上市公司IPO超募与投资效率研究——基于创业板市场的经验证据

IPO Over-funding and Investment Effi ciency of Listed Companies on the Basis of the Empirical Evidence of GEM

本文以我国2010～2012年创业板上市公司为样本，实证检验了创业板公司IP0超募对其投资效率的影响。研究结果发现：创业板上市公司IPO超募程度与其投资效率负相关。IPO超募金额越大，超募比例越高，公司的投资过度或投资不足现象也越严重。本文从超募的角度来研究企业的投资行为，有助于揭示创业板上市公司IPO超募现象的经济后果，为治理创业板超募现象、监管上市公司募集资金的使用效率提供合理建议。

This paper empirically studies the impact of 1PO over-funding on investment efficiency, using listed companies on GEM （Growth Enterprise Market） in China from 2010 to 2012 as a sample. The result shows that the extent of IPO over-funding is negatively related with investment efficiency. The extent of companies＇ over-investment or under-investment is more severe when the amount of their over-raised capital is larger, or the ratio of over-funding is higher. We study companies＇ investment behavior from the perspective of IPO over-funding, contribute to uncover the economic consequence of IPO over-funding, and provide reasonable recommendations on the IPO over-funding amelioration and the over-raised capital usage efficiency supervision.