Evaluate the use of ultra-raised funds of CHINEXT listed companies with the financial statements
- 管理学院－学位论文 
2009年10月30日，创业板的首批28只股票同时在深交所挂牌交易，标志着各界期盼已久的中国创业板终于正式推出。创业板自登场以来所面临的各种质疑不绝于耳，其中，创业板上市公司普遍出现了“高发行价、高市盈率、高募集资金”的“三高”特征，伴随着的严重超募现象更是遭到广泛质疑。虽然深交所对于超募资金的使用做了一定的限定，但是这些限定对于超募资金的规范收效甚微，并没有实质上的约束。面对巨额的超募资金，创业板的企业家们显得有些茫然无措，超募的资金有些被用于资金置换、有些被用于补充流动资金及偿还银行贷款、甚至有些被用于买房圈地，只有少数的资金真正用在了刀刃上。巨额募集资金的闲置或胡乱投放不仅是对稀缺资源的浪费，而且势必引起创业板企业在金钱中迷失方向，偏离甚至放弃原本的战略规划，而这种在超募资金中的迷失将极有可能导致企业经营业绩下滑，使得企业在收益质量、盈利能力、现金流量等各方面出现这样那样的问题，这些问题投资者们都可以从企业的财务数据中看出端倪，因此，财务报表分析可以作为评价上市公司超募资金使用情况的工具之一。 本文以创业板上市公司超募资金的使用情况为研究问题，根据企业在财务报表上所反映出来的财务数据和指标来评价企业超募资金的使用效率。首先，简单介绍了有关创业板及超募现象的基础知识，分析创业板存在严重超募现象的原因以及巨额的超募资金去向如何，进而又会产生怎样的影响。然后，介绍了财务报表分析的步骤和方法，包括战略分析、会计分析以及财务分析的基础理论，并且在此基础上提出本文基于财务报表分析来观察创业板超募资金使用情况的总体思路。进而，选取了创业板中比较典型的两家上市公司——吉峰农机和神州泰岳——作为具体的分析对象，分析其超募资金的使用情况是否跟随公司本身的战略计划，是否有助于公司的持续性发展。最后，在分析的基础上得出了本文研究的结论，并且在此结论的基础之上提出一些关于超募资金的控制和监管建议。On the October 30, 2009, the first 28 stocks of the CHINEXT are traded in Shenzhen Stock Exchange at the same time, which marks that China’s GEM has finally officially launched. Since its debut, CHINEXT has faced a variety of questions of the investors, among which that the listed companies on CHINEXT prevalently have the feature of “high issue price, high price-earnings ratio, high-raised funds” accompanied with serious ultra-raised funds has been widely questioned. Although the Shenzhen Stock Exchange has made some regulations of the use of ultra-raised funds, the effects are not very substantive. Facing the huge amount of ultra-raised funds, the entrepreneurs of the CHINEXT listed companies seems to be at a loss. The money is used for capital replacement, or used for the supplement working capital, or used to repay the bank loans, even some have been used to real estate, and only a handful of funds are spent on the main business. Huge sum of raised money being idle or casually used is not only a waste of scarce resources, but also bound to cause the CHINEXT listed companies to deviate from or even abandon the original strategic plans, and the lost in ultra-raised funds will likely lead to the decline in business performance, such as earnings quality, profitability, and cash flow. Investors can discern these problems from the companies’ financial data. Therefore, financial statement analysis can be used for the evaluation of the use of the listed companies’ ultra-raised funds. The issue of this paper is the use of CHINEXT listed companies’ ultra-raised funds, and according to the financial data and indicators reflected in the financial statements to evaluate the efficiency of the use of ultra-raised funds. First, the paper gives a brief introduction about the basics of the GEM and the ultra-raised phenomenon, and analyses the causes of the serious ultra-raised phenomenon and the usage of the huge amount of ultra-raised funds. Then, the author introduces the steps and methods of financial statement analysis, including the basic theory of strategic analysis, accounting analysis and financial analysis, and on this basis, gives the general idea of the analysis of usage of ultra-raised funds based on financial statement. Furthermore, the author selects two typical listed companies of CHINEXT – Jifeng Nongji and Ultrapower - as the specific objects of analysis, and analyses that if the use of their ultra-raised funds follows the company's strategic plan, whether it helps the company's sustainable development. Finally, the conclusion of this paper is given and on the basis of this conclusion, some recommendations of the control and monitor of ultra-raised funds are proposed.