The Raise Funds Analysis Of Nanfeng Ventilator IPO

Since its launch,GEM has attracted much attention.It has broadened the financing channels for SMEs,especially high-tech companies,eased the financing difficulties of SMEs,and further promoted the improvement of China's multi-level and diversified capital market system.However,the development of the GEB market has not been smooth,and the phenomenon of oversubscription has continued to appear.In the face of huge fundraising,the issue of the use of funds raised by listed companies has been exposed.The use of raised funds is related to the development prospects of the company.Efficient use of raised funds is of great significance for rational allocation of resources and investor confidence.Although some scholars have conducted a certain degree of research on the evaluation of the use of raised funds and other issues,they have mostly concentrated on the main board and small and medium-sized board markets to raise funds.The GEF's raised funds are less involved.However,research on the use of funds raised by controversial family companies has been even more scarce.Therefore,this article selects the first batch of family-owned companies listed on the GEM,Nanfeng,to conduct research on the issue of raising funds for the case companies.Since the listing of Nanfeng shares,there have been many problems such as delays in raised investment projects,unsatisfactory investment returns,and changes in the direction of capital investment.The use of raised funds has not improved the company's growth.This paper firstly sums up the definition of the use efficiency of raised funds on the basis of predecessors' research.It believes that the efficiency of raised funds means that the company reasonably uses the raised funds and brings value added.Therefore,this paper studies the issue of raising funds from the aspects of reasonable compliance and value-added.Based on the theory of information asymmetry and principal-agent theory,this paper analyzes the causes of problems in the use of raised funds.Secondly,take Nanfeng shares as the research subject,analyze the rationality of raised funds in accordance with laws and regulations,analyze the effectiveness of raised funds through financial indicators,and summarize the use of Nanfeng shares from two aspects: reasonable compliance and efficiency.There was a problem in the analysis of the causes from the internal and external perspectives of the company.Finally,suggestions for improvement are put forward from two aspects of the enterprise itself and the regulatory department,hoping to provide reference for other companies on the GEM to raise funds.Through the research on the fund raised by Southwind shares IPO,the following conclusions can be drawn: During the use of Southwind shares raised funds,due to internal control of major shareholder absolute control,lack of scientific certification of company investment and other internal reasons and the defects of the issuance system,supervision by the Securities Regulatory Commission The inefficient use of external funds such as weak investment and irrational investment by investors resulted in the inefficient use of funds raised by Nanfeng Shares.Therefore,it is necessary to improve the corporate governance structure,strengthen project feasibility studies,broaden the channels for the use of raised funds,and increase the efficiency of the use of raised funds.At the same time,the regulatory agencies also need to improve the information disclosure system,strengthen disciplinary efforts,and prevent enterprises from using funds to use invisible violations.