發(fā)布時(shí)間：2018-03-08 13:29

  本文選題：中國(guó)創(chuàng)業(yè)板　切入點(diǎn)：IPO績(jī)效　出處：《湖南工業(yè)大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：2009年10月30日，中國(guó)創(chuàng)業(yè)板市場(chǎng)正式成立。目前，中國(guó)創(chuàng)業(yè)板的發(fā)展時(shí)間尚短，很多制度尚需完善，上市股票的年份和數(shù)量相對(duì)于主板和中小板市場(chǎng)還比較少，且學(xué)術(shù)界針對(duì)中國(guó)創(chuàng)業(yè)板的理論大都停留在定性的范疇，雖有實(shí)證方面的理論，但大都針對(duì)中國(guó)創(chuàng)業(yè)板IPO效應(yīng)和抑價(jià)方面的研究，而對(duì)中國(guó)創(chuàng)業(yè)板IPO績(jī)效方面的實(shí)證研究比較少。鑒于此，本文在著重分析中國(guó)創(chuàng)業(yè)板IPO市場(chǎng)特征的基礎(chǔ)上，對(duì)中國(guó)創(chuàng)業(yè)板IPO績(jī)效進(jìn)行研究，并分析影響中國(guó)創(chuàng)業(yè)板IPO績(jī)效的因素，建立關(guān)于中國(guó)創(chuàng)業(yè)板IPO績(jī)效影響因素的多元回歸模型，進(jìn)行實(shí)證分析。筆者的實(shí)證研究，是針對(duì)目前中國(guó)創(chuàng)業(yè)板成立尚短、還不太完善的現(xiàn)實(shí)，因此具有一定的理論和現(xiàn)實(shí)意義，希望能為一些投資者、上市公司等提供一些參考。 本文首先論述了研究的背景、目的及意義，并對(duì)國(guó)內(nèi)外有關(guān)IPO績(jī)效的研究現(xiàn)狀進(jìn)行歸納和總結(jié)，同時(shí)介紹了研究的內(nèi)容和創(chuàng)新點(diǎn)；其次是分析了中國(guó)創(chuàng)業(yè)板IPO市場(chǎng)發(fā)展的歷史過(guò)程及特征；再次是對(duì)中國(guó)創(chuàng)業(yè)板IPO上市企業(yè)相關(guān)指標(biāo)的研究設(shè)計(jì)和資料收集，，研究?jī)?nèi)容以2007年1月1日到2011年12月31日期間的、并于深圳證券交易所上市的281家公司為樣本，同時(shí)根據(jù)國(guó)內(nèi)外的研究現(xiàn)狀，并結(jié)合中國(guó)創(chuàng)業(yè)板市場(chǎng)的實(shí)際情況，運(yùn)用配對(duì)T檢驗(yàn)的方法檢驗(yàn)了中國(guó)創(chuàng)業(yè)板IPO績(jī)效的情況，最后還選取了9個(gè)對(duì)中國(guó)創(chuàng)業(yè)板IPO績(jī)效有影響的變量，建立線(xiàn)性回歸模型，檢驗(yàn)中國(guó)創(chuàng)業(yè)板IPO績(jī)效與其影響因素的相互關(guān)系。 實(shí)證研究結(jié)果表明：中國(guó)創(chuàng)業(yè)板IPO績(jī)效在IPO后有下滑的現(xiàn)象；凈資產(chǎn)增長(zhǎng)率、存貨周轉(zhuǎn)率、中國(guó)創(chuàng)業(yè)板IPO所屬行業(yè)、主營(yíng)業(yè)務(wù)收入增長(zhǎng)率、具有風(fēng)險(xiǎn)投資背景的企業(yè)均與代表中國(guó)創(chuàng)業(yè)板IPO績(jī)效的凈資產(chǎn)收益率顯著的正相關(guān)關(guān)系，而資產(chǎn)負(fù)債率與中國(guó)創(chuàng)業(yè)板IPO績(jī)效為顯著的負(fù)相關(guān)關(guān)系。最后論文提出研究結(jié)論和建議。
[Abstract]:In October 30, 2009, the formal establishment of China gem market. At present, the development time of Chinese gem is still short, many systems still need to be improved, and the number of year listed stocks relative to the main board and small board market is still relatively small, and the academic theory for China gem is still in qualitative category, although empirical theory according to the research, but most of the IPO effect Chinese gem Underpricing and the less empirical research on the performance of the gem IPO Chinese. In view of this, this paper focuses on the analysis of the characteristics based on Chinese gem IPO market, to study the IPO performance of the gem Chinese, and analyze the influencing factors of entrepreneurial performance IPO in China, establish a multiple regression model of factors affecting IPO performance of the gem Chinese, empirical analysis. The empirical test, is aimed at the establishment of the gem China is still short, too The perfect reality, therefore, has a certain theoretical and practical significance, and hope to provide some reference for some investors, listed companies and so on.
This paper first discusses the research background, purpose and significance, and research status about IPO performance at home and abroad are summarized, and introduces research content and innovation; the second is the analysis of the historical process and the characteristics of China gem IPO market development; again is listed on the gem related index China IPO enterprises the research design and data collection, research content from January 1, 2007 to December 31, 2011, 281 companies were listed on the Shenzhen stock exchange as the sample, according to the research status at home and abroad, combined with the actual situation of China gem market, using the paired T test to test the IPO performance of the gem China situation, finally also selected 9 have effect on the performance of Chinese gem IPO variables, a linear regression model to test Chinese gem IPO performance and its influencing factors are Relationship.
The empirical results show that the performance of IPO Chinese gem is declining phenomenon in IPO; the growth rate of net assets, inventory turnover rate, China gem IPO industry, the growth rate of main business income, with the background of venture capital investment enterprises were positively correlated with IPO performance on behalf of the gem Chinese net the return on assets, asset liability ratio and IPO performance of the gem China significant negative correlation. Finally the paper puts forward the research conclusion and suggestions.

【學(xué)位授予單位】：湖南工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F224

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1 記者 周饋÷礞烘

本文編號(hào)：1584095