本文選題：創(chuàng)業(yè)板市場 + IPO效應(yīng)　； 參考：《西南財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：2009年10月30日,深圳證券交易所創(chuàng)業(yè)板市場迎來首批上市的28家企業(yè),這意味著醞釀長達(dá)10年之久,備受關(guān)注的中國創(chuàng)業(yè)板市場終于修成正果。 創(chuàng)業(yè)板市場的成功推出,一方面為中小創(chuàng)新型企業(yè)提供了直接融資的渠道,另一方面完善了我國多層次資本市場體系,其重要意義不言而喻。 然而,這些備受矚目與期待的公司在上市一年后竟然有近三成公司的業(yè)績出現(xiàn)下滑,導(dǎo)致部分投資者損失慘重,學(xué)術(shù)界把這種企業(yè)在上市后經(jīng)營業(yè)績下滑的現(xiàn)象稱之為“IPO效應(yīng)”。IPO效應(yīng)的存在勢必會(huì)影響到創(chuàng)業(yè)板市場的健康發(fā)展,同時(shí)投資者也將面臨較高的投資風(fēng)險(xiǎn)。自上世紀(jì)90年代以來,前輩學(xué)者對IPO效應(yīng)的研究頗多,也留下了豐碩的研究成果,而且IPO效應(yīng)在多個(gè)國家的資本市場也被得到了證實(shí)。但是,目前對于深圳創(chuàng)業(yè)板市場是否存在IPO效應(yīng),學(xué)術(shù)界尚無公開發(fā)表的相關(guān)著作。 本文擬選取深圳創(chuàng)業(yè)板市場首批上市的這28家企業(yè)為研究樣本；采用加權(quán)平均資產(chǎn)收益率為業(yè)績衡量的主要指標(biāo),主營業(yè)務(wù)收入增長率和營業(yè)利潤增長率為業(yè)績衡量的輔助指標(biāo)；并運(yùn)用直接對比分析法和配對T檢驗(yàn)法對28家樣本企業(yè)在IPO前、后經(jīng)營業(yè)績及其變化情況進(jìn)行全面的實(shí)證分析。另外,將這28家樣本企業(yè)根據(jù)不同的因素進(jìn)行分組,然后運(yùn)用獨(dú)立樣本T檢驗(yàn)法分析這些不同因素對IPO效應(yīng)的影響情況。 研究結(jié)果表明：我國創(chuàng)業(yè)板市場整體而言存在IPO效應(yīng),行業(yè)及地區(qū)因素對企業(yè)上市后的IPO效應(yīng)影響不顯著；有創(chuàng)投的參與對企業(yè)上市當(dāng)年及上市一年后的IPO效應(yīng)影響顯著,但上市兩年后創(chuàng)投因素對IPO效應(yīng)影響不顯著。針對結(jié)論,在借鑒國外成熟資本市場的基礎(chǔ)上,結(jié)合我國的實(shí)際情況,就改善創(chuàng)業(yè)板市場IPO效應(yīng)提出以下三點(diǎn)建議：(1)適當(dāng)降低準(zhǔn)入門檻,鼓勵(lì)早期企業(yè)上市。從多方面衡量企業(yè)上市的標(biāo)準(zhǔn),降低對盈利水平的要求,減少企業(yè)為迎合上市條件而在上市前財(cái)務(wù)造假的動(dòng)力；(2)改善股票市場投資環(huán)境,建立有效的股票價(jià)值評(píng)估體系。通過在二級(jí)市場建立完善的價(jià)值評(píng)估體系,強(qiáng)調(diào)價(jià)值投資的核心理念,引導(dǎo)上市企業(yè)專注經(jīng)營主業(yè),提高上市企業(yè)的經(jīng)營業(yè)績；(3)完善退市制度,建立退市責(zé)任追究機(jī)制。通過加大對退市企業(yè)及相關(guān)的中介機(jī)構(gòu)(如保薦機(jī)構(gòu)、會(huì)計(jì)師事務(wù)所、律師事務(wù)所等)處罰力度,減少企業(yè)上市前會(huì)計(jì)粉飾,中介機(jī)構(gòu)充當(dāng)“幫兇”的動(dòng)力。 通過對前輩學(xué)者的總結(jié)分析,筆者認(rèn)為本文的可能創(chuàng)新之處體現(xiàn)在以下三個(gè)方面：(1)本文選取深圳創(chuàng)業(yè)板市場作為研究對象,彌補(bǔ)了學(xué)術(shù)界在這一方面的空白；(2)本文選取的均是企業(yè)在新會(huì)計(jì)準(zhǔn)則下運(yùn)營的財(cái)務(wù)數(shù)據(jù),與以前學(xué)者選用的數(shù)據(jù)相比,可信度較高；(3)針對我國創(chuàng)業(yè)板運(yùn)行的實(shí)際狀況和特點(diǎn)做了初步的分析。
[Abstract]:On October 30, 2009, the growth Enterprise Market of Shenzhen Stock Exchange welcomed the first batch of 28 listed enterprises, which meant that for 10 years, China's gem market, which has attracted much attention, has finally become a true fruit. The gem market has been successfully launched. On the one hand, it provides a direct financing channel for small and medium-sized innovative enterprises, on the other hand, it improves the multi-level capital market system of our country, and its significance is self-evident. It turns out that nearly 30% of these high-profile and expected companies have seen their performance decline a year after going public, resulting in heavy losses for some investors. The academic circles call this phenomenon "IPO effect". The existence of IPO effect will inevitably affect the healthy development of gem market, and investors will also face higher investment risk. Since the 1990s, there have been a lot of researches on the IPO effect, and the IPO effect has been proved in the capital markets of