我国创业板公司IPO效应的实证研究

发布时间：2018-07-09 21:39

本文选题：创业板 + 经营业绩　；参考：《沈阳工业大学》2012年硕士论文

【摘要】：新世纪以来，以先进科学技术和现代金融体系紧密结合、协调发展为特征的新经济体系成为世界经济发展的主要模式。资本市场，，特别是新兴的创业板市场为新经济体系的形成和发展提供了主要的融资渠道。国外专家学者对本国资本市场的学术研究结果表明：上市公司IPO后的经营业绩会较上市前有所下降，这种现象被称之为“IPO效应”。我国正处于经济发展转型的关键时期，对我国新兴的创业板市场是否具有IPO效应进行分析研究有利于提高我国高新技术企业在创业板市场上市的成功率，促进创业板上市公司上市后的健康发展，维护创业板市场良好的市场环境，保障中小投资者权益。本文选取了我国中小板市场2007年已经上市的202家上市公司及2009年当年上市的50家创业板上市公司作为研究样本。通过运用主成分分析法，建立经营业绩评价指标体系来评价我国50家创业板上市公司和202家中小板上市公司的整体业绩，然后将252家上市公司的综合经营业绩进行排名，进而对比50家创业板上市样本公司公开募股发行的前两年、发行当年和发行后两年，共五年间的经营业绩平均排名变化情况及波动幅度，从实证研究的角度来验证我国创业板市场是否存在IPO效应。通过实证研究发现，尽管我国创业板上市公司首次公开发行前后各年的业绩呈现先升后降的变化趋势，但是这种变化差异并不显著，进而得出本文结论：我国创业板市场并不存在IPO效应。基于我国现行的制度特征和经济发展环境进一步分析了IPO前后业绩变化的趋势及原因，并从公司治理层面进行深入分析。最后，结合我国创业板市场的发展现状和市场特征，针对创业板上市公司的公司治理，上市发行及退市制度提出了对策和建议。通过研究得出以下结论：我国创业板上市公司首次公开发行前后各年的业绩呈现先升后降的变化趋势，但是这种变化差异并不显著，我国创业板市场并不存在IPO效应。
[Abstract]:Since the new century, the new economic system, characterized by the close integration of advanced science and technology with the modern financial system and coordinated development, has become the main mode of world economic development. The capital market, especially the new gem market, provides the main financing channel for the formation and development of the new economic system. The academic research results of foreign experts and scholars on the domestic capital market show that the operating performance of listed companies after IPO will be lower than that before listing, which is called "IPO effect". Our country is in the key period of economic development transition. It is helpful to improve the success rate of high and new technology enterprises listing in the gem market by analyzing whether the new gem market has IPO effect or not. To promote the healthy development of listed companies after listing, to maintain a good market environment and to protect the rights and interests of small and medium-sized investors. This paper selects 202 listed companies in 2007 and 50 listed companies in 2009 as research samples. By using principal component analysis, this paper establishes an evaluation index system to evaluate the overall performance of 50 gem listed companies and 202 small and medium-sized listed companies, and then ranks 252 listed companies. And then compare the changes and fluctuations in the average operating performance of 50 gem listed sample companies in the first two years of the IPO, in the year of issue and two years after the issue, in a total of five years. From the perspective of empirical research to verify whether there is IPO effect in China's gem market. Through empirical research, it is found that, although the performance of listed companies before and after the initial public offering of China's gem shows a trend of first rising and then decreasing, the difference is not significant. The conclusion of this paper is that there is no IPO effect in China's gem market. Based on the current institutional characteristics and economic development environment of our country, this paper further analyzes the trend and causes of the change of performance before and after IPO, and makes a deep analysis from the level of corporate governance. Finally, according to the current situation and market characteristics of the gem market, this paper puts forward some countermeasures and suggestions for the corporate governance, listing and delisting system of the gem listed companies. The following conclusions are drawn through the study: the performance of gem listed companies before and after initial public offering shows a trend of first rising and then decreasing, but the difference is not significant, there is no IPO effect in gem market.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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