本文以我国2010~2012年创业板上市公司为样本,实证检验了创业板公司IP0超募对其投资效率的影响。研究结果发现:创业板上市公司IPO超募程度与其投资效率负相关。IPO超募金额越大,超募比例越高,公司的投资过度或投资不足现象也越严重。本文从超募的角度来研究企业的投资行为,有助于揭示创业板上市公司IPO超募现象的经济后果,为治理创业板超募现象、监管上市公司募集资金的使用效率提供合理建议。
This paper empirically studies the impact of 1PO over-funding on investment efficiency, using listed companies on GEM (Growth Enterprise Market) in China from 2010 to 2012 as a sample. The result shows that the extent of IPO over-funding is negatively related with investment efficiency. The extent of companies' over-investment or under-investment is more severe when the amount of their over-raised capital is larger, or the ratio of over-funding is higher. We study companies' investment behavior from the perspective of IPO over-funding, contribute to uncover the economic consequence of IPO over-funding, and provide reasonable recommendations on the IPO over-funding amelioration and the over-raised capital usage efficiency supervision.