基于创业投资视角的中小企业版IPO效应研究

发布时间：2018-02-11 22:51

本文关键词： 中小企业板经营业绩 IPO效应创业投资　出处：《浙江社会科学》2010年11期 　论文类型：期刊论文

【摘要】：本文从创业投资的视角分析了中小企业板IPO发展现状,在此基础上对IPO效应进行了检验,并通过构建横截面多元回归模型对IPO效应的影响因素进行了实证研究。结果表明:在IPO前有创业投资持股企业在盈利能力、偿债能力方面优于无创业投资持股企业,而在营运能力、成长能力方面并无显著性差异;在IPO后有创业投资持股企业的盈利能力优于无创业投资持股企业,而在偿债能力、营运能力、成长能力方面并无显著性差异;中小企业板整体上存在IPO效应,但无创业投资持股企业的经营业绩下滑幅度明显大于有创业投资持股企业;创业投资、IPO年份、募集资金额占总资产比重、主营业务所在地、审计机构、所在行业以及IPO前的经营业绩等因素对中小企业板IPO效应有着显著的影响。
[Abstract]:This paper analyzes the current situation of IPO development in SME board from the perspective of venture capital, and tests the IPO effect on this basis. An empirical study on the influencing factors of IPO effect is made by constructing cross-sectional multivariate regression model. The results show that the venture capital holding enterprises have better profitability and repayment ability than those without venture capital holding enterprises before IPO. However, there is no significant difference in operating ability and growth ability, the profitability of enterprises with venture capital holding after IPO is better than that of non-venture capital holding enterprises, but there is no significant difference in debt service ability, operation ability and growth ability. The IPO effect exists in the small and medium-sized enterprise board as a whole, but the decline in the operating performance of the non-venture capital shareholding enterprises is obviously greater than that of the venture capital holding enterprises, and in the year of the venture capital IPO, the amount of capital raised accounts for the proportion of the total assets and the location of the main business. The audit institution, the industry and the operating performance before IPO have significant influence on the IPO effect of SME board.
【作者单位】：浙江大学管理学院;浙江省财政厅;国信证券股份有限公司投资银行事业部;
【分类号】：F276.3;F832.51

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