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The Analysis Of Influence Factors About Usage Of IPO Funds

Posted on:2012-10-13Degree:MasterType:Thesis
Country:ChinaCandidate:Q Q DuFull Text:PDF
GTID:2219330368977073Subject:Accounting
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China's securities market played an importent role in financing function and resource allocation after development of nearly 20 years. After two large-scale expansion, China's stock market has changed and formed a huge capital market, and can effectively relieve the problem of fund shortage of companies which has long term development potential. Listed companies could raise the fund needed in the development process which could not solved by internal financing through IPO way.Recently, as China's capital market system is increasingly completed, the country is also encourage qualified enterprises to raise funds by IPO to go through the difficulties of funds shortage. But duing the period of using funds, some problems raised in the listed company, which to some extent affect the development of listed companies, vast investor's investment enthusiasm and the perfection of China's securities market system.The main questions in the use of fund share offerings show in following several aspects:(1), irrational phenomenon is prevalent in funds raising and using in listed companies, much funds is used to nab others, entrust conduct financial transactions high-risk sexual investment, in order to get financial high ROI instead of using it in accordance with the original plan for the construction of project investment; (2), the change of raising funds in listed company exists generally, compared to allotment and further issue, listed on the whip round to change the phenomenon of changing raising funds, using is more serious; (3), Management and its disclosure about using raising fund in part of the listed company is not standard; (4),Part of the listed company offerings funds which reached expected benefit isat low proportion; (5),There is also large amount of super donations collected in some listed companies, which cannot find the right part investment project for a long time. This phenomenon in small and medium plate performance gem, particularly.Causes of problems in offering funds using is various, but it can be summed up as the two aspects:internal reasons and external reasons.The main external reasons are shown in the following aspects:(1), changes in macroeconomic environment;(2),the imperfection of the legal supervision;(3), local government seriously intervention;(4), small investors lack of corresponding protection and decision-making knowledge.The main internal reasons are shown in the following aspects:(1),corporate governance level of listed company is not high which will affect the whole use of funds raised situation; (2),Part of the listed companies, financing purpose is not clear, and do not have proper usage strategy; (3),listed companies change psychological exist deliberately.The paper mainly analysises and research of the influence factors about usage of IPO offering funds in the listed companies. The use of funds raised of IPO funds indicators including two parts,the one is the proportion of change the funding in total offerings funds; the other is the proportion of funding which reached the expected total efficiency after ending use,in total offerings funds.This paper adopts combining normative research and positive analysis method of study. According to theoretical analysis of the above, put forward four assumptions.and draw four factors(governance of listed company level, the main business growth during the use of fund share offerings period, government intervention in industry to company efforts, macroeconomic situation) have significant correlation influence on the situation of IPO funds usage, and give 1 relevant policy suggestions.In the end,this paper draws provided suggestions on how to complement refinance.
Keywords/Search Tags:Offerings funds, Alteration of the financing capital's usage, Reach the expected benefits
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