Research On The Efficiency Of Over-raised Funds In Listed Companies On GEM

Growth Enterprise Market(GEM)has been established for nearly ten years,which is aimed at providing financing channels and growth space for entrepreneurial firms,high-tech industries and small and medium-sized enterprises,but high issue price,high price earning ratio and high over-raised funds have gradually became the cause of been denounced.The over-raised funds are frequently been used for over-investment,increasing executive compensation,depositing to get interest and other aspects,resulting in inefficient use and serious waste of the over-raised funds,which is not only unfavorable to the development of enterprises,hindering the diversified road of enterprises,but also disturb the order of the security market.Therefore,it is very important to apply scientific and rigorous evaluation methods to re-judge and review the shortcomings in the process of using over-raised funds,which is significant to deepen the reform of GEM,optimize and improve the rules of basic institutions of GEM,expand the inclusiveness and coverage of the market and seek long-term development.In the process of evaluating the efficiency of the use of over-raised funds,this paper draws on the experience of the previous studies on the use of over-raised funds,chooses liquidity ratio,R&D investment,executive compensation,net over-raised funds of IPO and asset-liability ratio as input indicators,earnings per share,main operation margins,return on equity,return on investment and current assets turnover rate as output indicators,and then adopt principal component analysis to reduce the dimension of input-output indicators,summarizes the overall situation of input-output with a few comprehensive indicators,and constructs the evaluation index system of this paper.Choosing 2013-2017 as the sample study interval,then select 46 enterprises whose over-raised fund rate in 2013 was higher than the overall over-raised fund rate to be the sample for empirical analysis.The three-stage super-efficiency DEA model is introduced to reduce the influence of environmental factors and random errors on the accuracy of evaluation results.The results show that the inefficiency of the use of over-raised funds in GEM ismainly due to the inefficiency of scale,and the external environmental factors have a significant impact on the final evaluation results.The government support strength and reputation of underwriters is positively correlated with the input redundancy,which leads to overestimation of the use efficiency of over-raised funds in a certain extent.Finally,aiming at the unreasonable use of over-raised funds at the present stage,this paper points out that the government should speed up the reform of market supervision system,GEM enterprises can expand their scale through asset restructuring,and small and medium-sized investors should invest rationally to avoid risks,which provide reference for the long-term sustainable development of GEM.