Study On The Use Effect Of Over-funds Raised In IPOs Of Small And Medium-sized Board Enterprises

Since 2004,when the small and medium-sized board was officially listed on the Shenzhen Stock Exchange,the performance of enterprises in the stock market has aroused widespread concern from all walks of life.Among them,the phenomenon of IPO high-level fund-raising has existed for a long time and is becoming more and more intense,the impact of a wide range,involving a large amount.Capital in the capital market is a scarce resource,in this uneven distribution of the situation,the improper use of over-funding by enterprise managers will not only have an impact on the day-to-day operation of enterprises,but also reduce the efficiency of resource allocation throughout the market.Therefore,the use of the IPO super fund of small and medium-sized board enterprises and its effect,how much further research is needed.By consulting the domestic and foreign literature related to the super-funding,based on the theory of information asymmetry,the theory of entrustment and the theory of free cash flow,combined with the current situation of the use of super-funding for IPOs of small and medium-sized board enterprises,this paper studies the effect of the use of super-funding of Semir,in which:(1)from the adequacy of the use of funds and profitability of the two aspects of analysis,The use efficiency of the super-funding of Semir is low,mainly in the performance of the idle rate of over-funding,slow use progress,low capitalization rate and low return on investment,etc.;(2)standing in the shareholder wealth,corporate financial performance of the two angles of the comprehensive use of the effect of over-funding,the effect of which is poor,Not only has a negative impact on shareholder wealth,but also leads to the overall decline of the financial performance of the enterprise;(3)combined with the use of Semir,found that there are management problems of over-funding,such as the use of over-funding plan is not clear,the lack of scientific demonstration of investment projects,disguised changes in the use of over-funding,etc.;(4)Deeply excavate the reasons for the effect of the use of Semir super-funding,mainly can be summed up as the internal governance structure is not perfect,working capital management policy is too conservative and theregulatory policy of over-funding is not perfect.Finally,in view of the problems found in the case analysis process,this paper puts forward some suggestions to the two main bodies of the company and the regulatory authorities:(1)The company must do a good job in the management of over-funding,formulate a scientific and reasonable working capital management policy,improve the internal governance mechanism;(2)In the formulation of policies,enterprises should not only strengthen the disclosure requirements of the use of over-funding information,but also need to clarify the conditions for the use of over-funding and other rules.The research of this paper can provide some suggestions for enterprises to improve the use of super-fund raising,guide the majority of investors to invest rationally,and at the same time have some enlightenment effect on the regulatory regulatory policy of improving super-fund raising,thus promoting the healthy and stable development of capital market.