| Over-raised funds refer to the part of funds that the listed companies actually raise more than they plan to raise in the process of IPO.In June 2009,the new IPO inquiry system began to implement,with the recovery of domestic macro-economic,the price-earnings ratio of new shares issued in the capital market has gradually increased,and the phenomenon of over-raising of listed companies in the process of IPO began to explosively grow.In 2021,a total of 465 companies listed on the Shanghai and Shenzhen Stock Exchange,planning to raise 294 billion yuan,but actually raising 402.10 billion yuan,over raising 108.1 billion yuan,and the percentage of over-raised funds is about 36.77 percent of the total.Over-raised funds can increase the liquidity of the company’s funds and meet the company’s capital needs.However,there are some problems in the process of using over-raised funds.For example,although existing laws and regulations restrict the direction of the use of over-raised funds to a certain extent,in fact,the laws and regulations are not strict enough,which leads to the random use of over-raised funds by listed companies and seriously reduces the allocation efficiency of financial resources.These problems not only affect the normal operation and development of listed companies,but also affect the sense of acquisition of investors,and also damage the confidence of the capital market.Therefore,how to regulate the use of over-raised funds is an important problem to be solved urgently in the capital market.Based on this,this thesis chooses Hepalink as the case study object,the main reasons are as follows: first,Hepalink has been praised as “The king of over-raised funds”,which has broken the record for the highest price of shares,a total of 5.718 billion yuan was raised,of which 4.853 billion yuan was over-raised,with the proportion of over-raised as high as561.16%.Second,Hepalink is the leading enterprise in the Heparin raw material medicine industry in China,and it has a typical “One-share-dominant” ownership structure of a family-owned enterprise.The low efficiency of corporate governance makes it more prone to problems in the process of using over-raised funds.Third,it takes a long time to prove the efficiency of the use of over-raised funds,and the period of the use of over-raised funds raised by Hepalink is as long as ten years,so it can better reflect the efficiency of the use of over-raised funds.Therefore,the case of Hepalink’s over-raised funds use has a strong demonstration and typicality,and analysis of it will be helpful to enrich the relevant research on the over-raised funds.On the basis of studying the theories and practical experiences of over-raised funds at home and abroad,this thesis uses case study and comparative analysis methods,and concentrates on the deep analysis of the problems in the use of over-raised funds and the causes and effects of those problems.Specifically,first of all,this thesis sorts out the theories related to the over-raised funds of listed companies,and combines theories with over-raised funds to carry out analysis,providing foundations for the following case analysis.Second of all,this thesis chooses Hepalink as the case study object.Introduce the basic information of Hepalink,and introduce the reasons,the direction of use and the raising situation of the over-raised funds.Next,deeply excavate and analyze the problems of the over-raised funds and the internal and external reasons.Then,using comparative analysis and event study methods,analyze the impact of the problems in the use of over-raised funds from the following three aspects: the capital market,the company itself,and the wealth of shareholders.Finally,combined with the above analysis,the conclusions are summarized,and the suggestions are put forward.Through the above analysis,this thesis draws the following conclusions: first,imperfect management is the direct cause of the problems in the use of over-raised funds.Second,the defect of corporate governance is the root cause of the problems in the use of over-raised funds.Third,lack of supervision is the external cause of the problems in the use of over-raised funds.Fourth,the efficiency of the use of over-raised funds needs to be improved.In addition,after summing up the above four conclusions,combined with the internal and external causes and effects of the problems in the use of over-raised funds,this thesis puts forward the following recommendations.First,there are four recommendations for the internal level of listed companies: the first is to strengthen the management of the over-raised funds’ account.The second is to improve the investment decision-making mechanism of over-raised funds.The third is to improve the corporate governance structure.The fourth is to make a reasonable plan for the over-raised funds.Then,there are three recommendations for the external level of listed companies: The first is to strengthen the continuous supervision ability of the underwriter.The second is to improve the legal requirements for the use of over-raised funds.The third is to strengthen the legal mechanism to protect minority shareholders’ rights. |
