中国创业板IPO绩效及其影响因素的实证研究

发布时间：2018-03-08 13:29

本文选题：中国创业板　切入点：IPO绩效　出处：《湖南工业大学》2012年硕士论文　论文类型：学位论文

【摘要】：2009年10月30日，中国创业板市场正式成立。目前，中国创业板的发展时间尚短，很多制度尚需完善，上市股票的年份和数量相对于主板和中小板市场还比较少，且学术界针对中国创业板的理论大都停留在定性的范畴，虽有实证方面的理论，但大都针对中国创业板IPO效应和抑价方面的研究，而对中国创业板IPO绩效方面的实证研究比较少。鉴于此，本文在着重分析中国创业板IPO市场特征的基础上，对中国创业板IPO绩效进行研究，并分析影响中国创业板IPO绩效的因素，建立关于中国创业板IPO绩效影响因素的多元回归模型，进行实证分析。笔者的实证研究，是针对目前中国创业板成立尚短、还不太完善的现实，因此具有一定的理论和现实意义，希望能为一些投资者、上市公司等提供一些参考。本文首先论述了研究的背景、目的及意义，并对国内外有关IPO绩效的研究现状进行归纳和总结，同时介绍了研究的内容和创新点；其次是分析了中国创业板IPO市场发展的历史过程及特征；再次是对中国创业板IPO上市企业相关指标的研究设计和资料收集，，研究内容以2007年1月1日到2011年12月31日期间的、并于深圳证券交易所上市的281家公司为样本，同时根据国内外的研究现状，并结合中国创业板市场的实际情况，运用配对T检验的方法检验了中国创业板IPO绩效的情况，最后还选取了9个对中国创业板IPO绩效有影响的变量，建立线性回归模型，检验中国创业板IPO绩效与其影响因素的相互关系。实证研究结果表明：中国创业板IPO绩效在IPO后有下滑的现象；净资产增长率、存货周转率、中国创业板IPO所属行业、主营业务收入增长率、具有风险投资背景的企业均与代表中国创业板IPO绩效的净资产收益率显著的正相关关系，而资产负债率与中国创业板IPO绩效为显著的负相关关系。最后论文提出研究结论和建议。
[Abstract]:In October 30, 2009, the formal establishment of China gem market. At present, the development time of Chinese gem is still short, many systems still need to be improved, and the number of year listed stocks relative to the main board and small board market is still relatively small, and the academic theory for China gem is still in qualitative category, although empirical theory according to the research, but most of the IPO effect Chinese gem Underpricing and the less empirical research on the performance of the gem IPO Chinese. In view of this, this paper focuses on the analysis of the characteristics based on Chinese gem IPO market, to study the IPO performance of the gem Chinese, and analyze the influencing factors of entrepreneurial performance IPO in China, establish a multiple regression model of factors affecting IPO performance of the gem Chinese, empirical analysis. The empirical test, is aimed at the establishment of the gem China is still short, too The perfect reality, therefore, has a certain theoretical and practical significance, and hope to provide some reference for some investors, listed companies and so on.
This paper first discusses the research background, purpose and significance, and research status about IPO performance at home and abroad are summarized, and introduces research content and innovation; the second is the analysis of the historical process and the characteristics of China gem IPO market development; again is listed on the gem related index China IPO enterprises the research design and data collection, research content from January 1, 2007 to December 31, 2011, 281 companies were listed on the Shenzhen stock exchange as the sample, according to the research status at home and abroad, combined with the actual situation of China gem market, using the paired T test to test the IPO performance of the gem China situation, finally also selected 9 have effect on the performance of Chinese gem IPO variables, a linear regression model to test Chinese gem IPO performance and its influencing factors are Relationship.
The empirical results show that the performance of IPO Chinese gem is declining phenomenon in IPO; the growth rate of net assets, inventory turnover rate, China gem IPO industry, the growth rate of main business income, with the background of venture capital investment enterprises were positively correlated with IPO performance on behalf of the gem Chinese net the return on assets, asset liability ratio and IPO performance of the gem China significant negative correlation. Finally the paper puts forward the research conclusion and suggestions.

【学位授予单位】：湖南工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】