本文選題：IPO　切入點(diǎn)：主板市場(chǎng)　出處：《蘭州商學(xué)院》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：改革開(kāi)放三十年以來(lái)，我國(guó)的資本市場(chǎng)不斷發(fā)展壯大，企業(yè)對(duì)資金的需求也越來(lái)越多，首次公開(kāi)募股（Initial public offering，以下簡(jiǎn)稱(chēng)IPO）作為資金融通渠道之一，已經(jīng)成為我國(guó)企業(yè)籌資的最重要手段。企業(yè)通過(guò)上市獲得了大量資金，而上市后的企業(yè)，規(guī)模不斷地?cái)U(kuò)大，卻存在著資金使用效率不高、財(cái)務(wù)比率指標(biāo)不盡人意的現(xiàn)象。我們通過(guò)對(duì)以往文獻(xiàn)的整理后發(fā)現(xiàn)，無(wú)論是發(fā)達(dá)國(guó)家的資本市場(chǎng)還是亞洲的新興市場(chǎng)，均存在IPO后經(jīng)營(yíng)績(jī)效下降的現(xiàn)象。 本文選取了2010年和2011年在我國(guó)主板上市的公司為樣本，采用了盈利能力、營(yíng)運(yùn)能力、償債能力以及成長(zhǎng)能力四類(lèi)共七項(xiàng)財(cái)務(wù)指標(biāo)作為企業(yè)經(jīng)營(yíng)績(jī)效的衡量指標(biāo)，并在此基礎(chǔ)上運(yùn)用專(zhuān)家賦權(quán)法構(gòu)造出綜合指標(biāo)來(lái)考察企業(yè)的經(jīng)營(yíng)績(jī)效。針對(duì)各單一指標(biāo)及綜合指標(biāo)，我們運(yùn)用統(tǒng)計(jì)分析并配以雙尾配對(duì)T檢驗(yàn)的方法，證實(shí)了我國(guó)主板市場(chǎng)確實(shí)存在“IPO效應(yīng)”，并且，無(wú)論上市公司是否有風(fēng)險(xiǎn)投資背景或者處于哪種行業(yè)，均呈現(xiàn)出不同程度的IPO效應(yīng)；隨后，我們運(yùn)用了單因素方差F檢驗(yàn)及單變量多因素方差檢驗(yàn)F檢驗(yàn)對(duì)不同風(fēng)險(xiǎn)投資背景樣本組和不同行業(yè)樣本組分別進(jìn)行了實(shí)證研究，結(jié)果發(fā)現(xiàn)，IPO后，只有償債能力顯著變好，而主板上市公司的盈利能力、營(yíng)運(yùn)能力和成長(zhǎng)能力均有所下降；另外，，無(wú)論是IPO前還是IPO后，有風(fēng)投背景的上市公司經(jīng)營(yíng)績(jī)效都優(yōu)于無(wú)風(fēng)投背景的上市公司，且在IPO后，有風(fēng)投背景的上市公司在資產(chǎn)負(fù)債率和流動(dòng)比率上顯著優(yōu)于無(wú)風(fēng)投背景的上市公司。從行業(yè)上來(lái)看，不同的行業(yè)對(duì)企業(yè)IPO前后經(jīng)營(yíng)績(jī)效的變化具有一定的影響。 最后，我們對(duì)如何降低IPO效應(yīng)提出了建議。
[Abstract]:Since the reform and opening up three decades ago, the capital market of our country has been developing continuously, and the demand for capital by enterprises is also increasing. Initial public offering (IPO) is one of the financing channels. It has become the most important means for enterprises to raise funds in our country. Enterprises have obtained a lot of funds through listing, but after listing, the scale of enterprises has been expanding constantly, but there is not high efficiency in the use of funds. The financial ratio index is not satisfactory. We find that there is a decline in operating performance after IPO in both the capital markets of developed countries and the emerging markets of Asia through the collation of previous literatures. This paper selects the companies listed on the main board of our country in 2010 and 2011 as samples, and adopts four kinds of financial indexes, namely profitability, operating ability, solvency and growth ability, as the measurement index of business performance. On the basis of this, a comprehensive index is constructed by using the expert weighting method to evaluate the business performance of the enterprise. For each single index and comprehensive index, we use the method of statistical analysis and double tail paired T test. It is proved that the "IPO effect" does exist in the main board market of our country, and no matter whether the listed companies have venture capital background or which industry they are in, they all present different degrees of IPO effect. We use univariate variance F test and univariate multivariate variance test F test to study the sample groups of different venture capital background and different industries respectively. The results show that after IPO, only the ability to repay debt has improved significantly. In addition, both before IPO and after IPO, the operating performance of the listed companies with background of venture capital is better than that of the listed companies without background of venture capital, and after IPO, the performance of listed companies with venture capital background is better than that of listed companies without background of venture capital. The asset liability ratio and current ratio of listed companies with venture capital background are significantly better than those without venture capital background. From the industry point of view, different industries have a certain impact on the changes of business performance before and after IPO. Finally, we give some suggestions on how to reduce IPO effect.
【學(xué)位授予單位】：蘭州商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51;F224

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