我国中小板上市公司“IPO效应”研究：基于公司治理的视角

发布时间：2018-05-05 03:19

本文选题：中小板 + IPO效应　；参考：《南京大学》2012年硕士论文

【摘要】：“IPO效应”是指企业在IPO之后业绩出现下滑的现象。本文以2006-2008年在我国深圳中小板上市的133家上市公司为样本,通过梳理相关理论和国内外研究现状,对中小板上市公司的“IPO效应”进行存在性检验,并从公司治理的角度研究了“IPO效应”的影响因素。本文首先阐述了三种有关“IPO效应”的理论解释,并从公司治理的角度提出了影响“IPO效应”的理论假设。本文的实证部分是针对这些理论假设来展开的。在实证研究中,本文从上市公司的盈利能力、成长能力、偿债能力以及营运能力指标进行分析,选取了样本公司在IPO前3年,IPO当年,IPO后3年共7年的指标数据,通过对IPO前后上市公司业绩的对比分析,作者发现我国中小板上市公司存在明显的“IPO效应”。本文还根据发行时管理层是否持有上市公司的股份对133家样本公司进行了分组研究,结果显示管理层未持股的上市公司在IPO之后经营业绩下滑的现象更为严重。最后,本文通过构建横截面多元线性回归模型进行逐步回归发现：管理层持股和股权制衡度两个因素与上市公司IPO之后的业绩正相关；国有控股权性质与上市公司IPO之后的业绩负相关；董事会与总经理兼任、独立董事的比例与上市公司IPO之后的业绩无显著的相关性。本文的最后一章对研究结论进行了解释,并从实际出发提出了完善我国上市公司治理结构的政策建议,最后作者结合本文的不足之处提出了进一步的研究展望。
[Abstract]:The "IPO effect" refers to the phenomenon that the performance of the enterprise has fallen after the IPO. In this paper, the "IPO effect" of the small and medium listed companies is examined by combing the relevant theories and the status of the domestic and foreign research on the listed companies listed in the small and medium board of Shenzhen in China as a sample. The influence factors of "IPO effect". This paper first expounds three kinds of theoretical explanations about the "IPO effect", and puts forward the theoretical hypothesis that affects the "IPO effect" from the perspective of corporate governance. The empirical part of this paper is aimed at these theoretical hypotheses. In the empirical study, this article from the profitability, growth ability of the listed companies, The solvency and operational capability indexes are analyzed, and the index data of Sample Firms for 7 years in the first 3 years of IPO, IPO year and 3 years after IPO are selected. Through the comparison and analysis of the performance of listed companies before and after IPO, the author finds that there is a clear "IPO effect" in the small and medium listed companies in China. The stock of the city company conducted a group study on 133 Sample Firms. The result shows that the operating performance decline after IPO is more serious. Finally, through the construction of cross sectional linear regression model, the paper finds that the management stock and equity balance are two factors and listed. The performance of the company after IPO is positively related; the nature of the state-owned ownership is negatively related to the performance of the listed company's IPO; the board and the general manager are concurrent, the proportion of the independent directors has no significant correlation with the performance of the listed company IPO. The last chapter of this paper explains the conclusion of the research, and puts forward the improvement of our country from the practical point of view. Finally, the author puts forward further research prospects based on the shortcomings of this paper.

【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】