基于财务角度的创业板上市公司IPO效应成因分析
发布时间：2018-09-13 11:32
【摘要】：创业板作为中小企业的专属融资平台，自2009年推出以来就引起社会各界的广泛关注。国内学者研究证实，IPO前后业绩变化这一现象在我国主板市场和中小板市场中普遍存在。目前，我国学者对创业板的研究主要集中在IPO抑价、高超募等问题上，由于创业板推出时间短等原因，国内少有学者对创业板IPO业绩前后变动问题进行研究。如今对创业板IPO前后业绩变动研究条件已经趋于成熟，因此，本文作者将创业板上市公司IPO前后的业绩变动作为研究重点。 IPO前后经营业绩变化这一研究方向，因近年来上市公司频现IPO后业绩滑坡现象而成为国内学者的重点研究方向，但他们的研究主要集中于主板和中小企业板。本文将IPO后公司经营业绩显著下滑的现象定义为IPO效应，，作为研究对象，并从IPO效应的存在性及IPO效应产生的原因这两个角度进行实证研究，证实了IPO效应在创业板中存在，并主要由创业板上市公司在IPO过程中进行财务包装所引起的，并在文章的最后对如何规避创业板市场的IPO效应提出建议。
[Abstract]:As an exclusive financing platform for SMEs, gem has attracted wide attention from all walks of life since it was launched in 2009. Domestic scholars have confirmed that the change of performance before and after IPOs is common in the main board market and small and medium board market in China. At present, the research on gem is mainly focused on the issues of IPO underpricing and superb fund-raising. Because of the short time of gem launch, few domestic scholars study the change of gem IPO performance before and after. Nowadays, the research conditions for the change of performance before and after gem IPO have become mature. Therefore, the author of this paper focuses on the change of performance of listed companies in gem before and after IPO. The research direction is the change of operating performance before and after IPO. In recent years, the listed companies' performance decline after IPO has become the key research direction of domestic scholars, but their research mainly focuses on the main board and the small and medium-sized board. In this paper, the phenomenon of significant decline in corporate performance after IPO is defined as IPO effect, and the existence of IPO effect and the cause of IPO effect are studied empirically. It is proved that IPO effect exists in gem. It is mainly caused by the financial packaging of gem listed companies in the process of IPO. At the end of this paper, some suggestions on how to avoid the IPO effect of gem are put forward.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224
本文编号：2241051
[Abstract]:As an exclusive financing platform for SMEs, gem has attracted wide attention from all walks of life since it was launched in 2009. Domestic scholars have confirmed that the change of performance before and after IPOs is common in the main board market and small and medium board market in China. At present, the research on gem is mainly focused on the issues of IPO underpricing and superb fund-raising. Because of the short time of gem launch, few domestic scholars study the change of gem IPO performance before and after. Nowadays, the research conditions for the change of performance before and after gem IPO have become mature. Therefore, the author of this paper focuses on the change of performance of listed companies in gem before and after IPO. The research direction is the change of operating performance before and after IPO. In recent years, the listed companies' performance decline after IPO has become the key research direction of domestic scholars, but their research mainly focuses on the main board and the small and medium-sized board. In this paper, the phenomenon of significant decline in corporate performance after IPO is defined as IPO effect, and the existence of IPO effect and the cause of IPO effect are studied empirically. It is proved that IPO effect exists in gem. It is mainly caused by the financial packaging of gem listed companies in the process of IPO. At the end of this paper, some suggestions on how to avoid the IPO effect of gem are put forward.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224
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