我国中小板与创业板上市公司IPO效应及影响因素分析

发布时间：2018-01-02 12:34

本文关键词：我国中小板与创业板上市公司IPO效应及影响因素分析　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：本文以2009年IPO的国内中小板及创业板90家上市公司为研究样本,发现中小板与创业板上市公司中普遍存在IPO效应,并且两个板块间的IPO效应表现出两种差异,首先,创业板相对中小板在IPO前后ROA和EBIT/A指标下滑程度更大；其次,创业板从IPO后第二年开始以ROA和EBIT/A衡量的指标开始同比提高,但中小板上市公司的经营业绩却进一步下滑,创业板的业绩调整周期相对更短。本文综合考虑影响或反映企业经营企业盈利水平的六项指标,结合相关理论假设,构建横截面多元回归模型实证检验了IPO效应的影响因素,发现第一大股东持股比例与中小板的经营业绩负相关且具显著,与创业板的经营业绩正相关但不显著；资产周转率与两个板块经营业绩均正相关,但仅对中小板有显著性；创业投资对中小板及创业板上市公司经营业绩的影响方向一反一正,均不显著；产权比率对中小板及创业板上市公司业绩有促进作用且均显著；IPO抑价率与创业板IPO效应负相关且显著；处在经济发达地区的中小板上市公司IPO后业绩相对更差,且具有显著性。本文还分析了中小板与创业板IPO效应两种差异的原因,认为创业板较中小板IPO效应大与上市对象不同有关；业绩调整周期短与制度设计有关。结合上述分析,本文就促进中小板和创业板市场健康有序发展提出几点建议。
[Abstract]:In 2009, the IPO domestic small and medium board and the growth enterprise board 90 listed companies as the research sample, found that the small and medium-sized board and gem listed companies generally exist in the IPO effect. And the IPO effect between the two plates shows two kinds of differences. Firstly, compared with the small and medium-sized board, the ROA and EBIT/A index of the gem decline more than before and after the IPO; Secondly, the growth Enterprise Market from the second year after IPO began to measure by ROA and EBIT/A indicators began to improve, but the small and medium-sized board listed companies' operating performance declined further. Gem performance adjustment cycle is relatively short. This paper synthetically considers the six indexes that influence or reflect the profit level of the enterprise, and combines the relevant theoretical assumptions, constructs the cross section multiple regression model to test the influencing factors of the IPO effect empirically. It is found that the proportion of the largest shareholders is negatively correlated with the operating performance of the small and medium-sized board, but not significantly related to the performance of the growth enterprise board. The asset turnover rate is positively correlated with the performance of the two plates, but only for the small and medium-sized boards. The impact of venture capital on the business performance of small and medium-sized board and gem listed companies is not significant. The property right ratio has the promotion function to the small and medium-sized board and the growth enterprise board listed company's performance and is remarkable; The IPO underpricing rate was negatively correlated with the IPO effect of gem. The performance of small and medium-sized listed companies in developed regions after IPO is worse, and it is significant. This paper also analyzes the reasons for the difference between the IPO effect of the small and medium-sized board and the growth enterprise board, and points out that the bigger effect of the growth enterprise board than the small and medium-sized board IPO is related to the different target of listing. The short period of performance adjustment is related to the system design. Based on the above analysis, this paper puts forward some suggestions for promoting the healthy and orderly development of the small and medium-sized board and the gem market.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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