本文選題：創(chuàng)業(yè)板　切入點：IPO效應　出處：《山西財經(jīng)大學》2014年碩士論文　論文類型：學位論文

【摘要】：我國創(chuàng)業(yè)板市場開市四年來，面臨許多問題，，其經(jīng)營業(yè)績不能讓人滿意，部分創(chuàng)業(yè)板公司盈利能力低下，成長性不足，與創(chuàng)業(yè)板最初的市場定位不符，引起社會各方面的高度關(guān)注。對我國創(chuàng)業(yè)板首次公開募股發(fā)行的研究主要集中在抑價和超募等問題上，并且國內(nèi)學者對于IPO經(jīng)營業(yè)績變動的研究，大多集中在主板和中小板上，對于創(chuàng)業(yè)板市場的IPO前后經(jīng)營業(yè)績變化的研究相對比較少。國內(nèi)外已有的研究表明，在國外較為成熟的資本市場和我國主板、中小板市場，均不同程度地存在IPO效應。 本文結(jié)合我國創(chuàng)業(yè)板市場本身的特性和我國資本市場所處的特殊的社會經(jīng)濟環(huán)境，選取能夠代表創(chuàng)業(yè)板特點的成長性指標和盈利性指標，運用實證分析的方法對所選樣本數(shù)據(jù)進行觀察、分析、檢驗，考察我國創(chuàng)業(yè)板市場是否也存在IPO效應。得出結(jié)論：創(chuàng)業(yè)板樣本公司的凈資產(chǎn)收益率和凈利潤增長率在IPO后出現(xiàn)了顯著下滑現(xiàn)象，說明我國創(chuàng)業(yè)板也存在IPO效應。 論文通過對創(chuàng)業(yè)板經(jīng)營業(yè)績有影響的公司治理層面的變量建立回歸模型，分析檢驗得出結(jié)論：股權(quán)集中程度、獨立董事比例以及管理層持股比例等公司治理控制因素可以在一定程度上有效解釋創(chuàng)業(yè)板上市公司在IPO后經(jīng)營績效持續(xù)顯著下滑現(xiàn)象。最后，本文通過對實證結(jié)論的分析，從監(jiān)管控制以及公司治理層面提出相關(guān)的完善發(fā)展建議。
[Abstract]:The gem market in China has been facing many problems since its opening four years ago, and its operating performance is not satisfactory. Some gem companies have low profitability and insufficient growth, which is not consistent with the initial market positioning of the gem. The research on the initial public offering of gem in our country is mainly focused on the issues of underpricing and over-raising, and most of the domestic scholars' research on the change of IPO operating performance is concentrated on the main board and the small and medium-sized board. There is relatively little research on the change of business performance before and after the growth Enterprise Market (gem) IPO. The existing studies at home and abroad show that there exists the IPO effect to some extent in the more mature capital markets abroad and in the main and small board markets in China. According to the characteristics of gem and the special social and economic environment of our capital market, this paper selects the growth index and profitability index, which can represent the characteristics of gem. Using the method of empirical analysis to observe, analyze and test the selected sample data, This paper investigates whether there is IPO effect in China's gem market and draws a conclusion: the rate of return on net assets and the growth rate of net profit of gem sample companies decline significantly after IPO, which indicates that IPO effect also exists in gem of our country. Through the establishment of regression model on the variables of the corporate governance level which has an impact on the performance of the gem, the paper concludes that the degree of equity concentration is the degree of equity concentration. The corporate governance control factors such as the proportion of independent directors and the proportion of management holding shares can effectively explain the continuous and significant decline in the performance of listed companies in the gem after IPO. Finally, this paper analyzes the empirical results. From the supervision and control as well as corporate governance level to put forward relevant development suggestions.
【學位授予單位】：山西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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