上市公司进入股票市场常常会超额募集大量资金,这种现象在创业板尤为严重。这些超募资金本应该按照招股说明书的承诺进行使用,可是近些年来,上市公司频繁改变超募资金投向的行为已经司空见惯。本文以发生募集资金投向变更行为的创业板上市公司为研究对象,以理论研究的方式分析创业板上市公司超募资金投向变更的主导原因,并针对这一现象提出相应的改进措施。 Listed companies often enter the stock market to raise a large excess of funds, this phenomenon is particularly serious on the GEM. These super-raised funds should have been used in accordance with the promissory prospectus, but in recent years, listed companies frequently change the behavior of super-raised funds has become commonplace. In this paper, the GEM listed companies that are involved in the act of raising funds are selected as the research object, and the dominant causes of the change of the funds raised by the listed companies in GEM are analyzed by means of theoretical studies. Corresponding improvements are also made according to this phenomenon.