创业板公司IPO前后绩效变化及影响因素研究

发布时间：2018-03-16 00:18

本文选题：创业板　切入点：IPO效应　出处：《山西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国创业板市场开市四年来，面临许多问题，，其经营业绩不能让人满意，部分创业板公司盈利能力低下，成长性不足，与创业板最初的市场定位不符，引起社会各方面的高度关注。对我国创业板首次公开募股发行的研究主要集中在抑价和超募等问题上，并且国内学者对于IPO经营业绩变动的研究，大多集中在主板和中小板上，对于创业板市场的IPO前后经营业绩变化的研究相对比较少。国内外已有的研究表明，在国外较为成熟的资本市场和我国主板、中小板市场，均不同程度地存在IPO效应。本文结合我国创业板市场本身的特性和我国资本市场所处的特殊的社会经济环境，选取能够代表创业板特点的成长性指标和盈利性指标，运用实证分析的方法对所选样本数据进行观察、分析、检验，考察我国创业板市场是否也存在IPO效应。得出结论：创业板样本公司的净资产收益率和净利润增长率在IPO后出现了显著下滑现象，说明我国创业板也存在IPO效应。论文通过对创业板经营业绩有影响的公司治理层面的变量建立回归模型，分析检验得出结论：股权集中程度、独立董事比例以及管理层持股比例等公司治理控制因素可以在一定程度上有效解释创业板上市公司在IPO后经营绩效持续显著下滑现象。最后，本文通过对实证结论的分析，从监管控制以及公司治理层面提出相关的完善发展建议。
[Abstract]:The gem market in China has been facing many problems since its opening four years ago, and its operating performance is not satisfactory. Some gem companies have low profitability and insufficient growth, which is not consistent with the initial market positioning of the gem. The research on the initial public offering of gem in our country is mainly focused on the issues of underpricing and over-raising, and most of the domestic scholars' research on the change of IPO operating performance is concentrated on the main board and the small and medium-sized board. There is relatively little research on the change of business performance before and after the growth Enterprise Market (gem) IPO. The existing studies at home and abroad show that there exists the IPO effect to some extent in the more mature capital markets abroad and in the main and small board markets in China. According to the characteristics of gem and the special social and economic environment of our capital market, this paper selects the growth index and profitability index, which can represent the characteristics of gem. Using the method of empirical analysis to observe, analyze and test the selected sample data, This paper investigates whether there is IPO effect in China's gem market and draws a conclusion: the rate of return on net assets and the growth rate of net profit of gem sample companies decline significantly after IPO, which indicates that IPO effect also exists in gem of our country. Through the establishment of regression model on the variables of the corporate governance level which has an impact on the performance of the gem, the paper concludes that the degree of equity concentration is the degree of equity concentration. The corporate governance control factors such as the proportion of independent directors and the proportion of management holding shares can effectively explain the continuous and significant decline in the performance of listed companies in the gem after IPO. Finally, this paper analyzes the empirical results. From the supervision and control as well as corporate governance level to put forward relevant development suggestions.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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