Efficiency Analysis Of Over-raised Funds In Listed Companies On GEM

After decades of controversy and preparation,the gem started in October 30,2009,and at the end of 2015,there were 492 companies listed on the gem successfully.According to related statistics,the current stock market in 492 listed companies,of which there are 357 were raised over,according to the recruitment plan,these companies need to raise funds for the net 84 billion 863 million yuan,while the actual funds raised is as high as 212 billion 257 million yuan,the raised part is 127 billion 394 million yuan,which can calculate the excess the proportion difference of more than 150%,difference is very obvious.The flow of money in the stock market in the pursuit of value for the purpose of listed companies,according to the plan to raise funds in order to meet the production requirements,to raise funds in the plan have been used for planning purposes,but the excess money is facing the problem of lack of planning.For listed companies with excess capital,how to efficiently use excess capital becomes an urgent problem to be solved.But in view of the common phenomenon of the market,the securities market regulatory authorities also issued the relevant regulations,to help the listed enterprises to solve problems using the excess funds,improve capital efficiency,maintain the long-term development of securities market.The information disclosure business No.first of the growth enterprise market--the use of raised funds is issued by Shenzhen securities,which aims at regulating the use of raised funds.The characteristics of the use of funds raised over the flexibility,which makes the raised funds frequently low efficiency utilization,waste,misappropriation and other phenomena,the GEM listed companies are mainly when raised funds for investment,the purchase of equipment,such as the use of deposit interest,because these methods are inefficient use of funds,is not conducive to the long-term development of the listed companies,is not conducive to the long-term development of the stock market.There are many reasons for startups inefficient use of excess funds,there are subjective and objective factors,such as from the subjective perspective,the listed companies lack professional knowledge and awareness of the efficient use of funds;from the objective perspective,the stock market neglect of raised funds management is also one of the reasons can not be ignored.At this stage,because the listed company funds for recruitment purpose is not clear enough,and the use of excess funds lack of timely and effective planning,resulting in the current excess funds rate of return on investment is low.This will not only violate the original will of investors,damage the interests of their shareholders,and have a negative impact on the future development of listed companies.Therefore,it is one of the most urgent problems for the domestic securities market to study the causes,use problems and countermeasures.This paper focuses on the use of raised funds in listed companies,and adopts the combination of theory and case study.First of all,from the theoretical level,macro analysis concept,raised funds and other causes,followed by statistical data of GEM listed companies raised over the use of funds,according to the principal-agent theory,asymmetric information theory and the use of funds allocation theory,analyzes the present widespread listed company funds raised and the rate of the phenomenon of low use.On the basis of theoretical analysis,this paper also analyzes the case.This part takes the S company as the research object,from the actual situation,the use of funds raised over investment are summarized,and the effectiveness and benefits of the raised funds to analyze S company raised funds use efficiency,the reason on the basis of its production were summarized to elaborate,according to S company the problem,put forward the realistic problem of the use of funds raised over the low rate of targeted recommendations,including the following aspects:first,improve the construction of laws and regulations system.Especially according to the relevant laws and regulations of the use of funds raised over and protect the interests of small shareholders,listed companies to prevent excess funds raised,causing adverse effects on the third;second,play a regulatory role,full supervision of large shareholders and the sponsor of the act;thirdly,to effectively guide investors not blindly encourage investment spread over financing behavior.