上市公司募集资金使用效率分析——以甘肃省上市公司为例

On Usage Efficiency of Raised Capital of Listed Company

以1990年以来甘肃省有过公开发行股票融资活动的企业为研究对象,统计分析上市公司首次公开发行募集资金的使用效率。结果表明:不管是从募资前与募资后一定期间的经营业绩对比,还是从募资后若干年度具体的经营业绩分布与变动趋势来看,募集资金的获得虽带来了公司资产规模的扩张,但募资后公司的经营业绩却持续大幅下滑,上市公司未能有效利用其从股票市场所募集来的资金提升公司的经营绩效,即上市公司募资使用效率低下。

This paper selected enterprises which had financing activities by shares publie offering since 1990 in Ganau province, and analysed their IPO fund-raising efficiency. The results showed that whether looking from the business performance comparison between before and a certain period of after fund-raising, or from the specific distribution of operating performance and their changing trend after a number of years fund-raising, the acquisition of fund-raising has brought the size expansion of company＇s asset, bat the company＇s operating performance has continued to decline sharply after offering. This indicated that listed company can not effectively use the raised capital from the stock market to upgrade the company＇s operating performance, that is to say the use efficiency of listed companies＂ raised capital is low.