深圳创业板市场IPO效应研究

发布时间：2018-06-05 14:01

本文选题：创业板市场 + IPO效应　；参考：《西南财经大学》2012年硕士论文

【摘要】：2009年10月30日,深圳证券交易所创业板市场迎来首批上市的28家企业,这意味着酝酿长达10年之久,备受关注的中国创业板市场终于修成正果。创业板市场的成功推出,一方面为中小创新型企业提供了直接融资的渠道,另一方面完善了我国多层次资本市场体系,其重要意义不言而喻。然而,这些备受瞩目与期待的公司在上市一年后竟然有近三成公司的业绩出现下滑,导致部分投资者损失惨重,学术界把这种企业在上市后经营业绩下滑的现象称之为“IPO效应”。IPO效应的存在势必会影响到创业板市场的健康发展,同时投资者也将面临较高的投资风险。自上世纪90年代以来,前辈学者对IPO效应的研究颇多,也留下了丰硕的研究成果,而且IPO效应在多个国家的资本市场也被得到了证实。但是,目前对于深圳创业板市场是否存在IPO效应,学术界尚无公开发表的相关著作。本文拟选取深圳创业板市场首批上市的这28家企业为研究样本；采用加权平均资产收益率为业绩衡量的主要指标,主营业务收入增长率和营业利润增长率为业绩衡量的辅助指标；并运用直接对比分析法和配对T检验法对28家样本企业在IPO前、后经营业绩及其变化情况进行全面的实证分析。另外,将这28家样本企业根据不同的因素进行分组,然后运用独立样本T检验法分析这些不同因素对IPO效应的影响情况。研究结果表明：我国创业板市场整体而言存在IPO效应,行业及地区因素对企业上市后的IPO效应影响不显著；有创投的参与对企业上市当年及上市一年后的IPO效应影响显著,但上市两年后创投因素对IPO效应影响不显著。针对结论,在借鉴国外成熟资本市场的基础上,结合我国的实际情况,就改善创业板市场IPO效应提出以下三点建议：(1)适当降低准入门槛,鼓励早期企业上市。从多方面衡量企业上市的标准,降低对盈利水平的要求,减少企业为迎合上市条件而在上市前财务造假的动力；(2)改善股票市场投资环境,建立有效的股票价值评估体系。通过在二级市场建立完善的价值评估体系,强调价值投资的核心理念,引导上市企业专注经营主业,提高上市企业的经营业绩；(3)完善退市制度,建立退市责任追究机制。通过加大对退市企业及相关的中介机构(如保荐机构、会计师事务所、律师事务所等)处罚力度,减少企业上市前会计粉饰,中介机构充当“帮凶”的动力。通过对前辈学者的总结分析,笔者认为本文的可能创新之处体现在以下三个方面：(1)本文选取深圳创业板市场作为研究对象,弥补了学术界在这一方面的空白；(2)本文选取的均是企业在新会计准则下运营的财务数据,与以前学者选用的数据相比,可信度较高；(3)针对我国创业板运行的实际状况和特点做了初步的分析。
[Abstract]:On October 30, 2009, the growth Enterprise Market of Shenzhen Stock Exchange welcomed the first batch of 28 listed enterprises, which meant that for 10 years, China's gem market, which has attracted much attention, has finally become a true fruit. The gem market has been successfully launched. On the one hand, it provides a direct financing channel for small and medium-sized innovative enterprises, on the other hand, it improves the multi-level capital market system of our country, and its significance is self-evident. It turns out that nearly 30% of these high-profile and expected companies have seen their performance decline a year after going public, resulting in heavy losses for some investors. The academic circles call this phenomenon "IPO effect". The existence of IPO effect will inevitably affect the healthy development of gem market, and investors will also face higher investment risk. Since the 1990s, there have been a lot of researches on the IPO effect, and the IPO effect has been proved in the capital markets of many countries. However, there is no published literature on whether there is IPO effect in Shenzhen gem market at present. This paper intends to select the first 28 enterprises listed on the gem market as the research sample. The weighted average rate of return on assets is used as the main indicator of performance measurement, and the growth rate of main business income and operating profit is the supplementary indicator of performance measurement. By using direct contrast analysis and paired T test, the paper makes a comprehensive empirical analysis on the operating performance and its changes of 28 sample enterprises before and after IPO. In addition, the 28 sample enterprises are grouped according to different factors, and then the independent sample T test method is used to analyze the influence of these different factors on the IPO effect. The results show that the IPO effect exists in the gem market as a whole. Industry and regional factors have no significant impact on the IPO effect after listing; the participation of venture capital has a significant impact on the IPO effect in the year of listing and one year after listing, but the factor of venture capital has no significant effect on the effect of IPO after two years of listing. In view of the conclusion, on the basis of using foreign mature capital markets for reference and combining the actual situation of our country, this paper puts forward the following three suggestions to improve the IPO effect of gem market: 1) to reduce the entry threshold appropriately and to encourage the early listing of enterprises. From many aspects to measure the standard of enterprise listing, to reduce the requirement of profit level, to reduce the motive force of financial fraud in order to meet the listing conditions, to improve the investment environment of stock market, and to establish an effective evaluation system of stock value. By establishing a perfect value evaluation system in the secondary market, emphasizing the core idea of value investment, guiding the listed enterprises to focus on the main business and improving the business performance of the listed enterprises, we should perfect the delisting system and establish the delisting liability investigation mechanism. By increasing the penalties imposed on delisting enterprises and related intermediary institutions (such as sponsor organizations, accounting firms, law firms, etc.), to reduce accounting whitewash before the listing of enterprises, The author thinks that the possible innovation of this paper is reflected in the following three aspects: 1) this paper chooses Shenzhen gem market as the research object. This paper selects the financial data of enterprises operating under the new accounting standards, compared with the data selected by previous scholars. This paper makes a preliminary analysis on the actual situation and characteristics of the gem in China.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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