Pharmaceutical industry belongs to the capital-intensive industry. Marketing, R&D and other business operations all need high capital investment. Facing the bottleneck of capital shortage, many pharmaceutical companies actively use the stock market to solve the problem, and raise funds in large by initial public offering (IPO) from the stock market. Normally, pharmaceutical enterprise shall make use of the raised funds in compliance with the description in the prospectus concerning the use of proceeds and the use of such proceeds shall have obtained satisfactory results. Foreign pharmaceutical enterprises are more normative in this aspect, and there’re few enterprises changing the use of proceeds. However, so the phenomenon of the domestic listed companies changing the use of proceeds frequently and in a large scale becomes China-specific. There are many pharmaceutical giants such as Pfizer, Eli Lily, Johnson &Johnson and so on in European and American pharmaceutical industry, while our Chinese pharmaceutical industry is lack of world-influential enterprises. The widespread phenomenon of changing the use of proceeds proves that China's listed companies in raising funds that the stock market support competitiveness may be effected by changing the use of proceeds. Then the impact on pharmaceutical enterprises due to the changing thus starves for study now. This study adopted second-hand data analysis method, and selected the Chinese pharmaceutical company going public in 1993-2006 as the research object, with main business for pharmaceutical and without data exception for two basic filter condition. And 74 listed pharmaceutical companies were finally screened out as the sample. The data source were from the listed company’s prospectus, format, annals, the announcement of change and yearbook of China through Biological Medicine plate of Guangfa Securities real-time online trading system, Shanghai stock exchange,Shenzhen stock exchange, China Securities Network, Chinese Listed Companies Network, JRJC etc. The results show that Chinese listed companies invest in R&D and marketing far more less than the funds raised in the kind of production, such as the technical renovation, expansion of production/ production/firm/factory/workshop and so on. And these kinds of alteration types, such as cancelling the project & changing the use of proceeds, project closing and changing the use of surplus funds, changing the use of idle funds, cutting project and changing the use etc., account for a large proportion of the number of enterprises and a frequency. And nearly half the sample exist progress being late. Even some listed pharmaceutical companies altered the financing capital's usage to purchase the subsidiary’s assets through share premium income to cash. Chinese pharmaceutical companies raised a large sum of money through initial public offerings of shares on the stock market, but most companies had alteration of varying degree. Looking from the external factor, the reasons are the approval of a new drug or project, the sudden change of market environment etc. But such big range and high frequency alteration of the first raised funds provokes people to question the pharmaceutical companies’ intention of IPO and their strategic development ability. Anyhow, ignorance of R&D and marketing and high frequency& wide range of changing raised funds proved that there’re still problems of managing raised funds and our capital market is not normative. The thesis contains 6 chapters. Chapter 1 is the introductory to the background and the problem of Chinese pharmaceutical industry and the stock market. Chapter 2 is to introduce pharmaceutical industry and listed company in Europe, America and Asia. Chapter 3 is a review of the investment of raised funds by initial public offering and its alteration. Chapter 4 is focused on the data analysis of Chinese listed pharmaceutical companies’ investment and alteration of funds raised by IPO and performance. Chapter 5 is the case study that compares the condition of pharmaceutical listed companies using the raised funds and the efficiency and analyzes the reasons. Chapter 6 is the summary, and Suggestions, deficiency and prospects are put forward. Key words: First Raised Funds; Investment; Alteration

製藥產業屬於資金密集型產業，無論是行銷、研發還是其他環節都需要有高 額的資金投入。面對資金短缺的瓶頸，眾多製藥企業積極爭取利用股票市場來解 決資金不足的問題，通過首次公開發行上市（IPO）從股票市場上募集資金。通 常情況下，製藥企業首次募集所得資金的使用應與其招股說明書所述的用途相 符，並且資金使用效益良好。國外製藥企業在這方面比較規範，鮮見首募資金投 向的變更，但在中國，不時會看到公司的變更公告，首募資金投向的頻繁變更成 為具有“中國特色”的現象，歐美地區製藥產業中有輝瑞、禮來、強生等眾多製 藥巨頭，而中國製藥產業缺乏有世界影響力的企業。中國上市公司募集資金變更 現象的普遍存在表明股票市場對產業競爭力的支援作用可能會因募集資金的投 向變更而受到影響，首募資金的變更對上市製藥企業的影響因此成為一個急需研 究的問題。 本研究採取二手資料分析的方法，選取中國製藥產業 1993 年至 2006 年上市 的公司為研究对象，以主營業務為製藥業和無數據異常為兩項基本篩選條件，最 終選取 74 家上市製藥公司作為研究樣本。相關資料主要來源於上市公司的招股 說明書、上市公告書、上市公司年報、變更公告及中華人民共和國各年年鑒。資 料主要從廣發證券即時網上交易系統生物醫藥板塊、上海證券交易所、深圳證券 交易所、中國證券網和中國上市公司資訊網、金融界網等網站等公開的資料獲 得。資料研究發現，中國上市製藥公司在研發、行銷等投向上首募資金的投入遠 遠低於在技術改造、擴建生產線/生產項目/公司/工廠/車間等生產類項目上的投 資。在專案取消/投向變更、專案結束/結餘資金投向變更、資金閒置/資金投向變 更、項目中止/投向變更等類型上公司變更的數量和次數較多。而且有近一半的 樣本公司存在募集資金投入進度遲緩問題。有的上市製藥公司會利用變更將募集 資金轉為收購子公司的資產，通過發行股票溢價所得幫助子公司套現。 中國製藥公司通過首次公開發行股票從股票市場上募得了大額資金，但大部 分公司都發生了不同程度變更。從發生變更的外因分析，一方面源於新藥或新項 目的審批立項、市場情況的突然變化等。但如此大範圍和高頻度的首募資金投向 變更也讓人質疑製藥公司上市募集資金的意圖及制定發展戰略的能力。總之，對 製藥企業核心的研發和行銷投入的忽視及高頻度廣範圍的變更表明對製藥公司 募集資金的管理還存在問題及資本市場的不規範。文章結構第一章為導論，介紹中國製藥產業和股票市場的背景概況及提出研 究問題；第二章對歐美地區和亞洲的製藥上市公司的概況進行了介紹；第三章對 首募資金投向及變更的相關文獻進行綜述；第四章對中國上市製藥公司首募資金 投向、變更及績效的資料進行了統計；第五章通過案例研究對製藥上市公司利用 股票市場而募得的首募資金的使用情況及使用效率進行了對比，並對案例間出現 績效差異的原因及變更的原因進行分析，第六章對全文進行總結，並提出對策建 議、研究不足與展望。 關鍵字：首募資金；投向；變更