many countries. However, there is no published literature on whether there is IPO effect in Shenzhen gem market at present. This paper intends to select the first 28 enterprises listed on the gem market as the research sample. The weighted average rate of return on assets is used as the main indicator of performance measurement, and the growth rate of main business income and operating profit is the supplementary indicator of performance measurement. By using direct contrast analysis and paired T test, the paper makes a comprehensive empirical analysis on the operating performance and its changes of 28 sample enterprises before and after IPO. In addition, the 28 sample enterprises are grouped according to different factors, and then the independent sample T test method is used to analyze the influence of these different factors on the IPO effect. The results show that the IPO effect exists in the gem market as a whole. Industry and regional factors have no significant impact on the IPO effect after listing; the participation of venture capital has a significant impact on the IPO effect in the year of listing and one year after listing, but the factor of venture capital has no significant effect on the effect of IPO after two years of listing. In view of the conclusion, on the basis of using foreign mature capital markets for reference and combining the actual situation of our country, this paper puts forward the following three suggestions to improve the IPO effect of gem market: 1) to reduce the entry threshold appropriately and to encourage the early listing of enterprises. From many aspects to measure the standard of enterprise listing, to reduce the requirement of profit level, to reduce the motive force of financial fraud in order to meet the listing conditions, to improve the investment environment of stock market, and to establish an effective evaluation system of stock value. By establishing a perfect value evaluation system in the secondary market, emphasizing the core idea of value investment, guiding the listed enterprises to focus on the main business and improving the business performance of the listed enterprises, we should perfect the delisting system and establish the delisting liability investigation mechanism. By increasing the penalties imposed on delisting enterprises and related intermediary institutions (such as sponsor organizations, accounting firms, law firms, etc.), to reduce accounting whitewash before the listing of enterprises, The author thinks that the possible innovation of this paper is reflected in the following three aspects: 1) this paper chooses Shenzhen gem market as the research object. This paper selects the financial data of enterprises operating under the new accounting standards, compared with the data selected by previous scholars. This paper makes a preliminary analysis on the actual situation and characteristics of the gem in China.
【學(xué)位授予單位】：西南財(cái)經(jīng)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;F224

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本文編號(hào)：1982232