中国创业板上市公司IP0前后”业绩变脸“现象的实证研究和案例分析

发布时间：2018-01-03 03:17

本文关键词：中国创业板上市公司IP0前后”业绩变脸“现象的实证研究和案例分析　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：中国创业板市场于2009年10月开板,是为完善中国证券市场多层次体系,为中小企业尤其是具有高成长性和高新技术的企业提供融资渠道而建立的平台。然而,自我国创业板市场正式设立以来,一些上市公司上市前呈现的高成长性特点在上市后一两年内迅速“变脸”,业绩增速明显下滑,甚至业绩有所倒退,使投资者蒙受了巨大的损失。本文针对我国创业板市场IPO前后“业绩变脸”的现象进行实证研究,运用描述性统计和回归分析等统计分析方法,对“业绩变脸”现象以及其影响因素进行讨论,并有针对性地进行案例分析,最后提出了改善创业板市场“业绩变脸”现象的一些建议。本文的研究发现,针对2009年至2011年上市的我国创业板公司,在剔除了行业业绩水平的影响后,其确实存在上市前后“业绩变脸”的现象。进一步地,行业业绩、发行市盈率、董事长是否兼任总经理、以及董事长及总经理是否存在换届等因素,均对“业绩变脸”幅度有不同程度的影响。通过对“网宿科技”案例进行分析,发现公司的管理层在上市后两年内发生了巨大的变动,其上市后两年内业绩下滑迹象明显,呈现出“业绩变脸”的现象。最后,本文结合实证研究结果,从公司内、外部治理和创业板市场制度上对控制“业绩变脸”现象提出了一些建议。
[Abstract]:China's growth Enterprise Market (gem) was launched in October 2009 to improve the multi-level system of China's securities market. To provide financing channels for small and medium-sized enterprises, especially those with high growth and high technology. However, since the establishment of the gem market in China. Some listed companies before the listing of the characteristics of high growth in a year or two after the listing of the rapid "face", performance growth rate declined significantly, and even performance retrogression. Investors have suffered huge losses. This paper makes an empirical study on the phenomenon of "performance change" before and after IPO in China's gem market, using descriptive statistics and regression analysis and other statistical analysis methods. This paper discusses the phenomenon of "performance change" and its influencing factors, and makes a case study on it. Finally, it puts forward some suggestions to improve the phenomenon of "performance change" in the gem market. From 2009 to 2011, the gem companies listed in China, after excluding the impact of the level of industry performance, it does exist before and after the listing of the "performance change" phenomenon. Further, the performance of the industry. Issue price-earnings ratio, whether the chairman of the board of directors concurrently as general manager, and whether the chairman and general manager of the factors such as the existence of a change. Through the analysis of the case of "Webboard Technology", it is found that the management of the company has undergone tremendous changes in the two years after listing. Two years after its listing, the signs of performance decline are obvious, showing a "performance change" phenomenon. Finally, this paper combined with empirical research results, from within the company. External governance and gem market system to control the "performance change" phenomenon put forward some suggestions.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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