本文選題：IPO　切入點(diǎn)：主板市場(chǎng)　出處：《上海交通大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來(lái)，，國(guó)內(nèi)IPO市場(chǎng)總體運(yùn)行呈現(xiàn)快速發(fā)展勢(shì)頭，直接融資比例不斷提高。有關(guān)國(guó)民經(jīng)濟(jì)命脈行業(yè)中的大型企業(yè)不斷登陸我國(guó)A股主板市場(chǎng)，其證券化率明顯提高，融資規(guī)模和金額顯著超越過(guò)去10年間平均水平。主板市場(chǎng)已然成為我國(guó)證券市場(chǎng)中最重要的上市主體，并且成為國(guó)民經(jīng)濟(jì)的晴雨表。 我國(guó)資本市場(chǎng)的平臺(tái)無(wú)疑對(duì)大型企業(yè)的上市創(chuàng)造了良好的條件和氛圍，讓投資者充分享受我國(guó)經(jīng)濟(jì)增長(zhǎng)帶來(lái)的豐碩果實(shí)，也讓大型企業(yè)在IPO融資之后得到更好、更快地發(fā)展。但是，主板公司在IPO之后是否能夠真正成長(zhǎng)，募集資金是否能夠有效利用，這些問(wèn)題仍然是我們需要回答和解決的。 目前，國(guó)內(nèi)外有較多文獻(xiàn)都直指IPO公司上市之后業(yè)績(jī)存在下滑問(wèn)題，并有顯著的IPO效應(yīng)。但研究我國(guó)股權(quán)分置改革之后的主板市場(chǎng)文獻(xiàn)還鮮有發(fā)表，本文的研究可能在一定程度上填補(bǔ)這塊研究不足。 本文選取2005-2009年主板上市的36家企業(yè)進(jìn)行上市前后業(yè)績(jī)比較分析，發(fā)現(xiàn)主板IPO公司上市后存在一定的業(yè)績(jī)下滑問(wèn)題，特別是盈利能力、成長(zhǎng)性和現(xiàn)金流水平。同時(shí)，我們通過(guò)多因子回歸分析，找出部分影響IPO公司業(yè)績(jī)下滑的因素。通過(guò)本文的研究成果，最后我們提出了部分相關(guān)政策及建議，為決策機(jī)構(gòu)提供一定依據(jù)。
[Abstract]:In recent years, the overall operation of the domestic IPO market has shown a rapid development momentum and the proportion of direct financing has been increasing. Large enterprises in the lifeline industries of the national economy have been landing on the mainboard of China's A-share market, and their securitization rate has increased significantly. The scale and amount of financing have exceeded the average level of the past 10 years. The main board market has become the most important listed entity in the stock market of our country, and has become the barometer of the national economy. The platform of our country's capital market has undoubtedly created good conditions and atmosphere for the listing of large enterprises, so that investors can fully enjoy the rich fruits of our country's economic growth, and also make large enterprises get better after IPO financing. But whether the motherboard companies can really grow after IPO and whether the funds raised can be used effectively are still the questions we need to answer and solve. At present, there are many literatures at home and abroad pointing directly to the decline of IPO's performance after listing, and there is a significant IPO effect. However, the literature on the main board market after the split share structure reform in China is rarely published. The research of this paper may fill the deficiency of this research to some extent. In this paper, 36 enterprises listed on the main board from 2005 to 2009 are selected to compare and analyze the performance before and after listing. It is found that there are some problems in the performance decline of the main board IPO company after listing, especially the profitability, growth and cash flow level. Through multi-factor regression analysis, we find out some factors that affect the decline of IPO company's performance. Finally, we put forward some related policies and suggestions, which can provide some basis for the decision-making organization.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前2條

1 李常青,劉清昌;滬市公司IPO業(yè)績(jī)效應(yīng)研究[J];南開管理評(píng)論;2005年01期

2 陳良華,孫健,張菡;香港創(chuàng)業(yè)板上市公司IPO前后業(yè)績(jī)變化及其影響因素的實(shí)證研究[J];審計(jì)與經(jīng)濟(jì)研究;2005年04期

本文編號(hào)：1598395