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本文通过统计分析创业板上市公司超募资金的使用情况与收益情况,发现公司IPO后普遍拥有大量的自由现金流但使用效率却不理想,管理层的过度投资或者投资不足行为致使资本市场资源配置效率低下。运用DEA模型对创业板上市公司超募资金使用效率进行实证分析。结果发现,70%以上的创业板上市公司坐拥巨额超募资金却无所作为,究其原因主要是投资配比失衡导致技术效率或规模效率单方面偏低,最终影响综合效率。鉴于此提出以下治理建议:变革新股发行制度,遏制高股价;优化公司治理结构,建立股权制衡机制;调整公司资本结构,发挥财务杠杆作用。
This article through the statistical analysis of the use of funds raised by GEM listed companies and returns, found that the company generally owns a lot of free cash flow after the IPO, but the use efficiency is not ideal, over-investment or underinvestment led to capital market resource allocation low efficiency. Use DEA model to make positive analysis on the using efficiency of funds raised by listed companies in GEM. The results showed that more than 70% of GEM companies sit on huge sums of money raised but doing nothing. The main reason is that the unbalanced investment ratio leads to a unilateral low technical efficiency or economies of scale, which ultimately affects the overall efficiency. In view of this proposed governance recommendations: change the IPO system to curb high price; optimize the corporate governance structure, the establishment of equity checks and balances mechanism; adjust the company’s capital structure, play a financial leverage.