The Empirical Analysis Of The Changes Of The Investment Of IPO's Raised Fund In China

Until now,1431 corporations have succeeded enter into the Chinese security market by IPO. Being reported,there are about 1000 corporations changed their investment during 1999 to 2004 period,it need to be noticed by investors and administrators. This paper focuses on the changes of the investment of IPO's raised fund in China. Being analyzing 283 corporations of IPO's in the Chinese security market during the 2000～2003 period,It shows an impression of changes of IPO's raised fund with great ranges and deep degrees. Being analyzing the operations,we could make a conclusion there is a sharp declines because of the changes. The changes causes about the changed corporations can be attributed to some secondary causes,such as feasibility analysis,funding decision,examining and approving procedures of the supervise. Intrinsical causes on the bases of some related theories also have been found out,such as incompleteness of the Chinese security market system,lack of credit standing. Lastly,being analyzing the aftereffects in logical,some proposals have been put forward.One innovation in this paper is it makes a great numbers of samples as an evidence to investigate the secondary and intrinsical problems,and to reveal the inner relations between the different parts. Another innovation is discussing the effect which is generated from the changes of the investment of IPO's raised fund to corporations operations in a new way.