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A Study about the Issue of Over Finance of Listed on GEM in China

Author: HuLiHua
Tutor: RaoXiaoQiu
School: Jiangxi University of Finance
Course: Accounting
Keywords: Companies listed on GEM Over financing Quantitative estimates of the Prevention recommended
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 529
Quote: 2
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Abstract


Since the start of the GEM, as of August 9, 2010, there have been 107 listed companies on the Growth Enterprise Market (GEM) financing. The issue price is on the high side, the fund the ultra-raising phenomenon intensified. GEM listed companies such excessive financing behavior is the equivalent of killing the goose that lays the golden eggs, will cause adverse effects on the market, listed companies and investors: the excessive financing behavior will lead to a waste of resources, easy to induce the stock market \optimal allocation of resources function; the excessive financing behavior caused idle part of the company funds were misappropriated, reduced to reflect the company's profitability indicators, and cause the Company's results of operations landslides and resource allocation inefficiencies; excessive financing behavior resulted in a large number of idle funds, contrary to investment 'initial willingness serious damage to the interests of creditors and minority shareholders, and greatly dampened investor enthusiasm for investment, and ultimately affect the interests of the listed company. There are many reasons contributing to this problem, including listed companies philosophy defects caused by excessive financing, securities market regulatory system defects caused by excessive financing intermediaries functional defects causing excessive financing and investor behavior contributed to excessive financing. The study of GEM listed companies over the financing behavior and the reality of China's capital market needs to seek countermeasures against irrational financing behavior. In this paper, using standardize research methods, the use of qualitative and quantitative analysis to explore means of over-financing of Chinese companies listed on GEM. The basic idea of ??this writing: financing from the GEM listed companies over the general theories, analysis of the performance of Chinese companies listed on GEM excessive financing and hazards, and their estimated number of preliminary estimates, by exploring the GEM listed companies in China over financing the reason for the behavior, learn from the experience of Western countries control over financing of listed companies based on the target of excessive financing behavior of of Combat GEM listed companies in China, the whole idea, principles and specific suggestions. The text is divided into five chapters, the main contents are as follows: The first chapter is the introduction to this paper introduces the background and significance of this research, review and comment of the relevant literature, writing ideas, research methods, and basic framework. The second chapter is a general overview of the theory of over-financing of companies listed on GEM. The basic concepts including companies listed on GEM over financing agreement, the theoretical basis of the companies listed on GEM financing. The third chapter is a realistic analysis of GEM listed companies in China over financing. GEM listed companies in China mainly include over-financing of the financial performance of companies listed on GEM excessive number of financing estimated to analyze the reasons for the excessive financing behavior and GEM listed companies in China. Chapter Experience of the United States and Britain control over financing of listed companies. Mainly the United States and the United Kingdom on the financing behavior of listed companies over control experience, put forward our views to learn from the experience of the United States and Britain control over financing behavior. Chapter recommendations for the prevention of excessive financing behavior of Chinese companies listed on GEM. Mainly including the prevention and treatment of the specific recommendations of the overall vision and prevention of over-financing of Chinese companies listed on GEM listed companies over financing behavior. This paper argues that the prevention of GEM listed companies over the financing behavior of countermeasures: ① reduce three types of financial companies listed on GEM conflict, establish the concept of rational financing of companies listed on GEM, the constructor reasonable financing structure; ② development and improvement of the organization of the securities market supervision system and information disclosure system, improve GEM IPO mechanism, to create the conditions for the issued shares of the market-oriented; ③ perfect intermediaries play soft constraints to enhance the financing of listed companies; (4) improve investor structure, improve the quality of the investor's financial constraints the behavior of institutional investors.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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