我国主板上市公司IPO前后经营绩效比较分析

发布时间：2018-03-19 23:12

本文选题：IPO　切入点：主板市场　出处：《兰州商学院》2013年硕士论文　论文类型：学位论文

【摘要】：改革开放三十年以来，我国的资本市场不断发展壮大，企业对资金的需求也越来越多，首次公开募股（Initial public offering，以下简称IPO）作为资金融通渠道之一，已经成为我国企业筹资的最重要手段。企业通过上市获得了大量资金，而上市后的企业，规模不断地扩大，却存在着资金使用效率不高、财务比率指标不尽人意的现象。我们通过对以往文献的整理后发现，无论是发达国家的资本市场还是亚洲的新兴市场，均存在IPO后经营绩效下降的现象。本文选取了2010年和2011年在我国主板上市的公司为样本，采用了盈利能力、营运能力、偿债能力以及成长能力四类共七项财务指标作为企业经营绩效的衡量指标，并在此基础上运用专家赋权法构造出综合指标来考察企业的经营绩效。针对各单一指标及综合指标，我们运用统计分析并配以双尾配对T检验的方法，证实了我国主板市场确实存在“IPO效应”，并且，无论上市公司是否有风险投资背景或者处于哪种行业，均呈现出不同程度的IPO效应；随后，我们运用了单因素方差F检验及单变量多因素方差检验F检验对不同风险投资背景样本组和不同行业样本组分别进行了实证研究，结果发现，IPO后，只有偿债能力显著变好，而主板上市公司的盈利能力、营运能力和成长能力均有所下降；另外，，无论是IPO前还是IPO后，有风投背景的上市公司经营绩效都优于无风投背景的上市公司，且在IPO后，有风投背景的上市公司在资产负债率和流动比率上显著优于无风投背景的上市公司。从行业上来看，不同的行业对企业IPO前后经营绩效的变化具有一定的影响。最后，我们对如何降低IPO效应提出了建议。
[Abstract]:Since the reform and opening up three decades ago, the capital market of our country has been developing continuously, and the demand for capital by enterprises is also increasing. Initial public offering (IPO) is one of the financing channels. It has become the most important means for enterprises to raise funds in our country. Enterprises have obtained a lot of funds through listing, but after listing, the scale of enterprises has been expanding constantly, but there is not high efficiency in the use of funds. The financial ratio index is not satisfactory. We find that there is a decline in operating performance after IPO in both the capital markets of developed countries and the emerging markets of Asia through the collation of previous literatures. This paper selects the companies listed on the main board of our country in 2010 and 2011 as samples, and adopts four kinds of financial indexes, namely profitability, operating ability, solvency and growth ability, as the measurement index of business performance. On the basis of this, a comprehensive index is constructed by using the expert weighting method to evaluate the business performance of the enterprise. For each single index and comprehensive index, we use the method of statistical analysis and double tail paired T test. It is proved that the "IPO effect" does exist in the main board market of our country, and no matter whether the listed companies have venture capital background or which industry they are in, they all present different degrees of IPO effect. We use univariate variance F test and univariate multivariate variance test F test to study the sample groups of different venture capital background and different industries respectively. The results show that after IPO, only the ability to repay debt has improved significantly. In addition, both before IPO and after IPO, the operating performance of the listed companies with background of venture capital is better than that of the listed companies without background of venture capital, and after IPO, the performance of listed companies with venture capital background is better than that of listed companies without background of venture capital. The asset liability ratio and current ratio of listed companies with venture capital background are significantly better than those without venture capital background. From the industry point of view, different industries have a certain impact on the changes of business performance before and after IPO. Finally, we give some suggestions on how to reduce IPO effect.
【学位授予单位】：兰州商学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

【参考文献】