Research On The Use Of Over Raised Capital Of National Technology Limited By Share Ltd

Officially launched in October 2009 the gem market in China,it not only marks the diversified financing capital market in China has made substantial progress,meet the innovative small and medium-sized enterprises of science and technology independent innovation of financing needs,and stimulate the generation of the small and medium-sized enterprises,independent research and development for our country capital market kechuang enterprise progress provides the incentive mechanism and elimination mechanism,but up to now the gem is not perfect performance.Since its inception,gem has been criticized by all sectors of society for its high ipo rate,high ipo price and high ipo amount.As a result,gem has been labeled as"circle money",and the low eff-iciency of ipo funds has become an increasingly prominent problem.Due to the CSRC and the relevant departments of the capital market supervision and management of funds raised in excess of the lack of specific institutional constraints,the lack of investment funds raised a lot of super appeared,such as excessive investment and existing problems in the form of bank deposits,and because the total amount raised more than total plans to raise,lack of investment plan can cause a lot of idle capital,affects the efficiency of capital market allocation of resources.The gem listed companies the formation of super funds raised to and using effect as the object of study is very necessary,can make reasonable use of the listed company of super funds raised,but also can improve the investors focus on listed companies the management and use of funds raised in excess of the consciousness,the optimal allocation of social resources played a very important practical significance.Paper USES the case analysis,literature analysis and comparative analysis,the optimal sequence financing theory,resource allocation theory,asymmetric information theory and principal-agent theory as the support,in the analysis of the research achievements of domestic and foreign scholars on the basis of the excess of the gem listed companies raise money form of motivation and use of capital markets,the impact of enterprise itself,investors were analyzed,and to Nation Technologies,Inc.,as a case,based on the analysis of the usage of funds raised in excess of the existing problems,bring to the company's main ability to drop,jeopardizing the interests of shareholders and face economic consequences,such as suspension super funds raised from the constraint mechanism,The funds raised in excess of the use and management and strengthen intermediary objective independence three aspects put forward solving measures,so as to promote the stock market about the use of funds raised in excess of the relevant system perfect,reduce operating risk,gem listed companies in order to further promote the sustainable and healthy development of the gem companies,promote capital market allocation of resources virtuous cycle.