The Research On The Issue Of Super Raised Funds In Chinese GEM Listed Companies

GEM is an emerging market of capital market in our country, theestablishment is to provide innovative, small and medium-sized highgrowth enterprise financing platform, helping them developing andexpanding business, listed on the GEM market, the company mostly engagedin high-tech business, has the high growth, but often newer, smaller andperformance is not outstanding, also not listed on the mainboard or smalland medium-sized enterprise board; GEM in the actual operation resultsare not satisfactory, however, the price of GEM listed company is veryhigh, fund-raising exceeds bid badly, and many other phenomenon, thehealth sustainable development of capital market in China has causedgreat harm.In this paper, based on the relevant expositions of Marxist,theshare-holding system and share capital and capital operation theory ofthe GEM listed companies cash now super raise problems are studied, inthe process of study mainly adopts the induction summary law, the methodsof literature research and comparative analysis, through the researchat the end of the paper thinks that the super GEM listed company fundsin our country to raise the reason is various, both in China’s capitalmarket system is imperfect, also including the gem listed companiesgovernance itself is unreasonable, and intermediaries own inaction; Combination of these reasons, this paper puts forward a series ofmanagement measures on how we use more scientific and reasonableinstitutional arrangement to reshape the company’s relationship with thecapital market structure, promote the innovation and development of thetheory of investment and financing system research all have importantguide.in the end, the author believes that the governance of super raisedfunds in list company is a slow process. During this process, only thelisted companies, sponsors, underwriters and social investors involved.This problem can be solved completely.