A Research On Excessive Raised Funds Of Listed Companies In GEM

In our country, the problems of difficulty of financing in middle and small enterprise has become the important factors of influencing the development of our economy, also become the most difficult problem in economic and financial circles.Numerous scholars in order to solve this problem, after years of effort, in October2009, the whole country long-awaited GEM opened officially. The original intention of the GEM establishment was to solve the problems of difficulty of financing in middle and small enterprise.In the three years development of GEM,it exposed many major issues, seriously affected the healthy development of China’s capital market, GEM super-raised phenomenon as one of the most serious problems got the extensive concern of the whole society.From the current situation, GEM super-raised phenomenon is much more serious than the main board market and the small and medium-sized enterprise board market. From2009to2012the GEMhas raisedfundsmore than208.065billion Yuan, super-raised funds136.904billion Yuan. The average super-raised rate reaches as high as169.12%. So high super-raised rate seriously influences the development of capital market in our country and has been against to the original intention of the establishment of GEM. Lots of groups complete interests delivery through the super-raised of GEM, bring up thousands of billionaires, at the same time seriously damage the benefits of mid-small investors; Low efficiency of funds raised by GEM caused the unreasonable configuration of resources in our country capital market, seriously hindered the healthy development of China’s capital market. So find the reason and solve the GEMsuper-raised problem is urgent.The article adopts normative research and empirical research method to analysis the super-raised phenomenon. First of all describingthe gem super-raisedphenomenon, clarify the seriousness of the problem; Then along the three aspects to theoretical analysis namely:issue price factors, issue number factors and other factors; According to the theoretical analysis to select representative variables, select349listed companies as research samples to multiple regression analysis, to find out the intrinsic incentive ofGEM super-raised phenomenon. The conclusion shows that four factors lead to the super-raised in GEM namely:high issuance P/E ratio, the unreasonable issue number, underwriter reputation and theinterests delivery of related group, the unreasonable issue number explains a large part of super-raised phenomenonin GEM; At last, combined with empirical research and theoretical analysis results, finding out somesuggestion to solve our country gem superb offering phenomenon, in order to the healthy development of China’s capital market.