主板IPO新股业绩变化实证研究及影响因素分析

发布时间：2018-03-11 13:34

本文选题：IPO　切入点：主板市场　出处：《上海交通大学》2012年硕士论文　论文类型：学位论文

【摘要】：近年来，，国内IPO市场总体运行呈现快速发展势头，直接融资比例不断提高。有关国民经济命脉行业中的大型企业不断登陆我国A股主板市场，其证券化率明显提高，融资规模和金额显著超越过去10年间平均水平。主板市场已然成为我国证券市场中最重要的上市主体，并且成为国民经济的晴雨表。我国资本市场的平台无疑对大型企业的上市创造了良好的条件和氛围，让投资者充分享受我国经济增长带来的丰硕果实，也让大型企业在IPO融资之后得到更好、更快地发展。但是，主板公司在IPO之后是否能够真正成长，募集资金是否能够有效利用，这些问题仍然是我们需要回答和解决的。目前，国内外有较多文献都直指IPO公司上市之后业绩存在下滑问题，并有显著的IPO效应。但研究我国股权分置改革之后的主板市场文献还鲜有发表，本文的研究可能在一定程度上填补这块研究不足。本文选取2005-2009年主板上市的36家企业进行上市前后业绩比较分析，发现主板IPO公司上市后存在一定的业绩下滑问题，特别是盈利能力、成长性和现金流水平。同时，我们通过多因子回归分析，找出部分影响IPO公司业绩下滑的因素。通过本文的研究成果，最后我们提出了部分相关政策及建议，为决策机构提供一定依据。
[Abstract]:In recent years, the overall operation of the domestic IPO market has shown a rapid development momentum and the proportion of direct financing has been increasing. Large enterprises in the lifeline industries of the national economy have been landing on the mainboard of China's A-share market, and their securitization rate has increased significantly. The scale and amount of financing have exceeded the average level of the past 10 years. The main board market has become the most important listed entity in the stock market of our country, and has become the barometer of the national economy. The platform of our country's capital market has undoubtedly created good conditions and atmosphere for the listing of large enterprises, so that investors can fully enjoy the rich fruits of our country's economic growth, and also make large enterprises get better after IPO financing. But whether the motherboard companies can really grow after IPO and whether the funds raised can be used effectively are still the questions we need to answer and solve. At present, there are many literatures at home and abroad pointing directly to the decline of IPO's performance after listing, and there is a significant IPO effect. However, the literature on the main board market after the split share structure reform in China is rarely published. The research of this paper may fill the deficiency of this research to some extent. In this paper, 36 enterprises listed on the main board from 2005 to 2009 are selected to compare and analyze the performance before and after listing. It is found that there are some problems in the performance decline of the main board IPO company after listing, especially the profitability, growth and cash flow level. Through multi-factor regression analysis, we find out some factors that affect the decline of IPO company's performance. Finally, we put forward some related policies and suggestions, which can provide some basis for the decision-making organization.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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