我国创业板市场IPO效应研究

发布时间：2018-03-13 03:39

本文选题：中国创业板　切入点：经营业绩　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：IPO效应是指上市公司IPO之后经营业绩明显下滑的现象,是由Jain和Kini于1994年首次提出。这个现象甫一提出就引发了学术界的广泛关注和研究,也是近年来金融、财务领域关注的问题之一。IPO效应已经被国内外学者研究证实存在于国外成熟的资本市场和我国的主板市场以及中小板市场,随着我国创业板市场的推出和运营,是否存在着IPO效应也有待检验。IPO效应存在与否不仅说明资本市场融资效率的高低,而且也与投资者息息相关,因为投资者通常会依据企业的历史业绩进行投资决策,预测公司未来的盈利能力和判断投资承担的风险,进而判断可能获得的收益,而IPO效应的存在就为投资者的这种投资预测打上了问号。对投资者来说,创业板市场本身就是一个风险水平比较高的市场,因此IPO效应更是他们不愿意看到的。对于IPO效应的研究不但要研究这种现象是否存在于某个特定资本市场,而且还要研究哪些具体的因素对公司IPO前后的经营业绩有着显著影响,这些研究不仅有利于保护投资者的利益,而且还有利于提高资本市场融资效率,实现资源优化配置。主流观点都是从盈余管理的角度来解释IPO效应,认为拟上市企业的管理层为获得更高的发行价格和增加自身财富就会操纵企业上市前经营业绩,从而造成上市后业绩的下降。本文主要研究我国创业板市场是否存在IPO效应以及产生这种现象的影响因素。从2009年10月份推出到2011年底,创业板共有281家上市公司。因为本文在研究方法上需要选取企业IPO之后至少一年的经营业绩进行比较分析,所以研究中共选用2009年和2010年上市的153家公司为样本公司。依据这些样本公司的年度财务报告,实证分析了它们上市前后经营业绩的变化,进而判断我国创业板市场是否存在IPO效应。在此基础上,本文根据企业是否具有风险投资背景、上市前一年或当年是否进行资产评估、大股东持股比例和募集资金比例不同对样本公司进行分组并进行了实证检验,以考察这些因素对我国创业板市场上市公司IPO前后经营业绩的影响。通过这一分析,有助于规范拟上市公司IPO前后的行为,减轻IPO效应,另外结合实证研究,对我国创业板市场提出了几点建议。从具体内容安排上看,本文共有三个主要组成部分。第一部分：第2章。本部分主要是对前人关于IPO效应研究成果的梳理,以及国内外关于这种现象的研究现状。以企业融资理论为出发点,归纳整理了企业IPO动机和在实践中IPO的市场行为,最后针对IPO市场行为之一的IPO效应进行了比较详细的论述,具体包括国内外学者的主要研究方法,对IPO效应的理论解释以及相关具体研究成果。第二部分：第4章。这部分是本文的主体部分,内容主要包括本文的研究方法设计和样本选择依据,对我国创业板市场进行IPO效应存在性检验以及各个影响因素分组之后的检验。在研究方法上,本文主要借鉴了洪剑峭和陈朝晖在《中国股市IPO效应实证研究》一文中采用的方法,并选用总资产息税前利润率作为本文中衡量企业经营业绩的代表指标,然后分别比较上市后两年经营业绩的平均值与上市前一年经营业绩的平均值。同时,考虑到由于盈余管理造成的IPO效应会在上市后第一年的财务报表上显露出来,本文也比较了上市后一年经营业绩的平均值和上市前一年经营业绩的平均值。如果证实这些差异存在并且显著,则说明我国创业板市场存在IPO效应。通过对153个有效样本进行统计分析,得出以下结论： (1)我国创业板市场存在IPO效应。这主要是发行制度不完善导致的信息不对称,以及资本市场中介结构发展不充分造成的。信息不对称会引导拟上市企业进行盈余管理,而中介结构又不能很好的起到信息认证中介的作用。 (2)风险投资对我国创业板市场上市公司经营业绩有显著的影响。文中的风险投资是指在企业上市之前,以股权投资形式向创业企业进行投资,以期在所投资企业成熟后通过股权转让获得资本增值的组织或机构。风险投资的行为促进了高新技术成果的商品化和产业化,并且承担了较高的创业风险。实证结果表明,具有风险投资背景的上市公司的经营业绩在IPO前后的波动性均显著于无风险投资背景的样本公司IPO前后经营业绩的波动性。本文分析认为这主要是风险投资通过IPO形式退出企业和资本市场制度不完善造成的。在进行风险投资的过程中,风险投资不仅给企业带来资金和专业知识进而提高企业管理水平和盈利能力,也为投资者传递一种积极的公司信息。在IPO之后,随着风险投资的退出和企业上市信息披露,企业各方面的问题就会逐渐暴露出来,经营业绩也就不断恶化。 (3)上市前一年或当年是否进行资产评估对上市公司经营业绩没有显著影响。本文以上市前一年或当年是否进行资产评估把样本公司分为两组,实证结果表明,这两组样本公司上市前后的经营业绩没有明显差异。这主要是因为公司上市前一年或当年进行资产评估大多仅仅是为了公司改组工商登记需要,尽管有的公司资产评估的目的是为发行股票定价作参考,但是并没有一家样本公司依据评估结果调整账目。 (4)第一大股东持股比例与样本公司经营业绩关系不显著。本文按照大股东持股比例中位数把样本公司分为两组,实证结果显示两组样本的经营业绩在IPO前后没有显著变化。笔者认为创业板上市公司不同于主板上市公司,大多都是民营企业,而且大部分股权是由家族或单个自然人控制,股本结构没有显著影响公司经营业绩。同时这也可能是因为我国创业板市场推出较晚,借鉴了其他成熟资本市场的经验,制度设计比较完善以及上市公司治理结构更为健全,从而在一定程度上克服了代理成本问题。 (5)募集资金比例对样本公司经营业绩有显著影响。募集资金比例是指募集资金额与上市前净资产的比例。本文按照募集资金比例中位数把样本公司分为两组,实证结果表明这两组样本上市前后的经营业绩有显著差异。这主要是因为许多企业,特别是规模较小的企业,为了用足上市发行额度,会使用各种方式夸大其投资需求、美化投资项目的预期收益。同时创业板上市公司一般公司规模都较小,这方面的动机也会比较普遍。第三部分：第5章,IPO效应原因分析和政策建议。本部分结合我国创业板市场实际情况,针对论文实证研究发现的问题,分别从提高上市公司质量、大力促进风险投资发展、健全资本市场中介机构和完善创业板相关制度等方面提出降低IPO效应的政策启示,为我国创业板IPO制度的完善提供参考。论文的主要贡献： 1、结合我国创业板市场,针对IPO效应进行研究并对产生因素作了分类处理。从笔者阅读的文献来看,国内外学者对IPO效应研究较少,尤其是我国创业板是新兴资本市场,对其相应的研究就更少,本文在一定程度上填补了前人研究的空缺。 2、本文数据完全来自上市公司财务报告和招股说明书,资料比较齐全,针对现实情况进行研究,有较高的可靠性和现实性。 3、根据我国创业板市场当前运行特点和研究结果并结合相关理论,从上市公司、资本市场中介机构和监管层三个方面提出防范和化解IPO效应不良影响的建议,有一定的实践意义。
