不同上市方式下公司绩效的实证研究

发布时间：2018-01-11 18:32

本文关键词：不同上市方式下公司绩效的实证研究　出处：《山东财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：上市是企业迅速融通资金、增强自身竞争力的重要策略和手段。一般来说，企业可以选择的上市方式有两种：IPO和借壳上市。那么，企业在上市后的绩效是否真的会有显著提升？选择不同上市方式的企业上市后绩效是否有显著差异？能给我们带来何种启示？当前，较多的文献集中于一种上市方式下的公司绩效层面，而对于同时研究两种上市方式并将其公司绩效进行比较的研究虽已在国外逐步兴起且进行了一定的实证检验，但在国内有关研究还相对较少。因此，研究我国资本市场不同上市方式下的公司绩效现状显得尤为必要和迫切。本文选取2007-2009年间在我国主板市场通过IPO上市的297家公司和通过借壳上市的76家公司作为研究样本。在理论研究部分，对相关文献进行了分析和总结，将IPO和借壳上市两种方式进行了比较分析，并重新界定了借壳上市、公司绩效等相关概念。在实证研究部分，从市场绩效和财务绩效两个角度分别对不同上市方式下的公司绩效进行了纵向研究。在此基础上，本文还重点对两种上市方式下的公司绩效进行了比较研究，以了解是否会出现显著差异并分析差异原因。本文研究发现，通过IPO上市的公司绩效有了一定程度的提升，特别是市场绩效有较大幅度的增长；通过借壳上市的公司财务绩效表现并不优异但增长显著，市场绩效表现则较为强势但在后期有软软迹象；两种上市方式下公司绩效的比较研究中，在市场绩效层面，借壳上市公司在大部分时间里都优于IPO公司，，但在后期逐渐被后者超越，在稳定性上，IPO公司明显强于借壳上市公司，这表明借壳公司股价表现虽好，但风险较大；财务绩效层面，借壳上市公司上市伊始表现并不占优势，但在第二年和第三年有了较大幅度的提升。然而，与IPO上市公司相比，其财务绩效仍然明显处于劣势。
[Abstract]:Listing is an important strategy and means for enterprises to quickly raise funds and enhance their own competitiveness. Generally speaking, there are two kinds of listed ways that enterprises can choose: IPO and backdoor listing. Will there really be a significant improvement in the performance of companies after listing? Is there a significant difference in post-IPO performance of companies that choose different modes of listing? What can we learn? At present, more literatures focus on the corporate performance level under one kind of listing mode. Although the research on the two ways of listing at the same time and compare their corporate performance has gradually emerged in foreign countries and carried out a certain empirical test, but in China, the relevant research is relatively small. It is necessary and urgent to study the current situation of corporate performance under different listing modes in China's capital market. This paper selects 297 companies listed through IPO and 76 companies listed through backdoor in China's main board market from 2007 to 2009 as research samples. This paper analyzes and summarizes the relevant literature, compares IPO and backdoor listing, and redefines the related concepts such as backdoor listing, corporate performance and so on. In the part of empirical research. From the perspective of market performance and financial performance, this paper makes a longitudinal study on corporate performance under different listing modes. On this basis, this paper also focuses on the comparative study of corporate performance under the two modes of listing. To see if there are significant differences and analyze the reasons for the differences. This paper finds that the performance of listed companies through IPO has been improved to a certain extent, especially the market performance has increased by a large margin; The financial performance of the listed companies through backdoor listing is not good but the growth is significant. The market performance is stronger but there are soft signs in the later period. In the comparative study of corporate performance under the two modes of listing, in the aspect of market performance, the backdoor listed company is better than IPO company in most of the time, but in the later period, it is gradually overtaken by the latter, and it is stable. The IPO company is obviously better than the backdoor listed company, which indicates that the stock price of the backdoor company is good, but the risk is higher; At the financial performance level, the initial performance of backdoor listed companies is not dominant, but in the second and third year there has been a significant improvement. However, compared with IPO listed companies. Its financial performance is still clearly at a disadvantage.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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