从投资决策看我国上市公司募集资金投向的变更

【作者】 伍惠；

【导师】 邓超；

【作者基本信息】 中南大学 ， 管理科学与工程， 2003， 硕士

【摘要】 我国上市公司募集资金大面积、大规模的变更现象已引起学术界的广泛关注。募集资金投向及其变更本是企业的资源配置行为，但募集资金投向作为一种承诺和责任，随意变更毕竟不是一个正常现象，这与上市公司投资决策不当有很大关系。 本文揭示了我国上市公司随意变更募集资金投向的现象及不良后果，对上市公司变更募集资金投向的解释进行了归类。探讨了由于上市公司自身无法控制的客观原因所引起的募资变更，以及由于我国证券市场的制度缺陷造成的股权结构不合理、公司治理不健全等非客观原因所导致的上市公司频繁变更募资现象。 本文通过研究认为我国上市公司投资决策不当是导致其盲目变更募资投向的深层次原因。因此，本文着眼于该原因，重点从投资决策角度对保障上市公司科学地进行投资决策的影响因素——公司治理对投资决策科学性的制度保障；投资项目可行性研究的财务分析对投资风险的防范机制；改进公司股权结构和加强信息披露对公司投资决策科学性的保障机制等方面进行了深入探讨并提出了具体对策。 最后，本文对某上市公司变更募集资金情况进行了实例分析。更多还原

【Abstract】 The phenomenon of the domestic listed companies changing the use of proceeds in a large scale has been gain wide attention. The investing trend of the proceeds and its changing are originally the normal behaviors of listed companies. However, as it being a kind of commitment and responsibility the abusive use is abnormal for it breaks the listed companies’ promise for the stockholder.The abusive use of proceeds becomes more and more serious, which is not only the reflection of objective factors existed in the stock market but also the subjective factors existed in the listed companies, for example: the inadequate effort in corporate governance, distemperedness of capital structure and the lack of supervision laws due to system limitation.The article focuses on analyzing the factors which impact on the listed companies management investment decision, such as corporate governance, improving the capital structure and disclosing information, feasibility research and so on, which will keep the companies away from investment risk. Some remedies and precautionary measures have been suggested in the article.The analysis of a listed company case is given at the end of the paper.更多还原