文对中小企业板募集资金2008年年度使用情况进行了专项分析,同时提出适时引入存量发行方式与储架发行机制、加强对募投项目出现异常情形的公司信息披露的监管及惩戒力度、进一步完善相关制度等建议。

In 2007, 26 out of the 273 companies listed on Small ＆ Medium Enterprise Board （SME Board） completed the usage of raised fund. And in 2008, the other 247 companies took use of the raised fund, the total fund raised by IPO or refinancing was 90.96674 billion Yuan. Public disclosure of information revealed the companies listed on SME Board used the raised fund well. The majority of them did it in a proper way with good governance, complying with system requirement of the corporation and standard exchange rules of SME Board. The changing ratio of usage of the raised fund was not high. The companies have been benefited by reasonable and rational use of the raised fund. However, some minority of the companies could not use the raised fund efficiently, frequently supplemented cash flow and kept a high ratio of changing the usage of the raised fund. The article specially focused on the analysis of the usage of raised fund by the member listed on SME Board in 2008. Suggested to take the opportunity to introduce Secondary Offering mechanism and Shelf Registration System, reinforce the surveillance on the information disclosure, discipline misusage of the raised fund, and further accomplish the systems, and so on.