Research On Investment Direction And Utilization Efficiency For The Excessive Raised Funds Of The Gem IPO Listed Companies

Since the Gem has been set up in China,the goal of the rapid expansion has been smoothly achieved,during the period of time there're many companies successfully listed on the Gem from different industries.These companies are small and in middle size,almost all of them have raised a lot of money from the IPO.The vigorous development of small and mid-sized enterprises injected a dose of living desire to our country capital market,our country capital market have got a lot of benefit,however at the same time,our country capital market may also received some negative problems.The Gem IPO has high issue price,high P/E ratio and high raise rate.This phenomenon frequently occurred,and it is serious.A lot of excessive raised funds in idle and low service efficiency of these funds,all of the problems were brought security hidden danger for the development of market economy in our country.So find the causes of the Gem high raise phenomenon,To reduce this kind of thing from happening,promote the utilization efficiency of the excessive raised funds,optimize the use of the excessive raised funds,to promote the steady development of our capital market has the significance that can't be ignored.Reference predecessors' experiences,and combining different subjects such as finance,management and economics theory.It's the basis of the domestic Gem IPO phenomenon of listed company that excessive raised,and some relevant problems about the utilization efficiency of the excessive raised funds are emerging.On the basis of extensive reading of literature domestic and abroad on the utilization efficiency of excessive raised funds of the listed company and defining the relevant concepts.Then,using inductive analysis,comparative analysis and descriptive statistics to make analysis,from the Angle of quantitative and qualitative Gem IPO excessive raised funds and makes a comprehensive analysis of the status quo of efficiency.To make the study more convincing,the selection of Gem in our country to raise enterprise's excessive raised data and financial performance indicators as the research sample,divided into manufacturing,information technology and other industries in addition to the manufacturing and information technology three modules,and make summarize of the use of excessive raised funds utilization efficiency and the relationship between financial indicators and excessive raised funds.Finally,from the perspective of policy makers,enterprises and investors three aspects,and combined with the actual situation in our country,puts forward the excessive raised rate,increase the utilization efficiency of excessive raised funds,optimize the related countermeasures and suggestions,so as to make the related system more perfect and to promote the securities market,reduce the operational risk,warning investors to rational investment of listed companies.In order to further promote the sustainable healthy development of small and mid-sized enterprise on Gem,promote the capital market cycle.