【作者】 冯琴庆；

【导师】 王诗才；

【作者基本信息】 华中科技大学 ， 企业管理， 2006， 硕士

【摘要】 上市公司是股票市场的基石,其质量的好坏直接关系到股票市场的根基是否稳固。用好募集资金是上市公司保证其质量的最直接、有效的手段。本文采用统计分析与定性分析相结合的研究方法,首先分析我国上市公司资金筹措情况、使用情况,发现我国上市公司股权融资额逐年上升,而债权融资额逐年下降,与国外情况恰好相反,融资结构不太合理。并且我国上市公司募集资金投向变更严重,直接导致公司经营绩效的降低;接着从股权结构入手,采用理论分析和实证分析相结合的方法,论证了我国上市公司特殊的股权结构是募集资金滥用的根本原因。本文主要结论如下:(1)国有股由于所有者缺位,容易产生内部人控制。内部人从自身利益出发,导致资金滥用;(2)法人股由于不能流通,追求的是长期的红利回报,比较关注公司的长期发展,但由于法人股比例过低,不能很好监督约束经营层的行为;(3)社会公众股由于持股主体分散,没有能力也没有动力关注公司的经营,对公司资金运用没有什么影响。(4)股权集中度过高导致了大股东的绝对控制,大股东从自身利益出发,损害中小股东利益,导致募集资金滥用。针对问题的原因,本文提出了相应的治理措施,主要是从三个方面着手:一是股权结构的调整;二是管理层的监督和激励;三是完善外部约束和监管。更多还原

【Abstract】 The listed companies are base of the market. And taking advantage of the capital is the most direct and effective way to keep and increase the company’s value.Firstly the paper shows us something about the collecting and using of capital of listed companies. We can find out that capital collected from stock market is increasing year by year, while capital collected from credit market is decreasing year by year. It’s just opposite to the case of oversea, not a fit capital structure. Besides, the investment fields of collected capital of listed companies have changed frequently. It incurs the poor performance of listed companies. Secondly, we start from stock-right composition and use both theoretical analysis and statistic analysis in order to show that the key reason of amusing collected capital is our special stock-right composition. The main opinions of this paper are as following :(1)Owing to the absence of real owner, state-owned shares are prone to being controlled by insiders and so share-holders’interests are embezzled by insiders.(2) Faren stocks are non-negotiable stock, they pay more attention to listed companies’performance for long, but they can’t control manager because of their low stock proportion. (3)Negotiable stock’s holders have no capacity and motive to control manager, so they have no influence on capital using. (4) The extremely concentrated share-right composition leads to an absolute control by major shareholders, which leads to the amusing of capital. Finally the thesis puts forth some specific proposals .first, optimize the share-right composition, secondly, control and motive the manager, third control from outside.更多还原