本文關(guān)鍵詞： 創(chuàng)業(yè)板 經(jīng)營業(yè)績 影響因素　出處：《遼寧大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：2009年10月23日我國創(chuàng)業(yè)板市場正式開板，迄今為止已經(jīng)有四年多的時(shí)間，創(chuàng)業(yè)板市場的成立在一定程度上使中小企業(yè)融資困難問題得到了解決。但是從近幾年創(chuàng)業(yè)板市場上市的公司的年報(bào)來看，這些企業(yè)上市之后的整體表現(xiàn)并不是特別令人滿意，，有一些企業(yè)甚至?xí)刑潛p的現(xiàn)象出現(xiàn)。而過去學(xué)者對IPO前后經(jīng)營業(yè)績變化及其影響因素的實(shí)證研究主要針對的是主板市場，而對創(chuàng)業(yè)板在這方面進(jìn)行的實(shí)證研究比較少。基于此，本文從我國創(chuàng)業(yè)板市場的現(xiàn)狀以及創(chuàng)業(yè)板上市公司特征出發(fā)，在總結(jié)過去學(xué)者研究此問題的方法的基礎(chǔ)上，對我國創(chuàng)業(yè)板上市公司的IPO前后經(jīng)營業(yè)績的變化及其影響因素進(jìn)行了實(shí)證研究。 本文通過盈利能力、營運(yùn)能力、償債能力和成長能力四個(gè)方面對創(chuàng)業(yè)板上市公司經(jīng)營業(yè)績進(jìn)行反映，并選取了總資產(chǎn)凈利率、權(quán)益凈利率、總資產(chǎn)周轉(zhuǎn)率、流動(dòng)比率、資產(chǎn)負(fù)債率和銷售收入增長率等六個(gè)財(cái)務(wù)指標(biāo)，運(yùn)用雙尾配對T檢驗(yàn)、因子分析和回歸分析的方法對IPO前后經(jīng)營業(yè)績變化及其影響因素的分析進(jìn)行了實(shí)證研究。 經(jīng)過研究發(fā)現(xiàn)：樣本公司的盈利能力、營運(yùn)能力、償債能力和成長能力四個(gè)方面的六個(gè)財(cái)務(wù)指標(biāo)中，流動(dòng)比率在IPO后顯著上升，說明IPO改變了上市公司的資本結(jié)構(gòu)，使其流動(dòng)資產(chǎn)增加；而總資產(chǎn)凈利率、權(quán)益凈利率、總資產(chǎn)周轉(zhuǎn)率、資產(chǎn)負(fù)債率、銷售收入增長率五個(gè)財(cái)務(wù)指標(biāo)在IPO后均顯著下降，說明我國創(chuàng)業(yè)板上市公司在IPO后的經(jīng)營業(yè)績存在著明顯的下滑。而股權(quán)集中度、風(fēng)險(xiǎn)投資、IPO融資規(guī)模、行業(yè)因素在一定程度上與IPO后經(jīng)營業(yè)績的下滑程度有關(guān)，其中股權(quán)集中度反向影響IPO經(jīng)營業(yè)績的下滑程度；風(fēng)險(xiǎn)投資正向影響IPO后經(jīng)營業(yè)績的下滑程度；IPO融資規(guī)模正向影響IPO后經(jīng)營業(yè)績的下滑程度，而行業(yè)因素中信息技術(shù)反向影響IPO經(jīng)營業(yè)績的下滑程度。最后本文根據(jù)實(shí)證研究結(jié)果對我國創(chuàng)業(yè)板市場的發(fā)展提出了相關(guān)政策建議。
[Abstract]:In October 23rd 2009, China's gem market officially opened, so far has been more than four years, To a certain extent, the establishment of the gem market has solved the financing difficulties of SMEs. However, from the annual reports of companies listed on the gem in recent years, the overall performance of these enterprises after listing is not particularly satisfactory. Some enterprises may even lose money. But in the past, the empirical research on the change of operating performance before and after IPO and its influencing factors is mainly focused on the main board market. However, there are few empirical studies on gem in this respect. Based on this, this paper starts from the current situation of the gem market and the characteristics of listed companies in the gem, and summarizes the methods used by scholars to study this issue in the past. This paper makes an empirical study on the change of operating performance of listed companies in gem before and after IPO and its influencing factors. In this paper, the performance of gem listed companies is reflected from four aspects: profitability, operating ability, solvency and growth ability, and the net interest rate of total assets, net interest rate of equity, turnover rate of total assets and current ratio are selected. Six financial indexes, such as asset-liability ratio and sales income growth rate, are used to analyze the change of operating performance and its influencing factors before and after IPO by using double-tail paired T test, factor analysis and regression analysis. It is found that among the six financial indexes of the sample company in terms of profitability, operating ability, solvency and growth ability, the liquidity ratio increases significantly after IPO, indicating that IPO has changed the capital structure of listed companies. The total net interest rate of assets, equity net interest rate, total asset turnover ratio, asset-liability ratio and sales income growth rate all decreased significantly after IPO. It shows that there is a significant decline in the operating performance of the listed companies in the gem after IPO, and the degree of equity concentration, the financing scale of venture capital and the industry factors are related to the decline of the business performance after IPO to some extent. Among them, equity concentration negatively affects the decline degree of IPO business performance, venture capital positively affects the decline degree of IPO business performance and the scale of financing positively affects the decline degree of IPO business performance after IPO. However, information technology has a negative effect on the decline of IPO performance. Finally, according to the results of empirical research, this paper puts forward some policy recommendations on the development of gem market in China.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F276.6;F832.51

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