我国中小板上市公司IPO效应存在性检验及原因分析

发布时间：2018-08-24 20:26

【摘要】：IPO效应是指企业在新股发行上市之后，经营业绩普遍下降的现象。这一现象已经被证实存在于其他国家的证券市场和我国的A股主板市场。研究中小板上市公司的IPO效应对于我国证券市场，尤其是中小企业板的健康成长，对于投资者的成熟与理性具有重要的意义。本文首先在第一章的绪论部分介绍本文选题的背景、研究目的、意义、内容与方法以及本文的创新点。其次在第二章的文献综述部分介绍了IPO效应的理论研究与实证研究现状。第三章中，本文通过对公司经营状况指标（盈利能力、运营能力、偿债能力、成长能力）运用Wilcoxon检验与配对T检验进行检验，在剔除影响样本的极值之后，得出盈利与成长能力存在显著的IPO效应，但运营能力与偿债能力方面没有表现出明显的IPO效应的结论。第四章中，本文结合募集资金比例、首发市盈率超出同行业市盈率平均水平、保荐机构的声誉、控股股东持股比例、风险投资的参与五个因素，并以公司上市前后GDP增长率作为控制变量，，对被解释变量ROE的增长率进行回归分析产生IPO效应的原因。通过回归，本文得出募集资金比例、首发市盈率超出同行业市盈率平均水平与ROE增长率负相关，保荐机构声誉、GDP增长率与ROE增长率正相关的结论。最后在第五章中，本文针对前述的对中小企业板上市公司IPO效应有影响的三个变量，即募集资金比例、首发市盈率超出同行业市盈率平均水平、保荐机构的声誉，相应提出了自己对于减少IPO效应，促进证券市场发展的建议。
[Abstract]:IPO effect refers to the phenomenon that business performance generally drops after IPO. This phenomenon has been proved to exist in the securities markets of other countries and the A-share main market in China. It is of great significance to study the IPO effect of small and medium-sized listed companies for the healthy growth of Chinese securities market, especially for the healthy growth of small and medium-sized enterprises, and for the maturity and rationality of investors. This paper first introduces the background, research purpose, significance, content and method of this paper in the introduction of chapter one, as well as the innovation of this paper. Secondly, in the chapter 2 literature review, the theoretical and empirical research on IPO effect is introduced. In the third chapter, we use Wilcoxon test and paired T test to test the performance index of the company (profitability, operating ability, solvency, growth ability), after excluding the extreme value of the sample. It is concluded that there is a significant IPO effect in profitability and growth ability, but there is no obvious IPO effect in terms of operating capacity and solvency. In the fourth chapter, the paper combines the proportion of raising funds, the price / earnings ratio of the first round exceeds the average price / earnings ratio of the same industry, the reputation of the sponsor, the holding ratio of controlling shareholders, and the participation of venture capital. Taking the growth rate of GDP before and after listing as the controlling variable, this paper makes a regression analysis of the growth rate of the explained variable ROE to cause the IPO effect. By regression, this paper draws the conclusion that the ratio of raising funds, the average level of IPO price / earnings ratio is negatively correlated with the growth rate of ROE and the positive correlation between the growth rate of ROE and the growth rate of ROE. Finally, in the fifth chapter, this paper aims at the above three variables which have influence on the IPO effect of the SME board listed companies, that is, the proportion of raising funds, the ratio of the first round price to earnings ratio is higher than the average level of the same industry, and the reputation of the sponsor institution. Some suggestions are put forward to reduce IPO effect and promote the development of securities market.
【学位授予单位】：上海外国语大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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