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1、StudyonOver-raiseFundsofGEM’sInfluenceonInvestmentandPerformanceofListingCoporation（Abstract）Major：financeResearcharea：financialmarketAuthor：SongXiaojiaoAdvisor：XuanWenjunOver-raiseoffundsisChina’sspecialphenomenon,whichmeanslistingcorporationsraisemoremoneythantheyexposeinIPO.T
2、herehavebeen406companieslistedsuccessfullysincethefirstappearanceofGEMonAugust30th2009.Mostofthemwereover-raisedtosomeextent.AccordingtoWind,untilGEM’sfifthanniversaryon23rdAugust2014,360companieshad128.3billionover-raisefunds.Theactualraisedfundswere214.3billion.Whiletheplanwas
3、just86billion.Theaveragecompanysuper-raiseproportionwasashighas1.5times.Thesuper-raiseismuchmoreseriousthanmainboardmarketandsmall&medium-sizedboardstockmarket.ThereasonisthatmostcompaniesinGEMarehighgrowing.Investorshavehighanticipationandregardthemwithpotential.Followingenthus
4、iasmpushespricetoohigh.Over-raiseoffundshasaprolonginfluenceonChinesecapitalmarket.Ononehand,itreduceseffectoftheallocationofcapitalresourceandbringsaboutunbalance.Ontheotherhand,fundsover-raiseisfarbeyondcompanies’prospectofcapitalusage,whichcaneasilyleadtocapitalsurplusandabus
5、e.Finally,itwillinfluencetheefficiencyofinvestment,cutdowncompanies’valueandinvadeinvestors’interestaswell.Allinaword,thereistheoreticalandpracticalmeaningtostudyGEM’sover-raisefunds,aswellasitsimpactontheefficiencyofinvestmentandEVA.Thisarticlesummarizesthereasonsandeffectsonco
6、mpaniesofsuper-raisefunds1basedonrelateddocuments,providingtheoriesforresearchofChina’sGEM.Besides,thearticlemakesastatisticalanalysisofGEM’ssuper-raisefunds,whichincludesthecomparisonofover-raisefundsrangesfrommainboardmarkettosmall&medium-sizedboardstockmarketandtoGEM.Over-rai
7、sefundsindifferentindustriesofGEM,useofsuper-raisefundsarealsoinvolved.Inthisway,wecangetanoverallknowledgeofover-raisefundsinGEM.Next,with240listingcompaniesfrom2010to2011assamples,andthreeyears’dataasvariables,thearticlemakesanempiricalresearchofGEM’ssuper-raisefundsandvariedl
8、evelsofsuper-raisefunds’effectonlistingcompanie
