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上市公司IPO募集资金投向、使用效率及其对股权再融资成本的影响 被引量:11
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作者 薛爽 杨静 《中国会计与财务研究》 2006年第1期50-98,共49页
本文分别按照IPO募集资金是否投资于主营业务、是否投向招股说明书的承诺项目和资金是否闲置进行分类来研究资金的运用对资金使用效率和后续再融资(指IPO后首次配股)成本的影响。我们用上市公司IPO当年和之后3年的会计业绩来衡量资金... 本文分别按照IPO募集资金是否投资于主营业务、是否投向招股说明书的承诺项目和资金是否闲置进行分类来研究资金的运用对资金使用效率和后续再融资(指IPO后首次配股)成本的影响。我们用上市公司IPO当年和之后3年的会计业绩来衡量资金的使用效率,用市场对配股公告的反应、配股的发行费用率和配股折价幅度来衡量再融资成本。研究发现,IPO募集资金用于主营业务的发展、按照计划投向承诺项目、资金被充分运用所产生的效率要分别高于资金用于非主营业务(多元化)、改变资金投向和资金闲置的情况。而且,资金使用效率对后续再融资成本将产生影响,使用效率高的公司后续融资成本低,表现在市场负面反应较小,发行费率较低和配股折价幅度较小等方面。本文的研究结果对证券监管部门、投资银行和上市公司都具有启示作用。 展开更多
关键词 募集资金使用效率 再融资 发行费用率 配股折价
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Towards efficiency in rare disease research: what is distinctive and important? 被引量:3
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作者 Jinmeng Jia Tieliu Shi 《Science China(Life Sciences)》 SCIE CAS CSCD 2017年第7期686-691,共6页
Characterized by their low prevalence, rare diseases are often chronically debilitating or life threatening. Despite their low prevalence, the aggregate number of individuals suffering from a rare disease is estimated... Characterized by their low prevalence, rare diseases are often chronically debilitating or life threatening. Despite their low prevalence, the aggregate number of individuals suffering from a rare disease is estimated to be nearly 400 million worldwide.Over the past decades, efforts from researchers, clinicians, and pharmaceutical industries have been focused on both the diagnosis and therapy of rare diseases. However, because of the lack of data and medical records for individual rare diseases and the high cost of orphan drug development, only limited progress has been achieved. In recent years, the rapid development of next-generation sequencing(NGS)-based technologies, as well as the popularity of precision medicine has facilitated a better understanding of rare diseases and their molecular etiology. As a result, molecular subclassification can be identified within each disease more clearly, significantly improving diagnostic accuracy. However, providing appropriate care for patients with rare diseases is still an enormous challenge. In this review, we provide a brief introduction to the challenges of rare disease research and make suggestions on where and how our efforts should be focused. 展开更多
关键词 rare disease rare disease diagnosis and treatment data standard data sharing orphan drugs
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