[Abstract]:The IPO effect is the phenomenon of business performance marked decline after a listed company IPO, was first proposed by Jain and Kini in 1994. This phenomenon was proposed, sparked widespread concern and research in academic circles, but also in recent years, financial problems, one of the.IPO effect of financial areas of concern have been identified in research scholars at home and abroad the overseas mature capital market and China's main board market and the small and medium-sized market, with the launch of China's GEM market and operation, whether there is IPO effect it has yet to be tested.IPO effect not only shows that the capital market financing efficiency, but also investors are closely related, because investors often invest decision-making the historical performance of Forecast Ltd future profitability and determine investment risks, and then judge the possible returns, while the IPO effect exists for investment This kind of investment prediction for investors is a question mark. For investors, the growth enterprise market itself is a high-risk market, so the IPO effect is more than they want to see.
Study on the effect of IPO not only to study whether this phenomenon exists in a particular capital market, but also study what specific factors have a significant impact on the company's operating performance before and after IPO, these studies not only conducive to the protection of the interests of investors, but also conducive to improve the financing efficiency of the capital market, optimize the allocation of resources to achieve the mainstream. Point of view is to explain the IPO effect from the perspective of earnings management, management of listed companies to obtain a higher issue price and increase their wealth will control listed companies before the performance, from the declining performance after the listing.
This paper mainly investigates the factors influencing China's GEM market whether there is IPO effect and this phenomenon. From 2009 October to the end of 2011, a total of 281 GEM listed companies. This paper chooses IPO enterprise need for at least a year operating results were compared and analyzed in the research methods, so study of the selection of 153 companies in 2009 and 2010 listed Sample Firms. On the basis of the Sample Firms's annual financial report, the empirical analysis of the changes of their operating performance before and after the listing, and then determine whether there is IPO effect of the GEM market in China. On this basis, according to whether the enterprise has the background of venture capital, before listing a year or year whether the asset evaluation the proportion of large shareholders, and raise the proportion of funds of different groups of Sample Firms and an empirical test to examine these factors on The influence of Chinese Listed Companies' performance before and after IPO is analyzed. Through this analysis, it helps to standardize the behavior of listed companies before and after IPO and mitigate the IPO effect. In addition, combined with empirical research, it puts forward some suggestions for China's growth enterprise market.
From the specific content arrangement, there are three main components in this paper.
