1、 I 摘 要 上市公司募集资金的投向及其运用效果，颇受人们关注。尤其是资金的运 用效果，更是引人注目，因为可能直接或间接影响现时或潜在投资者的直接收 益。然而近年来，我国上市公司频繁变更募集资金投向的现象日益突出，己经 引起学术界的广泛关注。上市公司随意地变更募集资金投向，不仅对证券市场 的诚信建设产生较大的负面影响即直接影响证券市场资源配置功能的有效发 挥，而且还对我国资本市场的健康稳定发展产生负面影响。因此，开展上市公 司募集资金投向变更问题研究，对规范上市公司投资行为等方面具有深远意义。 文章首先对上市公司资金募集的使用现状进行统计描述，探讨了变更募集 资金的投向对资本市场产生的影响。紧
2、接着对这一问题产生的原因予以了深入 透彻的分析。提出了融资环境宽松、项目审批体制缺陷和监管不到位是上市公 司变更资金用途的外部原因。同时，内部因素的影响也是导致上市公司变更募 集资金的又一重要影响因素，例如：投资项目决策缺乏规范性和科学性、治理 结构不完善等等。 为更好的规范我国上市公司募集资金的使用行为，针对这一问题，在文章 的末尾，探讨了对上市公司募集资金使用加以监管的具体措施，提出了相应的 政策建议。即强化上市公司信息披露制度、规范投资项目论证的科学性、完善 公司治理对策，以期待能对我国上市公司募集资金使用监管有所裨益。 关键字：上市公司；募集资金；投向变更关键字：上市公司；募集资金；投
3、向变更 II Abstract The use efficiency of raised fund of the listed firms attracted peoples attention. Because it may affect the shareholders direct income. Nevertheless, the phenomenon about the listed companies altered the financing capital usage in a large scale has been gain wide attention in recent
4、 years. It will be harmful for credit foundation and influence the regulative function of the securities market. Moreover, it will impact the development of capital market. Therefore it is of great significance for us to study alteration behavior of listed companies. Firstly, we show the problems of
5、 fund collection by statistical dates, explore its influence of investment alteration on the market. Then the thesis is to analyze the reasons of this situation. Project review and approval system, the supervising system are the outside reasons of the investment alteration. Also, there are some insi
6、de reasons. For example the decision of project lack of standardization, the company governance structure is not so perfect and so on. In order to regulate the use of fund raised in public offers effectively. At last we put corresponding advices for policy establishments. For example, to strengthen information disclosure system of the companies, conform project standardization. We expect that they will play a big role in supervising the use of proceeds. Key wards: Listed Companies; Raisin
