我国创业板上市公司IPO前后业绩变化及其影响因素的实证研究

发布时间：2018-02-13 12:18

本文关键词： 创业板经营业绩影响因素　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：2009年10月23日我国创业板市场正式开板，迄今为止已经有四年多的时间，创业板市场的成立在一定程度上使中小企业融资困难问题得到了解决。但是从近几年创业板市场上市的公司的年报来看，这些企业上市之后的整体表现并不是特别令人满意，，有一些企业甚至会有亏损的现象出现。而过去学者对IPO前后经营业绩变化及其影响因素的实证研究主要针对的是主板市场，而对创业板在这方面进行的实证研究比较少。基于此，本文从我国创业板市场的现状以及创业板上市公司特征出发，在总结过去学者研究此问题的方法的基础上，对我国创业板上市公司的IPO前后经营业绩的变化及其影响因素进行了实证研究。本文通过盈利能力、营运能力、偿债能力和成长能力四个方面对创业板上市公司经营业绩进行反映，并选取了总资产净利率、权益净利率、总资产周转率、流动比率、资产负债率和销售收入增长率等六个财务指标，运用双尾配对T检验、因子分析和回归分析的方法对IPO前后经营业绩变化及其影响因素的分析进行了实证研究。经过研究发现：样本公司的盈利能力、营运能力、偿债能力和成长能力四个方面的六个财务指标中，流动比率在IPO后显著上升，说明IPO改变了上市公司的资本结构，使其流动资产增加；而总资产净利率、权益净利率、总资产周转率、资产负债率、销售收入增长率五个财务指标在IPO后均显著下降，说明我国创业板上市公司在IPO后的经营业绩存在着明显的下滑。而股权集中度、风险投资、IPO融资规模、行业因素在一定程度上与IPO后经营业绩的下滑程度有关，其中股权集中度反向影响IPO经营业绩的下滑程度；风险投资正向影响IPO后经营业绩的下滑程度；IPO融资规模正向影响IPO后经营业绩的下滑程度，而行业因素中信息技术反向影响IPO经营业绩的下滑程度。最后本文根据实证研究结果对我国创业板市场的发展提出了相关政策建议。
[Abstract]:In October 23rd 2009, China's gem market officially opened, so far has been more than four years, To a certain extent, the establishment of the gem market has solved the financing difficulties of SMEs. However, from the annual reports of companies listed on the gem in recent years, the overall performance of these enterprises after listing is not particularly satisfactory. Some enterprises may even lose money. But in the past, the empirical research on the change of operating performance before and after IPO and its influencing factors is mainly focused on the main board market. However, there are few empirical studies on gem in this respect. Based on this, this paper starts from the current situation of the gem market and the characteristics of listed companies in the gem, and summarizes the methods used by scholars to study this issue in the past. This paper makes an empirical study on the change of operating performance of listed companies in gem before and after IPO and its influencing factors. In this paper, the performance of gem listed companies is reflected from four aspects: profitability, operating ability, solvency and growth ability, and the net interest rate of total assets, net interest rate of equity, turnover rate of total assets and current ratio are selected. Six financial indexes, such as asset-liability ratio and sales income growth rate, are used to analyze the change of operating performance and its influencing factors before and after IPO by using double-tail paired T test, factor analysis and regression analysis. It is found that among the six financial indexes of the sample company in terms of profitability, operating ability, solvency and growth ability, the liquidity ratio increases significantly after IPO, indicating that IPO has changed the capital structure of listed companies. The total net interest rate of assets, equity net interest rate, total asset turnover ratio, asset-liability ratio and sales income growth rate all decreased significantly after IPO. It shows that there is a significant decline in the operating performance of the listed companies in the gem after IPO, and the degree of equity concentration, the financing scale of venture capital and the industry factors are related to the decline of the business performance after IPO to some extent. Among them, equity concentration negatively affects the decline degree of IPO business performance, venture capital positively affects the decline degree of IPO business performance and the scale of financing positively affects the decline degree of IPO business performance after IPO. However, information technology has a negative effect on the decline of IPO performance. Finally, according to the results of empirical research, this paper puts forward some policy recommendations on the development of gem market in China.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.6;F832.51

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