本文選題：中國創(chuàng)業(yè)板　切入點：經(jīng)營業(yè)績　出處：《西南財經(jīng)大學》2012年碩士論文　論文類型：學位論文

【摘要】：IPO效應是指上市公司IPO之后經(jīng)營業(yè)績明顯下滑的現(xiàn)象,是由Jain和Kini于1994年首次提出。這個現(xiàn)象甫一提出就引發(fā)了學術界的廣泛關注和研究,也是近年來金融、財務領域關注的問題之一。IPO效應已經(jīng)被國內外學者研究證實存在于國外成熟的資本市場和我國的主板市場以及中小板市場,隨著我國創(chuàng)業(yè)板市場的推出和運營,是否存在著IPO效應也有待檢驗。IPO效應存在與否不僅說明資本市場融資效率的高低,而且也與投資者息息相關,因為投資者通常會依據(jù)企業(yè)的歷史業(yè)績進行投資決策,預測公司未來的盈利能力和判斷投資承擔的風險,進而判斷可能獲得的收益,而IPO效應的存在就為投資者的這種投資預測打上了問號。對投資者來說,創(chuàng)業(yè)板市場本身就是一個風險水平比較高的市場,因此IPO效應更是他們不愿意看到的。 對于IPO效應的研究不但要研究這種現(xiàn)象是否存在于某個特定資本市場,而且還要研究哪些具體的因素對公司IPO前后的經(jīng)營業(yè)績有著顯著影響,這些研究不僅有利于保護投資者的利益,而且還有利于提高資本市場融資效率,實現(xiàn)資源優(yōu)化配置。主流觀點都是從盈余管理的角度來解釋IPO效應,認為擬上市企業(yè)的管理層為獲得更高的發(fā)行價格和增加自身財富就會操縱企業(yè)上市前經(jīng)營業(yè)績,從而造成上市后業(yè)績的下降。 本文主要研究我國創(chuàng)業(yè)板市場是否存在IPO效應以及產生這種現(xiàn)象的影響因素。從2009年10月份推出到2011年底,創(chuàng)業(yè)板共有281家上市公司。因為本文在研究方法上需要選取企業(yè)IPO之后至少一年的經(jīng)營業(yè)績進行比較分析,所以研究中共選用2009年和2010年上市的153家公司為樣本公司。依據(jù)這些樣本公司的年度財務報告,實證分析了它們上市前后經(jīng)營業(yè)績的變化,進而判斷我國創(chuàng)業(yè)板市場是否存在IPO效應。在此基礎上,本文根據(jù)企業(yè)是否具有風險投資背景、上市前一年或當年是否進行資產評估、大股東持股比例和募集資金比例不同對樣本公司進行分組并進行了實證檢驗,以考察這些因素對我國創(chuàng)業(yè)板市場上市公司IPO前后經(jīng)營業(yè)績的影響。通過這一分析,有助于規(guī)范擬上市公司IPO前后的行為,減輕IPO效應,另外結合實證研究,對我國創(chuàng)業(yè)板市場提出了幾點建議。 從具體內容安排上看,本文共有三個主要組成部分。 第一部分：第2章。本部分主要是對前人關于IPO效應研究成果的梳理,以及國內外關于這種現(xiàn)象的研究現(xiàn)狀。以企業(yè)融資理論為出發(fā)點,歸納整理了企業(yè)IPO動機和在實踐中IPO的市場行為,最后針對IPO市場行為之一的IPO效應進行了比較詳細的論述,具體包括國內外學者的主要研究方法,對IPO效應的理論解釋以及相關具體研究成果。 第二部分：第4章。這部分是本文的主體部分,內容主要包括本文的研究方法設計和樣本選擇依據(jù),對我國創(chuàng)業(yè)板市場進行IPO效應存在性檢驗以及各個影響因素分組之后的檢驗。在研究方法上,本文主要借鑒了洪劍峭和陳朝暉在《中國股市IPO效應實證研究》一文中采用的方法,并選用總資產息稅前利潤率作為本文中衡量企業(yè)經(jīng)營業(yè)績的代表指標,然后分別比較上市后兩年經(jīng)營業(yè)績的平均值與上市前一年經(jīng)營業(yè)績的平均值。同時,考慮到由于盈余管理造成的IPO效應會在上市后第一年的財務報表上顯露出來,本文也比較了上市后一年經(jīng)營業(yè)績的平均值和上市前一年經(jīng)營業(yè)績的平均值。如果證實這些差異存在并且顯著,則說明我國創(chuàng)業(yè)板市場存在IPO效應。通過對153個有效樣本進行統(tǒng)計分析,得出以下結論： (1)我國創(chuàng)業(yè)板市場存在IPO效應。這主要是發(fā)行制度不完善導致的信息不對稱,以及資本市場中介結構發(fā)展不充分造成的。信息不對稱會引導擬上市企業(yè)進行盈余管理,而中介結構又不能很好的起到信息認證中介的作用。 (2)風險投資對我國創(chuàng)業(yè)板市場上市公司經(jīng)營業(yè)績有顯著的影響。文中的風險投資是指在企業(yè)上市之前,以股權投資形式向創(chuàng)業(yè)企業(yè)進行投資,以期在所投資企業(yè)成熟后通過股權轉讓獲得資本增值的組織或機構。風險投資的行為促進了高新技術成果的商品化和產業(yè)化,并且承擔了較高的創(chuàng)業(yè)風險。實證結果表明,具有風險投資背景的上市公司的經(jīng)營業(yè)績在IPO前后的波動性均顯著于無風險投資背景的樣本公司IPO前后經(jīng)營業(yè)績的波動性。本文分析認為這主要是風險投資通過IPO形式退出企業(yè)和資本市場制度不完善造成的。在進行風險投資的過程中,風險投資不僅給企業(yè)帶來資金和專業(yè)知識進而提高企業(yè)管理水平和盈利能力,也為投資者傳遞一種積極的公司信息。在IPO之后,隨著風險投資的退出和企業(yè)上市信息披露,企業(yè)各方面的問題就會逐漸暴露出來,經(jīng)營業(yè)績也就不斷惡化。 (3)上市前一年或當年是否進行資產評估對上市公司經(jīng)營業(yè)績沒有顯著影響。本文以上市前一年或當年是否進行資產評估把樣本公司分為兩組,實證結果表明,這兩組樣本公司上市前后的經(jīng)營業(yè)績沒有明顯差異。這主要是因為公司上市前一年或當年進行資產評估大多僅僅是為了公司改組工商登記需要,盡管有的公司資產評估的目的是為發(fā)行股票定價作參考,但是并沒有一家樣本公司依據(jù)評估結果調整賬目。 (4)第一大股東持股比例與樣本公司經(jīng)營業(yè)績關系不顯著。本文按照大股東持股比例中位數(shù)把樣本公司分為兩組,實證結果顯示兩組樣本的經(jīng)營業(yè)績在IPO前后沒有顯著變化。筆者認為創(chuàng)業(yè)板上市公司不同于主板上市公司,大多都是民營企業(yè),而且大部分股權是由家族或單個自然人控制,股本結構沒有顯著影響公司經(jīng)營業(yè)績。