| GEM market was formally established in 2009.Its original purpose was to provide a reliable financing channel for technological innovation small-sized and medium-sized enterprises,which has solved the financing problems it faces.Many small and medium-sized enterprises facing economic difficulties in my country have been able to conduct listing financing through the GEM market,which has met their capital needs for expanding production and continuing development.However,some of the problems that followed have also attracted investors' attention.Over-raising phenomenon is common in listed companies on the GEM.Compared with other market sector companies,over-raising in the GEM market is particularly serious,mainly reflected in the following several Aspects: The amount of over-raised funds and the proportion of over-raised funds on GEM-listed companies are higher,the stock issue prices of GEM-listed companies are higher and the price-earnings ratio of GEM-listed companies is higher.This phenomenon has also caused dissatisfaction among many investors.Experts and scholars have summarized the phenomenon of the GEM as the "three high" phenomenon of the GEM,and have been criticized for this phenomenon.The "three highs" phenomenon of the GEM is an abnormal and irrational phenomenon in the capital market.Its existence will destroy the investment order of the capital market and is not conducive to the healthy development of the GEM market.Relevant data shows that as of 2019,768 companies have successfully landed on the GEM.It is estimated that the total amount of funds raised will reach 71.76 billion yuan,and the actual total amount of funds raised will reach 210.89 billion yuan,with an over-raised rate of 193.89%.It can be seen from this that it is urgent to solve the problem of over-promotion of GEM.In April 2010,National Technology Co.,Ltd.was listed on the Growth Enterprise Market,and the over-raised funds reached an astonishing nearly 2 billion yuan.The over-raised rate was as high as 685.58%,which was once the famous "super-raising king" at that time.Even today,the over-raising rate of National Technology is among the top companies listed on the GEM,and its super-high rate has also caused widespread discussion among capital markets,regulatory agencies and investors.After nearly ten years of development,the national technology has not gone further.Instead,it has fallen into trouble due to the improper use of over-raisedfunds.Due to illegal use of over-raised funds,National Technology did not invest the over-raised funds in the main business but used it for mergers and acquisitions and financial management.The target company was in trouble and suspected of fraud in purchasing financial products,which caused itself to suffer huge losses.Therefore,this article selects National Technology Co.,Ltd.as a case to analyze the related issues of its over-raised funds and analyze the causes of its over-raised funds.Combined with the use effect of its over-raised funds,it further analyzes the series of effects that the over-raised funds may bring to the enterprise.The thoughts of this article are as follows: First,systematically sort out,analyze,summarize and summarize the research results of domestic and foreign experts and scholars on the over-raised funds,and then take the relevant theory as the theoretical basis for the full text.This article selects National Technology Corporation as a case study object,analyzes the causes of over-raised funds of listed companies,and analyzes the impact of over-raised funds.Secondly,the text analyzes the causes of over-raised funds of national technology companies from the aspects of market system,enterprise itself and external stakeholders;the effect of poor use of over-raised funds on the company's financial situation and the poor use of over-raised funds Analysis of the reasons.Finally put forward targeted conclusions and suggestions.The full text is divided into six chapters: The first chapter is an introduction.This chapter mainly introduces the relevant background of the thesis writing and the significance of carrying out the research.At the same time,it summarizes the research and contributions made by the previous people in super-raising funds.Lay a solid theoretical foundation and elaborate the basic writing framework of this article;Chapter II Theoretical overview of the causes and effects of over-raised funds of listed companies,mainly introducing the causes of listed companies' over-raised funds,the impact of over-raised funds,and the investment direction of over-raised funds And the relevant theoretical basis for the explanation of super raised funds;Chapter III Introduction of National Technology Super Raised Funds,this chapter is a detailed introduction to the basic information of National Technology Co.,Ltd.and related information of super raised funds 。 Chapter IV National Technical Super Raised Funds Analysis of the causes of over-raised funds,this chapter analyzes the reasons for the over-raising of listed companies' national technology,which in turn generates over-raised funds,mainly from the perspective of the market system level,the enterprise itself,and external stakeholders.Chapter VAnalysis of the impact of national technology over-raised funds,this chapter combines the use of over-raised funds of National Technology Co.,Ltd.,mainly to analyze and explain the use of over-raised funds,and then to the use of over-raised funds to national technology companies Research on some of the impacts that come,and finally put forward suggestions for improving the use of national technology over-raised funds;Chapter VI Conclusions and Enlightenment of Case Study on National Technology Over-raised Funds,this chapter summarizes the relevant conclusions drawn from national technology cases,and Put forward some suggestions that can prevent the phenomenon of over-raising of companies going public in the future,hoping to provide some reference for companies with such situations.Through research and analysis on the issues related to the over-raised funds of National Technology Co.,Ltd.,this paper draws the following two conclusions:(i)the utilization efficiency of the over-raised funds of National Technology is low;(ii)the improper use of the over-raised funds of National Technology affects the enterprise Financial status.On this basis,this article also puts forward the following suggestions on how to prevent future over-raising of listed companies:(i)Improve the stock registration system to suppress excessive fund-raising by listed companies;(ii)Revise and improve relevant laws and regulations on over-raised funds;(iii)Strengthen the supervision and management functions of government departments.In addition,this article also puts forward the following suggestions on how to improve the use of over-raised funds of listed companies:(i)The company should formulate a reasonable long-term use plan and conduct scientific demonstrations on the over-raised funds;(ii)The company should improve its own over-raised funds Capital management and use system;(iii)Strengthen the company's internal control system to prevent the unreasonable use of over-raised funds. |
