美国NASDAQ市场IPO效应实证分析及启示

发布时间：2018-02-26 04:00

本文关键词： NASDAQ市场 IPO效应经营业绩差异显著性检验　出处：《河南大学》2014年硕士论文　论文类型：学位论文

【摘要】：美国NASDAQ市场成立于1971年，自成立以来孕育了微软、谷歌、苹果、IBM等一大批成功的高科技公司，它的成功大大推动了美国的科技事业发展，同时，也为美国的经济发展做出了巨大贡献。美国NASDAQ市场作为全球第二大股票交易市场，为中小高科技企业融资提供了优质平台，成为支持全球中小企业发展的榜样。对NASDAQ市场的成功，众多学者都将其归功于NASDAQ市场完善的制度，而笔者认为，NASDAQ市场的成功绝不仅仅是制度上的成功，而是源于优秀的公司。所以笔者从上市公司的“IPO效应”入手，对NASDAQ市场的上市公司业绩进行了研究，对比了公司在上市前后的业绩表现，观察其有无所谓的”IPO效应”。 “IPO效应”最早由英国学者Jain和Kini于1994年提出，指上市公司在IPO之后3到5年内经营业绩普遍下降的现象。“IPO效应”提出后，国内外学者对其进行了广泛的研究，普遍研究结果显示全球各大市场均存在IPO效应。但这些研究大都基于中位数的方法，本文将采用加总法对市场整体回报率进行上市前后的对比，试图找到美国NASDAQ市场上市公司的成功不仅在于NASDAQ市场完善的制度，，更在于其上市公司合理的利用了NASDAQ市场的平台,快速渡过高风险期，推动公司快速发展，在上市后创造更大的价值。本文尝试以2004年到2009年间在美国创业板NASDAQ上市的美国本土公司为研究对象，采用统计分析和单样本t检验的方法对上市前后的业绩表现进行比较分析和检验，发现其并不存在所谓的“IPO效应”。即，在NASDAQ上市的美国本土公司在上市后3年内业绩并没有出现下滑的现象，反而有所上升。为了检验实证分析结果的可靠性与显著性，笔者对其进行了单样本t检验。检验结果显示，全样本模拟公司能很好的模拟各年样本公司的业绩，并且全样本模拟公司的财务指标在上市后3年较上市前1年有显著差异。由此可知，NASDAQ美国本土公司在上市后并没有出现业绩下滑，反而出现了明显的业绩上升现象，违背了传统的“IPO效应”理论。而这种与众多学者截然相反的结论正好验证了笔者的分析，美国NASDSAQ市场的成功除了归功于完善的制度，更要归功于公司为股东创造利润的健康的公司治理制度和不断创新发展的积极进取的企业文化。并以此为依据对中国“新三板”市场的发展提出一些建议。
[Abstract]:The United States NASDAQ market was founded in 1971. Since its inception, it has given birth to a large number of successful high-tech companies, such as Microsoft, Google and Apple. Its success has greatly promoted the development of science and technology in the United States, at the same time, The NASDAQ market in the United States, as the second largest stock market in the world, provides a good platform for the financing of small and medium-sized high-tech enterprises. To the success of NASDAQ market, many scholars attribute it to the perfect system of NASDAQ market, and the author thinks that the success of NASDAQ market is not just institutional success. The author starts with the "IPO effect" of the listed company, studies the performance of the listed company in the NASDAQ market, compares the performance of the company before and after listing, and observes the "IPO effect". "IPO effect" was first put forward by British scholars Jain and Kini in 1994, referring to the phenomenon that the operating performance of listed companies generally declined within 3 to 5 years after IPO. After the "IPO effect" was put forward, domestic and foreign scholars carried out extensive research on it. The general research results show that there is IPO effect in every major market in the world. However, most of these studies are based on the median method. In this paper, the aggregate method is used to compare the overall market returns before and after listing. Trying to find the success of NASDAQ listed companies in the United States lies not only in the perfect system of NASDAQ market, but also in the rational use of the NASDAQ market platform by the listed companies, so as to get through the period of high risk quickly and promote the rapid development of the companies. Create greater value after listing. From 2004 to 2009, this paper attempts to compare and test the performance of NASDAQ listed in the US growth Enterprise Market (gem) by means of statistical analysis and single-sample t-test. It is found that there is no so-called "IPO effect". That is to say, there is no decline in the performance of American domestic companies listed in NASDAQ within three years after listing, but rather a rise. In order to test the reliability and significance of the results of empirical analysis, The test results show that the full-sample simulation company can well simulate the performance of the sample company in each year. And the financial index of the full-sample simulated company is significantly different from that of the first one year after listing. From this, we can see that there is no decline in the performance of NASDAQ domestic companies after listing, but a marked increase in performance. It runs counter to the traditional "IPO effect" theory. This conclusion, contrary to that of many scholars, confirms the author's analysis that the success of the NASDSAQ market in the United States is due to the perfect system. It is also due to the healthy corporate governance system that the company creates profits for the shareholders and the positive and enterprising enterprise culture which is constantly innovating and developing. Based on this, some suggestions are put forward for the development of China's "new third board" market.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F831.51

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