同時這也可能是因為我國創(chuàng)業(yè)板市場推出較晚,借鑒了其他成熟資本市場的經(jīng)驗,制度設計比較完善以及上市公司治理結構更為健全,從而在一定程度上克服了代理成本問題。 (5)募集資金比例對樣本公司經(jīng)營業(yè)績有顯著影響。募集資金比例是指募集資金額與上市前凈資產的比例。本文按照募集資金比例中位數(shù)把樣本公司分為兩組,實證結果表明這兩組樣本上市前后的經(jīng)營業(yè)績有顯著差異。這主要是因為許多企業(yè),特別是規(guī)模較小的企業(yè),為了用足上市發(fā)行額度,會使用各種方式夸大其投資需求、美化投資項目的預期收益。同時創(chuàng)業(yè)板上市公司一般公司規(guī)模都較小,這方面的動機也會比較普遍。 第三部分：第5章,IPO效應原因分析和政策建議。本部分結合我國創(chuàng)業(yè)板市場實際情況,針對論文實證研究發(fā)現(xiàn)的問題,分別從提高上市公司質量、大力促進風險投資發(fā)展、健全資本市場中介機構和完善創(chuàng)業(yè)板相關制度等方面提出降低IPO效應的政策啟示,為我國創(chuàng)業(yè)板IPO制度的完善提供參考。 論文的主要貢獻： 1、結合我國創(chuàng)業(yè)板市場,針對IPO效應進行研究并對產生因素作了分類處理。從筆者閱讀的文獻來看,國內外學者對IPO效應研究較少,尤其是我國創(chuàng)業(yè)板是新興資本市場,對其相應的研究就更少,本文在一定程度上填補了前人研究的空缺。 2、本文數(shù)據(jù)完全來自上市公司財務報告和招股說明書,資料比較齊全,針對現(xiàn)實情況進行研究,有較高的可靠性和現(xiàn)實性。 3、根據(jù)我國創(chuàng)業(yè)板市場當前運行特點和研究結果并結合相關理論,從上市公司、資本市場中介機構和監(jiān)管層三個方面提出防范和化解IPO效應不良影響的建議,有一定的實踐意義。
[Abstract]:The IPO effect is the phenomenon of business performance marked decline after a listed company IPO, was first proposed by Jain and Kini in 1994. This phenomenon was proposed, sparked widespread concern and research in academic circles, but also in recent years, financial problems, one of the.IPO effect of financial areas of concern have been identified in research scholars at home and abroad the overseas mature capital market and China's main board market and the small and medium-sized market, with the launch of China's GEM market and operation, whether there is IPO effect it has yet to be tested.IPO effect not only shows that the capital market financing efficiency, but also investors are closely related, because investors often invest decision-making the historical performance of Forecast Ltd future profitability and determine investment risks, and then judge the possible returns, while the IPO effect exists for investment This kind of investment prediction for investors is a question mark. For investors, the growth enterprise market itself is a high-risk market, so the IPO effect is more than they want to see.
Study on the effect of IPO not only to study whether this phenomenon exists in a particular capital market, but also study what specific factors have a significant impact on the company's operating performance before and after IPO, these studies not only conducive to the protection of the interests of investors, but also conducive to improve the financing efficiency of the capital market, optimize the allocation of resources to achieve the mainstream. Point of view is to explain the IPO effect from the perspective of earnings management, management of listed companies to obtain a higher issue price and increase their wealth will control listed companies before the performance, from the declining performance after the listing.
