Research On The Utilization Efficiency Of The Ultra-raised Funds Of The Listed Companies On GEM

Since the launch of the GEM has been plagued with "three highs" problem, high issue price, high p/e ratio and ultra-raised funds phenomenon appeared frequently in the process of GEM IPO, the existence of a large amount of ultra-raised funds makes the GEM hit the "Misappropriating" label. Due to the CSRC and the relevant departments of the GEM listed companies use of ultra-raised funds lack of a clear and detailed rules, cause a large number of ultra-raised funds idle, excessive investment and the phenomenon of improper use, these problems not only violates the original intention of the GEM, waste a lot of resources, but also harm the interests of investors, and will bring a great challenge to the development of capital market. Therefore, in the current GEM ultra-raised funds idle rate is higher, standardize the management and use of ultra-raised funds, promote the use of ultra-raised funds efficiency, to protect the interests of investors, to guarantee the healthy development of the GEM has far-reaching significance.GEM listed companies in China to exceed raise, first of all, the paper analyzes the current situation of the GEM in China offering, including the overall situation of the GEM, the difference of regional industry status, explains the GEM listed companies raise questions of universality and diversity, secondly from macroeconomic factors, distribution system defects, underwriters profit-driven, investors irrational behavior, etc, the author analyzes the reasons of super raise appear, points out that the GEM ultra-raised funds adverse effect caused by improper. In the analysis of the current status of the funds raised in use, this article will super funds raised spending is divided into two parts, capital expenditure and capital expenditure concrete elaboration, pointed out our country current GEM ultra-raised funds using characteristics:first, a large amount of ultra-raised funds idle, raise funds utilization rate is not high; Second, the ultra-raised funds project investment lack of scientific nature; Third, the GEM to raise corporate performance differentiation trend is obvious; Fourth, the difference between China’s schedule of project investment plan, optional change to serious.This article selects in October 2009 to December 2014, GEM listed companies in China offering relevant data, using empirical research methods to explore the influence factors of super offering the service efficiency of funds in our country, the empirical results found that:first, the underwriter reputation positively related to the ratio of ultra-raised funds capital investment; Second, venture capital to participate in the service efficiency of ultra-raised funds significant positive correlation; Third, in the aspect of corporate governance structure, ownership concentration significantly negative correlation with the use of ultra-raised funds efficiency, the excessive concentration of ownership structure could suppress the effectiveness of the ultra-raised funds investment and the rate of return; Fourth, state-owned property and ultra-raised funds capital investment ratio significantly positive correlation, but the return on capital is not obvious, even.Based on the above research, this article in view of the low efficiency of ultra-raised funds use of related Suggestions are put forward. First, implement the auditing and supervision responsibilities of underwriters, supervision and guidance ultra-raised funds reasonable use; Second, perfect the corporate governance structure, improve the efficiency of ultra-raised funds investment decision; Third, the introduction of experienced investment institutions, venture capital value-added services function; Fourth, strengthen supervision, law enforcement, resolutely combat and punish illegal use ultra-raised funds behavior.