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摘要为构建对层次资本市场，为中小科技企业提供融资渠道，我国于2009年10月正式设立创业板开板。截止到2012年12月31日创业板市场已有355家上市公司。创业板在推动中小高新技术企业发展的同时暴露出许多问题，其中IPO高超募现象和其带来的负面影响日益显露出来并引起广泛关注。大范围高比率的超募背后的原因是多方面的；巨额的超募资金最终的流向及其带来的一系列问题也备受大家关注；应该如何解决创业板市场IPO高超募问题。本文以截止到创业板市场上的355家上市公司为样本，进行统计分析探究影响IPO超募比例的相关因素，并进行多元线性回归验证各个因素对超募比例的影响。最后根据分析结果对完善创业板市场制度、保护投资者利益、提高市场效率提出相应建议。64213
关键词 ：中国创业板、IPO、超募
毕业论文外 文 摘 要
Title Analysis on IPO Over-financing Phenomenon of China GEM
Abstract To build on the multi-level capital markets, provide the financing channels to small and medium-sized science and technology enterprises in China in October 2009, formally set up the GEM board. As of December 31, 2012, the growth enterprise market has 355 listed companies. GEM in promoting the development of small and medium-sized high-tech enterprises exposed many problems at the same time, the IPO over-financing phenomenon and its negative impact is increasingly exposed and caused widespread concern. A wide range of high ratio of offering the reason behind is various; Huge amounts of funds raised in excess of the final destination and bring a series of questions also highly attention; Should be how to solve the problem of gem IPO offering superior. In this paper by the end of the 355 listed companies on the gem market as sample, carries on the statistical analysis to explore the related factors affecting IPO super raise proportion, and multiple linear regression to verify each factor's influence on the super fund proportion. According to the analysis results to improve the system of the growth enterprise market, protect the interests of investors, improve the efficiency of market put forward the corresponding suggestions.
Keywords: GEM IPO Over-financing
1. 引言 1
1.1 研究背景 1
1.2 研究意义 1
2.1 理论研究文献综述 2
2.2 实证分析文献综述 2
3. 创业板市场发展历程 3
4. 中国创业板市场特点 4
4.1 中国创业板市场概况 4
4.2 创业板上市公司现状 4
4.2.1 创业板上市公司地域分布 4
4.2.2 创业板上市公司行业分布 6
4.2.3 创业板上市公司规模 8
4.2.4 创业板上市公司成长性 9
4.3 中国创业板市场IPO超募 10
4.3.1 创业板上市公司超募现象 10
4.3.2 创业板上市公司按上市批次分类统计超募情况 13
4.3.3 创业板上市公司按区域分类平均超募状况