The first part: the second chapter. This part is mainly on the previous research on the effect of IPO combing, as well as the domestic and foreign research status about this phenomenon. On the enterprise financing theory as a starting point, summed up the enterprise IPO motivation and in the practice of IPO market behavior, finally discussed in detail according to the effect of IPO IPO market behavior, including the main research methods of scholars at home and abroad, explained the theory of the IPO effect and specific research results.
The second part: the fourth chapter. This part is the main part of this paper, mainly including the research methods design and sample selection based on China's gem IPO effect existence test and the influence factors test after grouping. In research methods, this article mainly uses the method of Hong Jianqiao and Chen Zhaohui in "IPO the effect of China stock market Empirical Research > is used in this thesis, and the total assets indicators EBIT rate as the measure of business performance, the average value and one year before the listing of business performance and compare the two years after the listing of business performance value. At the same time, taking into account the effect of earnings management by IPO in the first year after the listing of the financial statements show on average, the average annual performance this paper also compared after the listing and one year before the listing performance value. The results confirm that these differences exist and are significant, indicating that IPO effect exists in China's GEM market. Based on the statistical analysis of 153 effective samples, the following conclusions can be drawn.
(1) China's gem IPO effect. This is mainly caused by asymmetric information issuing system is not perfect, and the capital market intermediary structure development is not sufficient cause. The information asymmetry will guide the listed companies to conduct earnings management, and intermediary structure is not good to play the intermediary information authentication function.
(2) the risk investment has a significant impact on China's GEM listed companies operating performance. In this paper, the risk investment refers to the listed companies before investing in start-ups in the form of equity investments, the investment enterprises in mature organizations or institutions get through the equity transfer of capital increase investment risk. The behavior to promote the commercialization and industrialization of high-tech achievements, and bear a higher risk. The empirical results show that the volatility of venture capital background of the business performance of the listed company in volatility before and after IPO were significantly in the context of the venture capital Sample Firms IPO's performance. This paper believes that the main is the risk investment exit through the form of IPO enterprise and the capital market system not perfect. In the process of venture capital investment, venture investment not only brings to the enterprise funds and professional Knowledge can further improve the management level and profitability of enterprises, and also convey a positive corporate information for investors. After IPO, with the withdrawal of venture capital and information disclosure of enterprises, all aspects of the business will gradually be exposed, and business performance will also continue to deteriorate.
(3) prior to listing a year or year whether the asset evaluation has no significant effect on the operating performance of listed companies. In this city a year ago or whether the Sample Firms assets assessment was divided into two groups, the empirical results show that the two groups before and after the listing of the Sample Firms operating performance has no significant difference. This is mainly because the company one year before the listing or the asset evaluation mostly just for the reorganization of a company registration, although some of the company's assets appraisal purpose is for reference for the issuance of stock pricing, but not a Sample Firms according to the assessment results to adjust the accounts.
(4) the relationship between the proportion of the first largest shareholder and the Sample Firms's operating performance is not significant. According to the proportion of large shareholders to the median Sample Firms are divided into two groups, the empirical results show that two samples had no significant change in the operating performance before and after IPO. The author believes that the GEM listed companies of different companies listed on the main board, mostly private enterprises but, most of the equity is controlled by a single family or a natural person, the capital structure has no significant effect on the operating performance of the company. At the same time, it may also be due to the launch of the GEM market in China is late, learn from other mature capital market experience, system design and perfect the governance structure of listed companies is more perfect, so as to overcome the problem of agency cost to a certain extent.
(5) to raise the proportion of funds has a significant impact on business performance. The Sample Firms to raise funds refers to the proportion of net assets and the amount of money raised before the listing to raise funds according to the proportion. The median percentage of the Sample Firms are divided into two groups, the empirical results show that these two groups of samples before and after the listing performance has significant difference. This is mainly because many enterprises, especially small enterprises, in order to use the foot offering amount, will use a variety of ways to exaggerate its investment demand, landscaping investment projects of the expected revenue. At the same time, the GEM listed companies, smaller scale, the motivation will be relatively common.
The third part: the fifth chapter, the IPO effect causes analysis and policy recommendations. This part combined with the actual situation of China's GEM market, according to the empirical research findings, from improving the quality of listed companies, and vigorously promote the development of venture capital, puts forward the policy implications of reducing the IPO effect and capital market intermediaries and improve the gem system so, to provide reference for the improvement of the gem IPO system in China.
The main contributions of the paper:
1, combined with China's GEM market, according to the IPO effect was studied and the effect factors for the classification process. The author read from the literature, domestic and foreign scholars on the IPO effect is less, especially in the gem of China is emerging capital markets, the corresponding research is less, this paper fills the previous research the vacancy in a certain extent.
2, the data in this paper come from the financial reports and prospectus of listed companies. The data are quite complete, and the research is realistic, which has high reliability and reality.
3, according to the current operation characteristics and research results of China's growth enterprise market and related theories, it puts forward suggestions for preventing and resolving the adverse effects of IPO effect from the three aspects of listed companies, capital market intermediaries and regulators, which has certain practical significance.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】