An Empirical Study On The Utilization Ratio Of The Fund Which Is Raised From The Stock Market Of Our Country

The securities market have the function of optimizing resource distribution and raising fund for the listed company, that is to say, social resources flow from the listed company with bad achievement to the listed company with good achievement. On the developed securities market, the financing qualification is a kind of " reward " to the listed company with good business performance, the listed company 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 listed company 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 listed company before and after raising fund. Most part of this article is through Overall analysis and A small part of the article is through Case analysis.The research shows: Utilization ratio and service efficiency of the money which is raised in the securities market of our country is not satisfied by most of us. The false information publishes, the structure of stock right which is seted up unreasonably and the soft restraintses of raising fund in securities market is the main reason of the low utilization ratio of the fund which is raised in securities market. In order to overcome the problem of the low utilization ratio of the fund which is raised in securities in the real operation, this article suggests that it is necessary to strengthen management of the false information publishes and Optimize the stock right.