CAJ | 학술논문

随着上市公司超募资金现象受到广泛关注，上市公司如何管理和使用所超募的资金、加强保护广大投资者利益逐渐成为市场参与者关注的焦点。本文通过对科伦药业超募资金的管理与使用状况进行考察，发现该公司首先建设了超募资金相关制度，为公司合理使用超募资金奠定了制度基础；在不到一年的时间内，该公司超募资金的使用率达到95％，其中绝大部分投向主营业务全国布局战略和双强格局发展战略，体现了公司追求长远利益、加强保护投资者利益的意图。本文通过分析与评价科伦药业超募资金的管理与使用状况，为其他公司管理与使用超募资金、加强保护投资者利益提供参考依据。
수착상시공사초모자금현상수도엄범관주，상시공사여하관리화사용소초모적자금、가강보호엄대투자자이익축점성위시장삼여자관주적초점。본문통과대과륜약업초모자금적관리여사용상황진행고찰，발현해공사수선건설료초모자금상관제도，위공사합리사용초모자금전정료제도기출；재불도일년적시간내，해공사초모자금적사용솔체도95％，기중절대부분투향주영업무전국포국전략화쌍강격국발전전략，체현료공사추구장원이익、가강보호투자자이익적의도。본문통과분석여평개과륜약업초모자금적관리여사용상황，위기타공사관리여사용초모자금、가강보호투자자이익제공삼고의거。
The excessive raised funds of listed firms have been drawing increasing attention. It is of great concern to stakeholders as to how to manage and use the excessive raised funds and how to protect investors. This paper investigates into Sichuan Kelun Pharmaceutical and finds that the company has established relevant regulations, which provide the policy foundation for the man- agement and use of the excessive raised funds. Within a year, the company has invested 95% of the excessive raised funds mainly in expanding business nationwide and developing the ＂doublestrength＂ strategy. It is consistent with the company＇s objectives to pursue long-term development and protect the interests of investors. This paper contributes to the study of management and use of the excessive raised funds and serves as reference for other listed firms.