我国创业板上市公司IPO效应的实证研究

发布时间：2018-01-20 18:12

本文关键词： 创业板 IPO效应横截面回归分析法 Wilcoxon符号秩检验　出处：《中国海洋大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着我国经济对外开放的进一步加深，我国的经济出现了近三十年的高速发展，中小企业不仅已经发展成为支持我国经济增长的重要力量，同时也成为我国创造就业机会的关键动力。但是中小企业只享受了大约10%的银行贷款，不仅贷款利息比国企高出很多，并且绝大多数的贷款还属于短期贷款，主要是运用短期资金来解决临时性的资金短缺问题。正是由于这个原因，中小企业难以获得稳定而长期的资金保障，因此难以扩大再生产和项目的开发等方面。如何给中小企业提供一个公开公正的融资平台，进一步促进我国中小企业的迅速发展，带动我国的经济发展与国民就业，是深入落实“科学发展观”、促进我国经济可持续发展所必须解决的实际问题。胡锦涛总书记在党的十七大报告中明确提出，要想促进经济的真正发展，必须要积极优化资本市场结构，通过多种渠道提高直接融资比重。这意味着我国政府和党中央已经将我国创业板的建设放到了一个很重要的战略性地位中。因此，在我国资本市场特殊制度环境的基础上，科学研究我国创业板市场的IPO效应，是完善我国创业板以及提高国内的中小企业经营能力的必然要求。本文综合了影响我国创业板上市公司IPO效应的各类因素，建立一套较为完善的创业板IPO效应的评价指标体系，深入挖掘我国创业板发展中存在的一系列问题，紧密结合我国证券市场环境的实际情况，科学设计优化方案，以期能够为促进我国创业板的完善与中小企业的发展提供依据。本文尝试以2009年深圳证券交易所创业板的上市公司为研究对象，从我国创业板上市公司IPO的现状出发，通过充分借鉴国内外关于IPO效应的相关理论，采用横截面多元回归分析及配对Wilcoxon符号平均秩检验等实证方法，对我国创业板上市公司是否存在IPO效应进行实证分析与检验，并结合我国的特殊制度背景对检验结果进行深入分析，在此基础上提高我国创业板上市公司的经营绩效，并为我国创业板IPO的完善与发展提出相关建议。本文的选题是具有较强的实践性，以相关理论为基础，紧密结合我国证券市场环境的实际情况，进行理论联系实际的研究，并希望从中得出相关政策启示，为我国的创业板以及创业板IPO制度的进一步完善提供借鉴。论文主要在以下几个方面进行了创新性探讨： 1、研究对象的创新。本文选取2007年到2011年五年的财务指标，并从反映公司经营业绩的四个能力较全面地衡量中小企业的经营业绩，对创业板上市公司的IPO效应进行实证研究，在研究对象的选取方面填补了以往研究的空缺。 2、研究指标体系的创新。本文通过构建我国创业板IPO效应的评价指标体系，从盈利能力、营运能力、偿债能力和成长能力综合分析了反映上市公司经营业绩的状况，进而对创业板上市公司的IPO效应进行实证研究，在研究指标的选取方面进行了完善。 3、研究方法的创新。本文在对样本公司IPO前后经营业绩变动进行分析时，采用了相关样本的Wilcoxon符号平均秩检验；在对IPO效应影响因素进行实证研究时，采用了横截面多元回归分析法与T检验分析。
[Abstract]:With the deepening of the opening of our economy to the outside world , China ' s economy has developed rapidly for nearly 30 years . Small and medium - sized enterprises ( SMEs ) have not only developed into a key force to support China ' s economic growth , but also become the key drivers of our country ' s job creation . In the 17 th report of the Communist Party of China , Hu Jintao made clear that to promote the real development of the economy , we must actively optimize the capital market structure and increase the proportion of direct financing through a variety of channels . This means that our government and the Party Central Committee have put the construction of our GEM into a very important strategic position . Therefore , the IPO effect of our country ' s GEM market is the inevitable requirement to improve our country ' s GEM and improve the management ability of small and medium - sized enterprises in China . This paper summarizes the factors that affect IPO effect of Chinese GEM listed companies , establishes a set of comprehensive evaluation index system of IPO effect , and in - depth studies a series of problems existing in the development of China ' s stock market , closely combines the actual situation of China ' s stock market environment and scientific design optimization scheme , so as to provide the basis for promoting the perfection of China ' s GEM and the development of small and medium - sized enterprises . This paper attempts to study the IPO effect of China ' s GEM listed company by taking the listed company of Shenzhen Stock Exchange as the research object in 2009 . Based on the theory of cross - sectional multiple regression and paired Wilcoxon signed average rank test , this paper makes a thorough analysis on whether IPO effect exists in China ' s GEM listed company . 1 . Research the innovation of the object . This paper selects the financial indicators from 2007 to 2011 , and measures the performance of the small and medium - sized enterprises from the four abilities that reflect the company ' s operating performance , and makes an empirical study on the IPO effect of the listed company , and fills the vacancy of the previous research on the selection of the research object . 2 . Research on the innovation of index system . This paper analyzes the status of IPO effect of listed company from profitability , operation ability , debt service ability and growth ability synthetically by constructing the evaluation index system of IPO effect in our country , and then makes an empirical study on IPO effect of listed company , and perfects the selection of research index . 3 . The innovation of the research method . In this paper , the Wilcoxon signed mean rank test of the relevant samples was adopted in the analysis of the performance changes before and after the IPO of the sample company . The cross - sectional multivariate regression analysis and the T - test analysis were used in the case of the empirical research on the influencing factors of IPO effect .

【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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