Motivation Analysis Of The Investment Changes Of IPO Raised Money Of Companies Listed On The SMEs Board

Small and medium-sized board open plate in ShenZhen stock exchange at2004,overall is good, by the end of2012, a total of701companies in small and medium-sizedboard listed, but part of listed companies seriously change their raise money, especiallyafter the year of2009, the stock market IPO appear a large number of super funds raised,which caused a lot of super fund changes. Most companies are based on the grounds ofexternal market conditions change to change raise funds for other projects or mergers andacquisitions, loan payments, etc., far not reach the returns of companies listed beforepromised, make small and medium-sized investors lose confidence in the company andeven the capital market, thus seriously hindered the healthy operation of the capital market.Test use sample of ShanDong company listed in small and medium-sized board in2006-2010, we committed the changes from aspect of the investment amount, proportionof capital changes, the change of the offering quantity, IPO raise money and change typeof the situation of small and medium-sized board listed company, by consulting relevantliterature, respectively from the theory of motivation, system dynamics, the company agentmotivations to change behavior and equity incentive four aspects carries on the summaryanalysis, and use the small and medium-sized board of listed companies in ShanDongprovince as an example for the empirical analysis, focuses on ownership structure andearnings volatility, and the stock market to raise funds of cold and hot state influence onraising money to change behavior. In addition, in order to better define the behaviorchange, we will regulators the super raise change behavior inside our research, offeringinclude super changes and does not include ultra raise change two cases to define thedependent variable, in order to better interpret the dependent variable. Through empiricaltest, degree of change in the small and medium-sized board listed company IPO to raisemoney and probability significantly positively correlated with ownership concentration andpositively correlated with super offerings and significantly, positively related to theearnings volatility and significant, and the stock market is associated with the degree ofcold and hot but not significant.In addition, we analyze the impact of changes in behavior consequence, and aiming atthe condition of the ShanDong province small and medium-sized plate company putforward relevant Suggestions, in order to correctly realize and improve the not rationalbehavior of change collect money at will.