Research On The Investment Efficiency And Its Influencing Factors Of Listed Companies' IPO Financing In GEM

As a new market in china's capital market,Growth Enterprise Market(GEM)which is an important complement to the motherboard market has been found six years since up to now.GEM is a good platform to finance for small and medium rapidly growing enterprises.However,the phenomenon of super-raising is widespread in GEM.It can't be ignored whether the huge fund which listed companies raised from IPO can be used properly and efficiently or not.Compared with financing,listed companies take no count of investment activities which can create more value,so society and managers should pay close attention to the investment efficiency of the huge fund from IPO.Under this background,it is essential to investigate the investment efficiency and its influencing factors through theoretical and empirical analysis with the purpose to help enterprises improve management level and supervision.In the aspect of theoretical research,first of all,this thesis describe the purpose and significance of this thesis and the general summarize the study on the research status of IPO and investment efficiency by domestic and foreign scholars.Secondly we define the concepts of IPO and corporate investment,and summarize the influencing factors and the methods of measuring of investment efficiency.Thirdly,based on the above theoretical overview,it sums up the situation analysis of IPO and investment efficiency,and we disclose the problems of IPO and the use of fund in GEM in China.Finally,we take empirical analysis to investment efficiency and its influencing factors of IPO financing of listed companies in GEM.There are two parts in empirical analysis.The first one is using Richardson model to analysis the investment efficiency of listed companies which listed in 2009 to 2012 in GEM,then comparing the investment efficiency in different yeas.The second one is to choose the 2013 be the section,using Richardson model to analysis the investment efficiency of the overall samples,the samples which have not taken enough investment and the samples which have taken too much investment of listed companies which listed in 2009 to 2012 in GEM,then to find the influencing factors of investment efficiency of listed companies in GEM.The empirical results show that companies which listed in GEM always have underinvestment phenomenon,however,overinvestment generally increased over time.In the aspect of corporate governance,the proportion of institutional investors impact on the investment efficiency significantly,but the proportions of independent directors and the ratio of supervisors are not obvious.In the aspect of investment and financing,free cash flow,the proportion of raising fund,debt-to-assets ratio and asset growth impact on the investment efficiency significantly.