IPO业绩预期与可实现程度的信号机制——基于高科技企业IPO融资项目的视角

发布时间：2018-05-14 09:39

本文选题：IPO业绩预期 + IPO业绩实现　；参考：《当代经济管理》2017年09期

【摘要】：IPO募集项目预期业绩能否实现备受投资者和社会各界的关注。对此,文章以2000~2010年的高科技企业为样本,研究了企业IPO信息披露中,哪些信息对募集项目预期业绩的实现有预测作用,为投资者决策和改进监管机制提供参考依据。研究发现,招股说明书上披露的IPO募集项目预期业绩大小与IPO预期业绩实现程度呈显著的负相关性,这说明上市企业会披露过高的IPO募集项目预期业绩,预示着IPO募集项目预期业绩实现程度低,是不利信号,而IPO项目预期业绩实现程度与上市前拥有的发明专利呈显著的正相关关系,是有利信号。IPO项目预期业绩实现程度与上市前的历史财务业绩信息不具有相关性,这表明作为上市定价重要依据的财务业绩信息对实现预期业绩的预测力较弱。对此,投资者应更关注IPO招股说明书的预期业绩高低和专利信息,以判断IPO预期业绩的可实现程度。
[Abstract]:Whether the expected performance of IPO fundraising project can achieve is concerned by investors and all walks of life. In this paper, taking high-tech enterprises from 2000 to 2010 as samples, this paper studies which information in IPO information disclosure of enterprises can predict the expected performance of fund-raising projects, and provides a reference for investors to make decisions and improve the supervision mechanism. It is found that the expected performance of IPO in the prospectus is negatively correlated with the degree of IPO expected achievement, which indicates that the listed companies will disclose the high expected performance of IPO. It indicates that the degree of expected achievement of IPO raising project is low, which is a bad signal. However, the degree of expected achievement of IPO project has a significant positive correlation with the invention patent before listing. There is no correlation between the expected achievement degree of IPO project and the historical financial performance information before listing, which indicates that the financial performance information, which is an important basis for listing pricing, is weak in predicting expected performance. Therefore, investors should pay more attention to the expected performance of IPO prospectus and patent information in order to judge the degree of realizability of IPO expected performance.
【作者单位】：中山大学管理学院;中山大学新华学院;
【基金】：国家自然科学基金资助项目(71672204) 广东省自然科学基金项目(2015A030313074) 广东省哲学社会科学规划项目(GD13CGL06)资助的阶段性研究成果
【分类号】：F275;F276.44;F832.51

【相似文献】