中国首批创业板上市公司IPO融资绩效分析

发布时间：2018-01-24 01:41

本文关键词： 创业板上市公司 EVA值　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：当前，科技创新正在成为各个领域发展不可或缺的重要力量，如何在军事、经济、科技等方面不断创新以便为国家发展提供支持，已经成为大多数国家亟需解决的大问题。为了支持国家创新力量的发展，解决科技创新型企业融资难的难题，历经无数波折的创业板市场终于在2009年10月23日推出，首批28家公司于月末开始上市交易。创业板的推出为我国更多的中小企业发展科技提供了资金支持，，同时也为风险投资提供了便利的退出途径，也使我国资本市场的结构更加完整。由于民众对创业板的发展都寄予了厚望，创业板首批上市28家公司的发展是否符合人们的期望，这些公司是否在朝着更好的方向发展，都是大家所关心的问题。研究创业板上市公司IPO前后绩效的变化，观察公司上市前后绩效是上升还是下降，对于创业板的长远发展与风险防范非常重要。本文采用经济增加值法对首批上市的公司在上市前后的绩效进行分析，本文的基本结构如下：第一部分包括文章的研究背景及意义，关于上市公司IPO融资绩效的文献综述以及本文的主要研究方法及创新和不足。第二部分是对首批创业板上市公司基本情况进行简要介绍，使大家能够更加了解首批上市的28家公司的具体情况，比如说企业性质、行业和地域分布、股权结构、风险投资参与情况等。第三部分介绍EVA的计算过程以及调整方法。第四部分主要是运用经济增加值法分析首批创业板上市公司IPO融资绩效，得出28家公司业绩在上市后平均下滑的结论，之后又按照不同的情况进行了分类研究。第五部分分析公司IPO后业绩下滑的原因，根据原因提出相应的对策建议，以帮助创业板更快更好的发展。
[Abstract]:At present, scientific and technological innovation is becoming an indispensable and important force in the development of various fields. How to continuously innovate in military, economic, scientific and technological fields in order to provide support for national development. In order to support the development of national innovation power, to solve the problem of financing technology innovation enterprises. After numerous twists and turns, the gem market was finally launched in October 23rd 2009. The first batch of 28 companies began to go public at the end of the month. The launch of the gem has provided financial support for more small and medium-sized enterprises in China to develop science and technology, but also provided a convenient exit path for venture capital. It also makes the structure of our capital market more complete. Because the public have high expectations for the development of the gem, whether the development of the first 28 companies listed on the gem accords with people's expectations. Whether these companies are moving towards a better direction is a matter of concern. To study the performance changes of gem listed companies before and after IPO, observe whether the performance of companies before and after listing is rising or declining. For the gem long-term development and risk prevention is very important. This paper uses the economic added value method to analyze the performance of the first batch of listed companies before and after listing. The basic structure of this paper is as follows: the first part includes the research background and significance of the article. Literature review on the IPO financing performance of listed companies, as well as the main research methods, innovations and deficiencies. The second part is a brief introduction to the first batch of gem listed companies. So that you can better understand the first batch of 28 listed companies, such as the nature of the enterprise, industry and geographical distribution, equity structure. The third part introduces the calculation process and adjustment methods of EVA. Part 4th mainly uses the method of economic added value to analyze the IPO financing performance of the first batch of gem listed companies. This paper draws the conclusion that the average performance of 28 companies declined after listing, and then according to the different circumstances of the classification study. 5th part of the analysis of the reasons for the decline in the performance of the company after the IPO. According to the reasons put forward the corresponding countermeasures to help gem faster and better development.
【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】：F832.51

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