文档介绍：河北大学
硕士学位论文
我国证券融资使用效率的实证研究
姓名:赵然芬
申请学位级别:硕士
专业:统计学
指导教师:刘树
20040601
摘要
摘要
证券市场作为上市公司的重要筹资渠道还具有优化资源配置的功能即使
社会资源向经营业绩好的上市公司流动在成熟的证券市场上融资资格是对经
营业绩好的上市公司的一种奖励经营不善的上市公司是得不到这种奖励
的
为了考察我国证券市场资源优化配置功能是否得到有效发挥本文从首发
配股增发三种融资方式所融资金的使用效率这个角度展开分析实证了我国证
券市场总体的募资状况所募资金的投入使用完成情况并依据项指标考察
了我国上市公司在募资前后获利能力经营能力偿债能力资本结构发展能
力的变动情况分析了募资与否对历年各指标的影响还从总体上阐述了募资前
后企业效绩总的变动情况本文以总体分析为主辅之以个案分析
研究表明我国上市公司所募资金的利用率和使用效率都差强人意虚假信
息披露股权结构设置不合理及证券市场募资的软约束是造成上市公司整体募资
使用效率低的主要原因从实际操作上来看对于如何解决证券市场募资低效使
用的问题本文认为应从加强信息披露监管优化股权结构强化募资约束等方
面进行综合治理
关键词上市公司募资使用效率所有者缺位内部人控制
I
Abstract
Abstract
The securities market have the function of optimizing resource distribution and
raising fund for the pany, that is to say, social resources flow from the listed
company with bad achievement to the pany with good achievement. On the
developed securities market, the financing qualification is a kind of " reward " to the
pany with good business performance, the pany with bad business
performance can not get the "reward".
In order to test the function of optimizing resource distribution in the securities
market in our country, the service efficiency of the three financing ways of Initial Public
Offerings, Additional Subscriptions and Allotment of Shares will be analysed. After that,
the positive analysis on the fund-raising state of our country securities markets and how
to use the fund will be given. Then by using seven indexes, we will Analyse the change
of Earning Capacity, Management Ability, Debt Paying Ability, Structure of the Capital
and Development Ability of pany in our securities market before and after
raising fund. In this article we will also analyse impact of raising-money on every index
over the years and explain and the change of the situation of the pany before
and after raising fund. Most part of this article is through Overall analysis and A small
part of the article is