CAJ | 학술논문

中国式的纳斯达克---创业板市场的“顽疾”如“三高症”和巨额超募资金的使用等问题尤其令人担忧。超募资金的存在严重扭曲了企业资本配置的效率，大量超募资金闲置甚至挪用大大降低了企业的资金使用效率。如何合理使用超募资金并提高企业投资效率水平已成为创业板公司亟需解决的问题。当前创业板公司集中分布在经济发达的东部地区，制造业和信息技术行业分布突出。超募资金主要投放在五大方面，房产、土地、车辆购置及收购股权、设立或增资子公司尤为突出。应从创业板市场监督力度的加大、公司治理机制的完善和信息披露透明度的加大三方面来提高超募资金的使用效率。
중국식적납사체극---창업판시장적“완질”여“삼고증”화거액초모자금적사용등문제우기령인담우。초모자금적존재엄중뉴곡료기업자본배치적효솔，대량초모자금한치심지나용대대강저료기업적자금사용효솔。여하합리사용초모자금병제고기업투자효솔수평이성위창업판공사극수해결적문제。당전창업판공사집중분포재경제발체적동부지구，제조업화신식기술행업분포돌출。초모자금주요투방재오대방면，방산、토지、차량구치급수구고권、설립혹증자자공사우위돌출。응종창업판시장감독력도적가대、공사치리궤제적완선화신식피로투명도적가대삼방면래제고초모자금적사용효솔。
China type NASDAQ-the problems of "chronic illness" of gem market such as "three high" and large over the super offering financing use ect. are especially worrying. The funds raised are seriously distorted capital allocation efficiency, a lot of ultra raised funds idle even misappropriation of greatly reduce the efficiency of the use of funds of enterprises. How to make rational use of the raised funds and improve the level of corporate investment efficiency have become the GEM companies need to solve the problem. The current GEM companies concentrated in the economically developed eastern areas, manufacturing and information technology industry distribution is outstanding. Ultra raised funds mainly in five aspects, house property, land, vehicle purchase and stock acquisition, establishment or capital subsidiary is particularly prominent. We should do pioneering work board the market is the strengthening of supervision, the improvement of corporate governance and information disclosure transparency increase three aspects to improve efficiency in the use of the funds raised.