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随着我国投融资环境的日益复杂,中小企业板上市公司IPO募集资金投向变更问题日渐凸显。本文以山东省2006-2010年中小板上市公司为例,对IPO募集资金投向变更动因进行实证分析。研究发现,股权集中度、盈利波动、超募资金都显著影响募集资金投向变更行为,股市冷热从相关性分析中也与投向变更显著相关。IPO募集资金投向盲目变更的结果将严重阻碍证券市场的发展稳定。目前,中小板上市公司随意变更募资已成群发行为,它是体制根源、市场原因、制度顽疾和企业自身等多方面原因共同影响的结果。所以,要改善随意变更中小企业板上市公司IPO募集资金投向问题,必须对各个层面的问题单独剖析,并系统的予以解决。
With the increasingly complex environment of investment and financing in our country, the issue of the change of IPO funds raised by listed SMEs has become increasingly prominent. In this paper, Shandong small and medium-sized listed companies from 2006 to 2010 as an example, the motivation of the IPO funds raised to change the empirical analysis. The study found that equity concentration, earnings volatility, raised funds have significantly affected the behavior of funds raised to change, the stock market hot and cold from the correlation analysis is also significantly related to change. IPO fund-raising blind investment changes will result in a serious impediment to the development of the securities market stability. At present, small-cap listed companies arbitrarily change fund-raising has been issued in groups, it is the root causes of the system, the market causes, the system of chronic illness and the enterprise itself and many other reasons together. Therefore, to improve the free choice of SME board listed companies to raise funds to invest in IPO issues, all aspects of the problem must be analyzed separately and systematically to be resolved.