本文選題：創(chuàng)業(yè)板 + IPO　； 參考：《中南大學(xué)》2012年碩士論文

【摘要】：公司IPO后的長(zhǎng)期表現(xiàn)一直都是IPO活動(dòng)研究領(lǐng)域的熱點(diǎn),且各國(guó)證券市場(chǎng)中普遍存在不同程度的IPO后長(zhǎng)期表現(xiàn)不佳的問(wèn)題。但目前國(guó)內(nèi)外對(duì)IPO后長(zhǎng)期表現(xiàn)到底是強(qiáng)勢(shì)還是弱勢(shì)并無(wú)定論,存在爭(zhēng)議的主要原因是隨著選擇的樣本時(shí)期、衡量方法和參照基準(zhǔn)的不同可能得到不同的結(jié)論。那么,我國(guó)創(chuàng)業(yè)板公司IPO后的表現(xiàn)如何?業(yè)績(jī)是否顯著下滑?IPO前后業(yè)績(jī)變化程度主要又受哪些因素的影響?這是本文重點(diǎn)研究的問(wèn)題。 國(guó)內(nèi)外關(guān)于IPO后長(zhǎng)期表現(xiàn)的研究主要分兩個(gè)角度：一個(gè)是研究IPO后的長(zhǎng)期股票回報(bào)率,另一個(gè)是研究IPO后的經(jīng)營(yíng)業(yè)績(jī)。本文結(jié)合我國(guó)創(chuàng)業(yè)板的實(shí)際,從經(jīng)營(yíng)業(yè)績(jī)的角度進(jìn)行研究,以2009年10月-2010年12月在我國(guó)創(chuàng)業(yè)板首次公開(kāi)發(fā)行股票的152家公司為樣本,首先對(duì)其上市前一年、上市當(dāng)年和上市后一年的經(jīng)營(yíng)業(yè)績(jī)進(jìn)行比較,檢驗(yàn)創(chuàng)業(yè)板IPO后經(jīng)營(yíng)業(yè)績(jī)是否顯著下滑,然后從多個(gè)方面對(duì)可能影響創(chuàng)業(yè)板公司IPO前后業(yè)績(jī)變化程度的相關(guān)因素逐一進(jìn)行分析,最后通過(guò)構(gòu)建多元線性回歸模型,采用逐步回歸分析的方法,分析了所有能夠進(jìn)入模型的因素對(duì)創(chuàng)業(yè)板公司IPO前后業(yè)績(jī)變化的總影響。結(jié)果表明：(1)我國(guó)創(chuàng)業(yè)板公司上市后經(jīng)營(yíng)業(yè)績(jī)顯著下滑,即存在“IPO效應(yīng)”；(2)對(duì)創(chuàng)業(yè)板公司IPO前后業(yè)績(jī)變化幅度影響最顯著的因素是其上市前的盈余管理,上市前的正向盈余管理幅度越大,公司IPO后的業(yè)績(jī)下滑也越明顯；(3)從對(duì)各影響因素的分析來(lái)看,公司成立時(shí)間、保薦商聲譽(yù)和第一大股東持股比例等因素均對(duì)創(chuàng)業(yè)板公司IPO前后業(yè)績(jī)變化程度無(wú)顯著影響。本研究豐富了創(chuàng)業(yè)板IPO活動(dòng)研究領(lǐng)域的成果,對(duì)幫助投資者規(guī)避風(fēng)險(xiǎn)和監(jiān)管者完善創(chuàng)業(yè)板制度具有一定的現(xiàn)實(shí)意義。
[Abstract]:The long-term performance of the company after IPO has always been a hot spot in the research field of IPO activities, and the problem of long-term poor performance after IPO in various countries generally exists in the stock markets of various countries. However, there is no conclusion at home and abroad whether the long-term performance of IPO is strong or weak. The main reason for the controversy is that with the selected sample period, different measurement methods and reference criteria may lead to different conclusions. So, China's gem after the performance of IPO? Is there a significant decline in performance before and after IPOs, the extent of changes in performance is mainly affected by what factors? This is the focus of this paper. The research on long-term performance after IPO at home and abroad is mainly from two angles: one is to study the long-term stock return after IPO, the other is to study the operating performance after IPO. In this paper, based on the actual situation of China's gem, this paper makes a study from the point of view of business performance, taking 152 companies listed on the gem from October 2009 to December 2010 as a sample, first of all, one year before listing. By comparing the operating performance of gem with that of one year after listing, the paper tests whether the performance of gem after IPO has declined significantly, and then analyzes the related factors that may affect the degree of change of gem company's performance before and after IPO from many aspects. Finally, by constructing a multivariate linear regression model and using the method of stepwise regression analysis, this paper analyzes the total influence of all the factors that can enter the model on the performance changes of gem companies before and after IPO. The results show that: 1) the operating performance of gem companies after listing has declined significantly, that is, the existence of "IPO effect" and "IPO effect" has the most significant influence on the change of performance of gem companies before and after IPO. The most significant factor is earnings management before and after listing. The larger the range of forward earnings management before listing, the more obvious the decline in the company's performance after IPO.) from the analysis of the factors affecting the company, we can see that the time when the company was founded, The reputation of sponsors and the proportion of the largest shareholders have no significant influence on the performance of gem before and after IPO. This study enriches the research achievements of gem IPO activities, and has certain practical significance to help investors avoid risks and regulators to perfect gem system.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51

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