创业板市场各关联方行为影响下的IPO超募现状及对经营绩效的影响

A Study on the Factors Affecting the Relationship Between Excessive Raised Funds Affected by Related Party Behavior and Business Performance of the GEM Listed Companies

创业板作为新兴市场,在一级市场有限供给影响下,仍存在诸多现象,如"高市盈率、高发行价、高超募率"等,造成创业板上市公司的资金闲置和粗放经营。由此严重破坏了证券市场资本配置机能,引发了社会广泛争议与质疑。本文选取创业板2009年至2016年的570家上市公司发行数据,从股权集中度、承销商声誉、投资者态度、企业成长性方面来探究了各关联方行为影响下的资金超募现状及对经营绩效的影响;并从市场机制、公司内部监管、公司治理结构、培育理性投资者方面提出了改进创业板资金超募制度的建议。

As the emerging market, the GEM still have many phenomena with limited supply in the firstlevel market. Such as phenomena of high-rate, high-price and high-rate of recruitment, etc. causes the resultsof listed funds idle and extensive management. The above results seriously damaged the capital configurationfunction of the securities market, which are causing widespread controversy and doubt. Selecting the release dataof 570 listed companies from 2009 to 2016 in GEM, which tries to study the relationship between excessiveraised funds affected by related party behavior and business performance of the GEM listed companies fromaspects of equity concentration, reputation of underwriters, investor attitude and enterprise growth. The paper alsoputs forward some Suggestions to improve the fund raising system of GEM from aspects of market mechanism,internal supervision, corporate governance structure and cultivating rational investors.