| GEM has been a hot topic since its inception.GEM has provided a relatively convenient financing channel for innovative and high-tech growth enterprises,which has alleviated the problem of financing difficulties for small and medium-sized enterprises and promoted the goal that Chinese capital market is moving towards a multi-faceted,multi-level.However,when compared with the enterprises in the main board market,enterprises in GEM have a certain gap in profit stability,asset size and management level.In the face of huge amounts of raised funds,many companies in GEM cannot use it in a effective way,and there have been inefficient activities such as changing the proceeds of the IPO raised funds or investing blindly,which has caused widespread concerns among domestic scholars.Therefore,many domestic researchers have carried out numerous analyses on the efficiency and the causes of the using IPO raised funds,but most of them focus on the field of raising funds in the main board and small market,and most of the papers are based on empirical study.Under this background,this paper selects Shenzhen Netac Technology Co.,Ltd.as the case study object.The paper analyzes the efficiency of the using IPO funds raised by Netac from GEM,and then exposes the problems existing in its way of using IPO raised funds,further probes into the causes behind it,and gives relevant suggestions and countermeasures finally.Besides hope that these recommendations can be used by Netac to help them to use remaining IPO raised funds more efficiently,the paper also hope to provide some reference experience for the use and management of IPO funds raised by other GEM listed companies.The paper will illustrate the background and significance of the research in the first chapter,and research contents and methods of this paper are also introduced in this part.The paper collates the literature on the use of funds from IPO by various scholars,and introduces the theories related to this paper.The second chapter of this paper is the analysis and use of the efficiency of the use of funds raised by Netac.First of all,this paper calculates the efficiency of the use of funds raised from IPO by Netac,compares and evaluates expected return on investment and the actual return on investment by calculating Netac,and concludes that the efficiency of the use of funds raised by Netac is low.Secondly,it further analyzes the problems existing in the use of funds raised by the company,and finds that Netac has the following problems in raising funds for use: Frequent changes in IPO fundraising projects,failure to invest in Netac storage technology parks,and excessive funds to replenish liquidity and repay bank loans.The third chapter of this paper is the reason analysis of the use of IPO funds raised by Netac.First,for the analysis of the causes of frequent changes in IPO fundraising projects,the author thinks that there are hidden investment purposes in IPO projects,the lack of financial analysis of the enterprises to raise investment projects,the imperfect corporate governance structure,and the imperfect relevant regulatory laws are the main reasons for the frequent changes of fundraising projects.Secondly,for the analysis of the causes of the failure of the investment Netac Storage Science Park,the author thinks that the main reasons is that the plan of the use of the super-funded funds is not timely and the project risk analysis is the formality and there was a serious divergence of views among management.Third,for the excessive funds used to replenish the liquidity and repay bank loans,the author from the supplementary liquidity after the funds are difficult to be supervised by the SFC,the non-explicit use of excessive funds,the cost of equity financing is not too low to explain.The fourth chapter of this paper is the optimization suggestion of the use of Netac to raise funds.Based on the analysis of the causes of the third chapter,this paper gives some suggestions to improve the efficiency of the use of capital collection from the following three angles: improving the company's sound enterprise investment decision-making mechanism,optimizing the internal governance structure of enterprises and completing the internal control of Enterprise's management of IPO raised fund. |
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