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创业板作为新兴市场,在一级市场有限供给影响下,仍存在诸多现象,如“高市盈率、高发行价、高超募率”等,造成创业板上市公司的资金闲置和粗放经营。由此严重破坏了证券市场资本配置机能,引发了社会广泛争议与质疑。本文选取创业板2009年至2016年的570家上市公司发行数据,从股权集中度、承销商声誉、投资者态度、企业成长性方面来探究了各关联方行为影响下的资金超募现状及对经营绩效的影响;并从市场机制、公司内部监管、公司治理结构、培育理性投资者方面提出了改进创业板资金超募制度的建议。
GEM as an emerging market, in the primary market under the influence of limited supply, there are still many phenomena, such as “high price-earnings ratio, high issue price, high supermarkets ” and so on, resulting in GEM funds idle and extensive operation. As a result, the capital allocation function of the securities market has been severely damaged, causing widespread social controversy and questioning. This paper selects GEM 2015 from 570 listed companies issue data, from the ownership concentration, underwriters reputation, investor attitudes, business growth to explore the behavior of all related parties under the influence of funds over the status quo and Business performance; and from the market mechanism, the company’s internal control, corporate governance structure, cultivate rational investors put forward suggestions to improve the system of capital super-fund-raising.