This paper mainly investigates the factors influencing China's GEM market whether there is IPO effect and this phenomenon. From 2009 October to the end of 2011, a total of 281 GEM listed companies. This paper chooses IPO enterprise need for at least a year operating results were compared and analyzed in the research methods, so study of the selection of 153 companies in 2009 and 2010 listed Sample Firms. On the basis of the Sample Firms's annual financial report, the empirical analysis of the changes of their operating performance before and after the listing, and then determine whether there is IPO effect of the GEM market in China. On this basis, according to whether the enterprise has the background of venture capital, before listing a year or year whether the asset evaluation the proportion of large shareholders, and raise the proportion of funds of different groups of Sample Firms and an empirical test to examine these factors on The influence of Chinese Listed Companies' performance before and after IPO is analyzed. Through this analysis, it helps to standardize the behavior of listed companies before and after IPO and mitigate the IPO effect. In addition, combined with empirical research, it puts forward some suggestions for China's growth enterprise market.
From the specific content arrangement, there are three main components in this paper.
The first part: the second chapter. This part is mainly on the previous research on the effect of IPO combing, as well as the domestic and foreign research status about this phenomenon. On the enterprise financing theory as a starting point, summed up the enterprise IPO motivation and in the practice of IPO market behavior, finally discussed in detail according to the effect of IPO IPO market behavior, including the main research methods of scholars at home and abroad, explained the theory of the IPO effect and specific research results.
The second part: the fourth chapter. This part is the main part of this paper, mainly including the research methods design and sample selection based on China's gem IPO effect existence test and the influence factors test after grouping. In research methods, this article mainly uses the method of Hong Jianqiao and Chen Zhaohui in "IPO the effect of China stock market Empirical Research > is used in this thesis, and the total assets indicators EBIT rate as the measure of business performance, the average value and one year before the listing of business performance and compare the two years after the listing of business performance value. At the same time, taking into account the effect of earnings management by IPO in the first year after the listing of the financial statements show on average, the average annual performance this paper also compared after the listing and one year before the listing performance value. The results confirm that these differences exist and are significant, indicating that IPO effect exists in China's GEM market. Based on the statistical analysis of 153 effective samples, the following conclusions can be drawn.
