本文關(guān)鍵詞：不同上市方式下公司績效的實(shí)證研究　出處：《山東財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 上市公司 上市方式 市場(chǎng)績效 財(cái)務(wù)績效

【摘要】：上市是企業(yè)迅速融通資金、增強(qiáng)自身競(jìng)爭(zhēng)力的重要策略和手段。一般來說，企業(yè)可以選擇的上市方式有兩種：IPO和借殼上市。那么，企業(yè)在上市后的績效是否真的會(huì)有顯著提升？選擇不同上市方式的企業(yè)上市后績效是否有顯著差異？能給我們帶來何種啟示？當(dāng)前，較多的文獻(xiàn)集中于一種上市方式下的公司績效層面，而對(duì)于同時(shí)研究兩種上市方式并將其公司績效進(jìn)行比較的研究雖已在國外逐步興起且進(jìn)行了一定的實(shí)證檢驗(yàn)，但在國內(nèi)有關(guān)研究還相對(duì)較少。因此，研究我國資本市場(chǎng)不同上市方式下的公司績效現(xiàn)狀顯得尤為必要和迫切。 本文選取2007-2009年間在我國主板市場(chǎng)通過IPO上市的297家公司和通過借殼上市的76家公司作為研究樣本。在理論研究部分，對(duì)相關(guān)文獻(xiàn)進(jìn)行了分析和總結(jié)，將IPO和借殼上市兩種方式進(jìn)行了比較分析，并重新界定了借殼上市、公司績效等相關(guān)概念。在實(shí)證研究部分，從市場(chǎng)績效和財(cái)務(wù)績效兩個(gè)角度分別對(duì)不同上市方式下的公司績效進(jìn)行了縱向研究。在此基礎(chǔ)上，本文還重點(diǎn)對(duì)兩種上市方式下的公司績效進(jìn)行了比較研究，以了解是否會(huì)出現(xiàn)顯著差異并分析差異原因。 本文研究發(fā)現(xiàn)，通過IPO上市的公司績效有了一定程度的提升，特別是市場(chǎng)績效有較大幅度的增長；通過借殼上市的公司財(cái)務(wù)績效表現(xiàn)并不優(yōu)異但增長顯著，市場(chǎng)績效表現(xiàn)則較為強(qiáng)勢(shì)但在后期有軟軟跡象；兩種上市方式下公司績效的比較研究中，在市場(chǎng)績效層面，借殼上市公司在大部分時(shí)間里都優(yōu)于IPO公司，，但在后期逐漸被后者超越，在穩(wěn)定性上，IPO公司明顯強(qiáng)于借殼上市公司，這表明借殼公司股價(jià)表現(xiàn)雖好，但風(fēng)險(xiǎn)較大；財(cái)務(wù)績效層面，借殼上市公司上市伊始表現(xiàn)并不占優(yōu)勢(shì)，但在第二年和第三年有了較大幅度的提升。然而，與IPO上市公司相比，其財(cái)務(wù)績效仍然明顯處于劣勢(shì)。
[Abstract]:Listing is an important strategy and means for enterprises to quickly raise funds and enhance their own competitiveness. Generally speaking, there are two kinds of listed ways that enterprises can choose: IPO and backdoor listing. Will there really be a significant improvement in the performance of companies after listing? Is there a significant difference in post-IPO performance of companies that choose different modes of listing? What can we learn? At present, more literatures focus on the corporate performance level under one kind of listing mode. Although the research on the two ways of listing at the same time and compare their corporate performance has gradually emerged in foreign countries and carried out a certain empirical test, but in China, the relevant research is relatively small. It is necessary and urgent to study the current situation of corporate performance under different listing modes in China's capital market. This paper selects 297 companies listed through IPO and 76 companies listed through backdoor in China's main board market from 2007 to 2009 as research samples. This paper analyzes and summarizes the relevant literature, compares IPO and backdoor listing, and redefines the related concepts such as backdoor listing, corporate performance and so on. In the part of empirical research. From the perspective of market performance and financial performance, this paper makes a longitudinal study on corporate performance under different listing modes. On this basis, this paper also focuses on the comparative study of corporate performance under the two modes of listing. To see if there are significant differences and analyze the reasons for the differences. This paper finds that the performance of listed companies through IPO has been improved to a certain extent, especially the market performance has increased by a large margin; The financial performance of the listed companies through backdoor listing is not good but the growth is significant. The market performance is stronger but there are soft signs in the later period. In the comparative study of corporate performance under the two modes of listing, in the aspect of market performance, the backdoor listed company is better than IPO company in most of the time, but in the later period, it is gradually overtaken by the latter, and it is stable. The IPO company is obviously better than the backdoor listed company, which indicates that the stock price of the backdoor company is good, but the risk is higher; At the financial performance level, the initial performance of backdoor listed companies is not dominant, but in the second and third year there has been a significant improvement. However, compared with IPO listed companies. Its financial performance is still clearly at a disadvantage.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1410726