创业板限售股解禁对企业绩效影响的实证研究

发布时间：2018-01-22 21:03

本文关键词： 创业板限售股解禁绩效　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：创业板的设立宗旨是服务高科技、创新性企业。因此创业板的上市标准不同于成熟的主板市场。同时由于企业的初生性和未来发展模式的不确定性,投资创业板企业的风险更高。所以,在创业板首发限售股解禁之后,普通投资者会面临更大的风险。本文分析了创业板首发股解禁对企业业绩的影响,并对创业板今后的改进方向进行了讨论。我国创业板成立的时间不长,学术界一般以主板市场为研究对象,而研究创业板则受到成立周期短、样本有限等客观条件的限制。根据文献搜索结果,目前的学术界研究集中在两个方面：1、研究限售股解禁对股票市场股价的影响；2、国企股份改制对公司绩效的影响。很少有人研究的首发限售股解禁对创业板公司的业绩影响。在本文中,我们基于市场的统计数据,研究创业板“首发限售股”解禁对“企业绩效的影响”。通过分析财务指标,让大家对创业板的金融服务体系有一个全面的、清晰的认识。并就如何增强上市公司的治理能力,提高公司的绩效展开了讨论。本文的特点是从实证的角度来研究首发限售股解禁对企业绩效的影响。其中的研究对象包括财务指标、主成分和企业综合绩效。先用配对样本T检验对财务指标进行对比分析,比较了上市前后的财务指标是否有显著性变化。再用对十几个财务降维,提炼出盈利能力、偿还能力、成长能力、营运能力等几个主成分,最后得到主成分权重系数表达的综合绩效表达式。其中采用配对样本T检验各项指标的前后显著性变化,总结出解禁前后企业的整体运营状况。全文分为以下部分：第一章阐述了研究的背景、意义、思路、框架及创新点。第二章系统地介绍了委托代理理论、控制权理论、产权理论等基础理论,以及学术界在大小非解禁、公司治理、股价影响等方面的著作。第三章是论文的主体部分。包括研究方法综述、指标的选取、主成分降维、综合绩效分析。第四章先分析了解禁对公司的财务指标及综合绩效造成影响的原因,再针对如何增强上市公司的治理,提高公司的绩效进行了讨论。并对下一步的研究进行了展望。
[Abstract]:The purpose of establishment of gem is to serve high-tech and innovative enterprises. Therefore, the listing standard of gem is different from that of mature main market. At the same time, due to the incipient nature of enterprises and uncertainty of future development mode. The risk of investing in gem enterprises is higher. Therefore, after lifting the ban on the IPO of gem, ordinary investors will face greater risk. This paper analyzes the impact of the release of gem IPO shares on the performance of enterprises. The improvement direction of gem in the future is also discussed. The establishment of gem in our country is not long, the academic circles generally take the main board market as the research object, but the research gem is limited by the objective conditions such as short period of establishment, limited sample and so on. The current academic research focuses on two aspects: 1, to study the impact of the release of restricted shares on the stock market stock price; 2, the influence of state-owned enterprise stock reform on the performance of the company. Few people study the impact of the release of the initial restricted share on the performance of gem companies. In this paper, we based on the market statistics. Through the analysis of financial indicators, we can have a comprehensive view of the financial service system of gem. It also discusses how to strengthen the governance ability and improve the performance of listed companies. The characteristics of this paper is to study the impact of the release of restricted shares on corporate performance from the perspective of empirical research, including financial indicators. Principal component and comprehensive performance of the enterprise. First, using paired sample T-test to compare the financial indicators before and after the listing, compared whether there are significant changes in the financial indicators. Then used to reduce the financial dimension of more than a dozen. Extract several principal components, such as profitability, repayment ability, growth ability, operating ability, etc. Finally, the comprehensive performance expression of the principal component weight coefficient is obtained, in which the paired sample T is used to test the significant changes of the indexes before and after. The whole operation of the enterprise before and after the lifting of the ban is summarized. The full text is divided into the following parts: The first chapter describes the background, significance, ideas, framework and innovation of the research. The second chapter systematically introduces the principal-agent theory, control theory, property rights theory and other basic theories, as well as academic works on the size of non-lifting, corporate governance, stock price impact and so on. The third chapter is the main part of the thesis, including research methods, selection of indicators, principal component dimension reduction, comprehensive performance analysis. Chapter 4th first analyzes the reasons for the impact of lifting the ban on the financial indicators and comprehensive performance of the company, and then aims at how to strengthen the governance of listed companies. The improvement of the company's performance is discussed, and the future research is prospected.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

【参考文献】