创业板IPO超募现象解析——以创业板上市的前100家公司为例

摘要

创业板市场上普遍存在的超募现象及其所带来的危害引发了全社会的广泛关注和担忧。以创业板上市的前100家上市公司为例,巨额的超募资金主要用于投资并购、还贷补充流动资金、买房置地和存放银行。通过深入分析后发现,超募的原因主要来自创业板市场机制的不完善、发行人的利益驱动、保荐机构的管理缺位和投资者的盲目跟风这四个方面,应从完善发行定价机制、加大市场监管力度和加强投资者教育入手,寻求治理超募现象的对策。%The general IPO excessive financing phenomenon on second-board market and their resulting harm have brought about whole society’s concerning and worries.Taking top 100 listed companies on second-board market as examples,the paper found that the huge excessive financial fund were mainly used for the investment and corporate merger,paying loan and supplying circulating capital,buying real estate and putting deposit in the bank.Furthermore,the paper found that the reasons for excessive financing are mainly from the imperfections of the market mechanism,the driving of issuers pursuing the financing benefits,the absence of sponsor management and the investors’blindly following the trend,and so on.We should improve the issuing and pricing mechanism of second-board market,increase market supervision and enhance investor guidance to governance the phenomenon of IPO excessive financing.