(1) China's gem IPO effect. This is mainly caused by asymmetric information issuing system is not perfect, and the capital market intermediary structure development is not sufficient cause. The information asymmetry will guide the listed companies to conduct earnings management, and intermediary structure is not good to play the intermediary information authentication function.
(2) the risk investment has a significant impact on China's GEM listed companies operating performance. In this paper, the risk investment refers to the listed companies before investing in start-ups in the form of equity investments, the investment enterprises in mature organizations or institutions get through the equity transfer of capital increase investment risk. The behavior to promote the commercialization and industrialization of high-tech achievements, and bear a higher risk. The empirical results show that the volatility of venture capital background of the business performance of the listed company in volatility before and after IPO were significantly in the context of the venture capital Sample Firms IPO's performance. This paper believes that the main is the risk investment exit through the form of IPO enterprise and the capital market system not perfect. In the process of venture capital investment, venture investment not only brings to the enterprise funds and professional Knowledge can further improve the management level and profitability of enterprises, and also convey a positive corporate information for investors. After IPO, with the withdrawal of venture capital and information disclosure of enterprises, all aspects of the business will gradually be exposed, and business performance will also continue to deteriorate.
(3) prior to listing a year or year whether the asset evaluation has no significant effect on the operating performance of listed companies. In this city a year ago or whether the Sample Firms assets assessment was divided into two groups, the empirical results show that the two groups before and after the listing of the Sample Firms operating performance has no significant difference. This is mainly because the company one year before the listing or the asset evaluation mostly just for the reorganization of a company registration, although some of the company's assets appraisal purpose is for reference for the issuance of stock pricing, but not a Sample Firms according to the assessment results to adjust the accounts.
(4) the relationship between the proportion of the first largest shareholder and the Sample Firms's operating performance is not significant. According to the proportion of large shareholders to the median Sample Firms are divided into two groups, the empirical results show that two samples had no significant change in the operating performance before and after IPO. The author believes that the GEM listed companies of different companies listed on the main board, mostly private enterprises but, most of the equity is controlled by a single family or a natural person, the capital structure has no significant effect on the operating performance of the company. At the same time, it may also be due to the launch of the GEM market in China is late, learn from other mature capital market experience, system design and perfect the governance structure of listed companies is more perfect, so as to overcome the problem of agency cost to a certain extent.
(5) to raise the proportion of funds has a significant impact on business performance. The Sample Firms to raise funds refers to the proportion of net assets and the amount of money raised before the listing to raise funds according to the proportion. The median percentage of the Sample Firms are divided into two groups, the empirical results show that these two groups of samples before and after the listing performance has significant difference. This is mainly because many enterprises, especially small enterprises, in order to use the foot offering amount, will use a variety of ways to exaggerate its investment demand, landscaping investment projects of the expected revenue. At the same time, the GEM listed companies, smaller scale, the motivation will be relatively common.
The third part: the fifth chapter, the IPO effect causes analysis and policy recommendations. This part combined with the actual situation of China's GEM market, according to the empirical research findings, from improving the quality of listed companies, and vigorously promote the development of venture capital, puts forward the policy implications of reducing the IPO effect and capital market intermediaries and improve the gem system so, to provide reference for the improvement of the gem IPO system in China.
The main contributions of the paper:
1, combined with China's GEM market, according to the IPO effect was studied and the effect factors for the classification process. The author read from the literature, domestic and foreign scholars on the IPO effect is less, especially in the gem of China is emerging capital markets, the corresponding research is less, this paper fills the previous research the vacancy in a certain extent.
2, the data in this paper come from the financial reports and prospectus of listed companies. The data are quite complete, and the research is realistic, which has high reliability and reality.
3, according to the current operation characteristics and research results of China's growth enterprise market and related theories, it puts forward suggestions for preventing and resolving the adverse effects of IPO effect from the three aspects of listed companies, capital market intermediaries and regulators, which has certain practical significance.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

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