我国创业板公司IPO前后业绩变化及其影响因素研究

发布时间：2018-05-15 05:37

本文选题：创业板 + IPO　；参考：《中南大学》2012年硕士论文

【摘要】：公司IPO后的长期表现一直都是IPO活动研究领域的热点,且各国证券市场中普遍存在不同程度的IPO后长期表现不佳的问题。但目前国内外对IPO后长期表现到底是强势还是弱势并无定论,存在争议的主要原因是随着选择的样本时期、衡量方法和参照基准的不同可能得到不同的结论。那么,我国创业板公司IPO后的表现如何?业绩是否显著下滑?IPO前后业绩变化程度主要又受哪些因素的影响?这是本文重点研究的问题。国内外关于IPO后长期表现的研究主要分两个角度：一个是研究IPO后的长期股票回报率,另一个是研究IPO后的经营业绩。本文结合我国创业板的实际,从经营业绩的角度进行研究,以2009年10月-2010年12月在我国创业板首次公开发行股票的152家公司为样本,首先对其上市前一年、上市当年和上市后一年的经营业绩进行比较,检验创业板IPO后经营业绩是否显著下滑,然后从多个方面对可能影响创业板公司IPO前后业绩变化程度的相关因素逐一进行分析,最后通过构建多元线性回归模型,采用逐步回归分析的方法,分析了所有能够进入模型的因素对创业板公司IPO前后业绩变化的总影响。结果表明：(1)我国创业板公司上市后经营业绩显著下滑,即存在“IPO效应”；(2)对创业板公司IPO前后业绩变化幅度影响最显著的因素是其上市前的盈余管理,上市前的正向盈余管理幅度越大,公司IPO后的业绩下滑也越明显；(3)从对各影响因素的分析来看,公司成立时间、保荐商声誉和第一大股东持股比例等因素均对创业板公司IPO前后业绩变化程度无显著影响。本研究丰富了创业板IPO活动研究领域的成果,对帮助投资者规避风险和监管者完善创业板制度具有一定的现实意义。
[Abstract]:The long-term performance of the company after IPO has always been a hot spot in the research field of IPO activities, and the problem of long-term poor performance after IPO in various countries generally exists in the stock markets of various countries. However, there is no conclusion at home and abroad whether the long-term performance of IPO is strong or weak. The main reason for the controversy is that with the selected sample period, different measurement methods and reference criteria may lead to different conclusions. So, China's gem after the performance of IPO? Is there a significant decline in performance before and after IPOs, the extent of changes in performance is mainly affected by what factors? This is the focus of this paper. The research on long-term performance after IPO at home and abroad is mainly from two angles: one is to study the long-term stock return after IPO, the other is to study the operating performance after IPO. In this paper, based on the actual situation of China's gem, this paper makes a study from the point of view of business performance, taking 152 companies listed on the gem from October 2009 to December 2010 as a sample, first of all, one year before listing. By comparing the operating performance of gem with that of one year after listing, the paper tests whether the performance of gem after IPO has declined significantly, and then analyzes the related factors that may affect the degree of change of gem company's performance before and after IPO from many aspects. Finally, by constructing a multivariate linear regression model and using the method of stepwise regression analysis, this paper analyzes the total influence of all the factors that can enter the model on the performance changes of gem companies before and after IPO. The results show that: 1) the operating performance of gem companies after listing has declined significantly, that is, the existence of "IPO effect" and "IPO effect" has the most significant influence on the change of performance of gem companies before and after IPO. The most significant factor is earnings management before and after listing. The larger the range of forward earnings management before listing, the more obvious the decline in the company's performance after IPO.) from the analysis of the factors affecting the company, we can see that the time when the company was founded, The reputation of sponsors and the proportion of the largest shareholders have no significant influence on the performance of gem before and after IPO. This study enriches the research achievements of gem IPO activities, and has certain practical significance to help investors avoid risks and regulators to perfect gem system.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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