National Technology Co., Ltd. Raised Funds To Study On Utilization Efficiency

Since October 30, 2009 GEM opened, venture capital exit channels to further smooth, perfect and Construction has made substantial progress in our multi-level capital market system risk, but the GEM market since opening date, funds raised over the high earnings and other phenomena have been criticized by the community. Thus, how to suppress the use of funds raised inefficiencies and leverage existing raised funds become urgent research problem fundamentally.Analysis research method of combining analysis of the companies listed on GEM Super raise funds inefficiencies in this paper, the theoretical analysis and case. The use of asymmetric information theory and principal-agent theory and risk management theory, proved the existence of GEM listed companies to raise funds over and inefficient use of funds raised situation. Select the National Technology AG case, based on the use of funds raised over the analysis on the company, sums up the company raised funds to inefficient use of specific performance, which raised funds to produce the condition can be attributed to four levels: the pricing mechanism sponsor mechanism, issuers and investors, through the performance of funds raised over the case of national technology before and after comparison, which can then use the funds raised over the company’s efficiency and economic consequences of an in-depth analysis. On this basis, it is proposed to prevent excessively low GEM listed companies to raise funds and excess funds raised over the use of efficient four-point proposal:(1) strictly abide by laws and regulations to improve the efficiency of the use of funds raised(2) pulled up the company’s operating performance ROI can improve the efficiency of use of funds raised(3) to enhance shareholder namely to improve the efficiency of use of funds raised(4) increase shareholder returns increase the efficiency of use of funds raised.As a result of this paper, case analysis, for the use of funds raised over the efficiency of the national technology research problems, draw relevant implications : Strengthening IPO audit strict control over the excess funds raised, regulate the internal management of corporate decision-making mechanism, and further revision of laws and regulations and the use of funds raised to improve the protection of minority shareholders of the relevant laws and regulations.