The Study Of The Relationship Between The IPO Super Offering And The Using Efficiency Of Funds

IPO super offering refers to the IPO shares after the IPO, the money which the company actually gains is more than which the company is expected to raise the funds required for the investment project plan.It is one of our country’s features currently in the progress of IPO. The phenomenon is especially common in In the process of China’s a-share listed companies in the IPO. It is due to the listing of new shares in the process of public offering, the securities market to measure the intrinsic value of the issued shares of listed companies, and listed companies to raise the funds required for the future development scale capital serious differences between the judgment. Capital inflows to the management of the listed company investment decision has made a great test, in order to explore the use of funds of listed company of this part of the efficiency, this article explores the IPO of the listed companies.The study of the relationship between the IPO super offering and the using efficiency of funds has a certain theoretical and practical significance.Research of this paper is divided into three steps: first, this article in view of the causes and influencing factors of IPO super offering, and the listed company fund-raising situation has made the detailed elaboration. Secondly, using the improved Richardson-residual model, multiple linear regression model is established, and on whether the relationship between the Over raised fund and the fund use efficiency and degree of Over raised fund and the fund use efficiency relationship respectively through regression analysis. Finally, according to the obtained data, carries on the analysis and conclusion of the system.After the above research, this paper draws the following conclusions:(1) the listed companies in China at the time of issuance, Over raised raise phenomenon is more common, especially in which the growth enterprise market. Samples of 100 listed companies, on average, than to raise rate of 156.23%.whether the Over raised fund for fund use efficiency of listed companies do exist, and there is a positive correlation relationship between. In addition, the Over raised offering degree is there effect for the fund use efficiency of listed companies, and there is a negative correlation relationship between.linear regression model of the regression results show that: first, financial leverage and the fund use efficiency is inversely proportional relationship, shows that with the increase of financial leverage, namely the increase of the asset-liability ratio, the company more part tend to raise money to pay his debts, thus affecting the use efficiency of thefunds; Second, cash flow and the fund use efficiency is inversely proportional relationship, that with the increase of amount of cash the company knows, due to various reasons, the company for this part of the cash is not efficient use, makes the efficiency of present a downward trend.In the end, the company growth and fund use efficiency proportional relations, the company continued to grow, make company produce scale effect, to a certain extent, to improve the use of company funds.