创业板IPO后业绩“变脸”与公司治理结构的实证研究

发布时间：2018-04-28 03:45

本文选题：创业板 + IPO　；参考：《安徽工业大学》2014年硕士论文

【摘要】：自改革开放以来，随着我国资本市场的不断发展和完善，在科技与创新的引领下，高新技术企业异军突起。为建设创新型国家，丰富多层次资本市场体系，国家大力扶持成长性较高的中小科技型创新企业，为其提供融资平台。2009年10月30日，继主板和中小板之后，28家创业板（GEM）公司伴随着人们的期待集中在深交所挂牌上市。然而，创业板公司业绩在上市前体现的高成长性，在上市当年及之后均呈现不同程度的下降趋势。高成长、高回报演变成为实实在在的高风险。鉴于此，本文将创业板与中小企业板上市公司IPO前后业绩变动趋势进行对比，剔除客观因素，，基于创业板公司治理结构的自身特征，着重分析导致我国创业板公司IPO后业绩“变脸”的主要原因。旨在通过分析创业板公司治理结构中存在的症结，指出其对公司业绩的影响程度，为进一步完善我国创业板上市公司相关制度，保护中小股民的根本利益，规范我国资本市场秩序提供有益参考。本文以2009-2011年我国创业板与中小板块上市公司为研究对象，选取ROE作为业绩衡量指标，采用实证分析方法，对比创业板与中小板上市公司IPO前后业绩变动趋势。结果发现:IPO后，创业板公司业绩普遍存在下降现象，且下降水平明显高于中小板上市公司。为进一步探析出影响创业板上市公司IPO前后业绩大幅变动的原因，本文从理论上分析了公司治理结构中股权结构、董事会结构以及管理层的行为意识对公司业绩的影响。研究结果显示：股权集中度与创业板IPO业绩下降程度呈正相关；股权制衡度、机构持股比例与创业板IPO业绩下降程度呈负相关；管理层权利属性与创业板IPO业绩下降程度呈正相关；高管在禁售期满以后，减持比例与创业板业绩变脸程度呈正相关关系。由此可知，创业板公司存在股权高度集中、一股独大且无制衡力量的普遍现象；董事会独立性较弱；管理层与董事会之间具有显著的“亲缘关系”。这些特征为高管主动大量减持股票提供了“良好环境”，最终导致了创业板公司业绩在上市后大幅下滑的局面。
[Abstract]:Since the reform and opening up, with the continuous development and improvement of China's capital market, high-tech enterprises have suddenly emerged under the guidance of science and technology and innovation. In order to build an innovative country and enrich the multi-level capital market system, the state has made great efforts to support small and medium-sized science and technology innovative enterprises with high growth and provide them with a financing platform. Following the main board and small and medium board, 28 gem companies are listed on Shenzhen Stock Exchange. However, the performance of gem companies before listing reflects high growth, in the year of listing and after the decline in varying degrees. High growth, high return into a real high risk. In view of this, this paper contrasts the trend of performance change between gem and SME Board listed companies before and after IPO, removes the objective factors, and based on the characteristics of gem corporate governance structure, Focus on the analysis of the main reasons leading to the growth Enterprise Board (gem) after the performance of China's IPO "face change". Through the analysis of the sticking points in the governance structure of the gem, the paper points out the degree of its influence on the performance of the company, in order to further improve the relevant system of the listed companies on the gem and protect the fundamental interests of the small and medium-sized shareholders. Standardize our country capital market order to provide beneficial reference. This paper takes China's gem and small and medium-sized listed companies as the research object, selects ROE as the performance measurement index, and compares the trend of performance changes between gem and small and medium-sized listed companies before and after IPO by using empirical analysis method. The results showed that the performance of gem companies generally declined after the IPO, and the decline level was obviously higher than that of the small and medium-sized board listed companies. In order to find out the reasons that affect the performance of listed companies before and after IPO, this paper theoretically analyzes the influence of ownership structure, board structure and the behavior consciousness of management on the performance of companies in the corporate governance structure. The results show that the degree of equity concentration is positively correlated with the decline of IPO performance in gem, the degree of equity balance and the proportion of institutional shareholding is negatively correlated with the decline of gem IPO performance. The property of management rights is positively correlated with the decline degree of IPO performance of gem, and the proportion of executive reduction is positively correlated with the degree of change of performance of gem after the expiration of the ban. It can be seen from this that there is a common phenomenon of high concentration of equity, a dominant stock with no checks and balances, a weak independence of the board of directors, and a significant "kinship" between the management and the board of directors. These characteristics provide a "good environment" for executives to take the initiative to reduce their stock holdings, leading to a sharp decline in gem earnings after listing.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F832.51;F275

【参考文献】