我国上市公司IPO效应研究

发布时间：2018-03-20 13:00

本文选题：经营绩效　切入点：IPO效应　出处：《山东财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：在中国资本市场发展的历史上，IPO一共经历了8次暂停，最近的一次暂停是2012年11月开始，一直到2014年年初才结束暂停。IPO审核在2013年遭遇最严格财务审查程序，拟于2013年7月份开始的IPO也因为核查严格而被迫取消。之所以暂停IPO业务，部分原因在于我国一些上市公司存在着上市后业绩“变脸”的现象，，这样就在很大程度上扰乱了我国资本市场的有序发展，而且会对我国的中小投资者等风险承受能力较弱的群体造成一定的伤害。为此，2013年度中国证监会动作频频，出台大量文件以及新规定制止上市公司业绩“变脸”。 2007年到2008年中国股票市场经历了一个由快速上升到快速下降的阶段，这为我们研究IPO前后公司业绩的变化提供了良好的素材。本文运用单因素方差分析、配对样本T检验、多元线性回归分析的方法，探讨了我国资本市场是否存在IPO效应以及企业绩效变化的影响因素。得出的结论是目前的市场环境下，我国的上市公司存在显著的IPO效应，而且股市下降阶段状态下的IPO效应更为强烈。目前经济环境下影响IPO效应的因素主要是募集资金比例。这些结论也为我国再次开始IPO募股筹资的审核提供了参考，对于指导未来我国的公司进行IPO募集资金起到了积极的作用。
[Abstract]:In the history of the development of China's capital markets, the IPO has undergone a total of eight suspensions, the most recent of which was from November 2012. It was not until the beginning of 2014 that the suspension. IPO audit was subjected to the most stringent financial review procedure on 2013. IPO, which is scheduled to begin on July 2013, is also forced to cancel because of strict verification. The reason for the suspension of IPO business is in part because some listed companies in China have "changed their faces" after listing. This has greatly disturbed the orderly development of China's capital market, and will cause certain harm to the less risk-bearing groups such as small and medium-sized investors in our country. For this reason, the China Securities Regulatory Commission (CSRC) has made frequent moves in 2013. Issued a large number of documents and new regulations to stop listed companies' performance, "face change." From 2007 to 2008, China's stock market experienced a period from rapid rise to rapid decline, which provided a good material for us to study the changes of corporate performance before and after IPO. With the method of multiple linear regression analysis, this paper discusses the existence of IPO effect in Chinese capital market and the influencing factors of the change of firm performance. The conclusion is that under the current market environment, there is a significant IPO effect in Chinese listed companies. Moreover, the IPO effect in the declining stage of the stock market is more intense. In the current economic environment, the main factor affecting the IPO effect is the proportion of raising funds. These conclusions also provide a reference for China to review the financing of the IPO stock offering again. It plays an active role in guiding future Chinese companies to raise IPO funds.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.6;F832.51;F224

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