创业板上市公司IPO前后业绩变化及影响因素研究

发布时间：2018-04-24 10:26

本文选题：创业板 + IPO　；参考：《哈尔滨商业大学》2014年硕士论文

【摘要】：创业板的推出为中小企业提供了很好的融资平台,解决了部分中小企业融资难的问题,使中小企业突破缺少发展资金的瓶颈,增强了中小企业成长为大公司的信心和希望,然而并不是通过创业板上市后企业的发展就会一帆刚顺、稳步前进,再无后顾之忧。在众多中小企业争相通过创业板IPO后,本想着可以借着创业板的平台一展才华壮大自己,但实际上创业板上市公司IPO后业绩出现了普遍下滑的现象。诚然,公司业绩的好坏是衡量创业板成功与否的关键要素,所以弄清哪些因素导致创业板公司IPO后业绩下滑对企业的发展和创业板的完善是至关重要的。首先,阐明论文的研究背景及意义,分析国内外相关研究的现状,确定研究思路与方法。其次,简要阐述创业板和IPO效应的含义,公司业绩衡量的指标,分别从经济学、管理学和财务学的角度阐述了创业板IPO效应的理论基础。再次,从市场和企业自身两个角度出发,分析影响创业板上市公司IPO前后业绩变化的因素,并以创业板IPO公司为研究对象,收集相关样本数据,在对数据进行整理后,对样本公司IPO业绩进行统计分析,在此基础上又对融资规模和有无风险投资背景两个因子对IPO业绩的影响效应进行了实证检验,并构建模型进行回归分析。最后,在充分考虑影响创业板上市公司IPO前后业绩变化的因素基础上,分别从政府监管部门和企业自身两方面对改善创业板上市公司IPO后业绩下滑提出相应的对策建议。创业板上市公司的发展关系到资本市场的稳定性和多层次性,对创业板上市公司IPO前后业绩变化进行科学的分析,并提出具有针对性的改进措施,既有助于提高整个国家经济的发展又有利于资本市场的进一步完善。
[Abstract]:The launch of the gem provides a good financing platform for small and medium-sized enterprises, solves the problem of financing difficulties for some small and medium-sized enterprises, makes small and medium-sized enterprises break through the bottleneck of lack of development funds, and enhances the confidence and hope that small and medium-sized enterprises will grow into large companies. However, it is not through the gem after the development of enterprises will be a smooth, steady progress, no worries. After many small and medium-sized enterprises compete to pass the gem IPO, we think that we can strengthen ourselves through the gem platform, but in fact, the performance of the gem listed companies after the IPO has generally declined. It is true that the performance of the company is the key factor to measure the success of the gem, so it is very important to find out which factors lead to the decline of the performance of the gem after IPO for the development of the enterprise and the perfection of the gem. First of all, clarify the research background and significance of the paper, analyze the current situation of research at home and abroad, determine the research ideas and methods. Secondly, the meaning of gem and IPO effect, the index of corporate performance measurement, and the theoretical basis of gem IPO effect are expounded from the angles of economics, management and finance respectively. Thirdly, from the perspective of market and enterprises themselves, this paper analyzes the factors that affect the performance changes of gem listed companies before and after IPO, and takes gem IPO as the research object, collects relevant sample data, after collating the data, On the basis of the statistical analysis of the IPO performance of the sample company, the paper empirically tests the effect of the financing scale and the risk investment background on the IPO performance, and constructs the model to carry on the regression analysis. Finally, on the basis of fully considering the factors that affect the performance changes of gem listed companies before and after IPO, the corresponding countermeasures and suggestions are put forward from two aspects of government supervision department and enterprises themselves to improve the performance decline of gem listed companies after IPO. The development of gem listed companies is related to the stability and multi-level of capital market. This paper makes a scientific analysis of the performance changes of gem listed companies before and after IPO, and puts forward some corresponding improvement measures. It helps to improve the development of the whole country's economy and the further perfection of the capital market.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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