創(chuàng)業(yè)板上市公司IPO前后業(yè)績(jī)變化及影響因素研究
本文選題:創(chuàng)業(yè)板 + IPO ; 參考:《哈爾濱商業(yè)大學(xué)》2014年碩士論文
【摘要】:創(chuàng)業(yè)板的推出為中小企業(yè)提供了很好的融資平臺(tái),解決了部分中小企業(yè)融資難的問(wèn)題,使中小企業(yè)突破缺少發(fā)展資金的瓶頸,增強(qiáng)了中小企業(yè)成長(zhǎng)為大公司的信心和希望,然而并不是通過(guò)創(chuàng)業(yè)板上市后企業(yè)的發(fā)展就會(huì)一帆剛順、穩(wěn)步前進(jìn),再無(wú)后顧之憂。在眾多中小企業(yè)爭(zhēng)相通過(guò)創(chuàng)業(yè)板IPO后,本想著可以借著創(chuàng)業(yè)板的平臺(tái)一展才華壯大自己,但實(shí)際上創(chuàng)業(yè)板上市公司IPO后業(yè)績(jī)出現(xiàn)了普遍下滑的現(xiàn)象。誠(chéng)然,公司業(yè)績(jī)的好壞是衡量創(chuàng)業(yè)板成功與否的關(guān)鍵要素,所以弄清哪些因素導(dǎo)致創(chuàng)業(yè)板公司IPO后業(yè)績(jī)下滑對(duì)企業(yè)的發(fā)展和創(chuàng)業(yè)板的完善是至關(guān)重要的。 首先,闡明論文的研究背景及意義,分析國(guó)內(nèi)外相關(guān)研究的現(xiàn)狀,確定研究思路與方法。其次,簡(jiǎn)要闡述創(chuàng)業(yè)板和IPO效應(yīng)的含義,公司業(yè)績(jī)衡量的指標(biāo),分別從經(jīng)濟(jì)學(xué)、管理學(xué)和財(cái)務(wù)學(xué)的角度闡述了創(chuàng)業(yè)板IPO效應(yīng)的理論基礎(chǔ)。再次,從市場(chǎng)和企業(yè)自身兩個(gè)角度出發(fā),分析影響創(chuàng)業(yè)板上市公司IPO前后業(yè)績(jī)變化的因素,并以創(chuàng)業(yè)板IPO公司為研究對(duì)象,收集相關(guān)樣本數(shù)據(jù),在對(duì)數(shù)據(jù)進(jìn)行整理后,對(duì)樣本公司IPO業(yè)績(jī)進(jìn)行統(tǒng)計(jì)分析,在此基礎(chǔ)上又對(duì)融資規(guī)模和有無(wú)風(fēng)險(xiǎn)投資背景兩個(gè)因子對(duì)IPO業(yè)績(jī)的影響效應(yīng)進(jìn)行了實(shí)證檢驗(yàn),并構(gòu)建模型進(jìn)行回歸分析。最后,在充分考慮影響創(chuàng)業(yè)板上市公司IPO前后業(yè)績(jī)變化的因素基礎(chǔ)上,分別從政府監(jiān)管部門和企業(yè)自身兩方面對(duì)改善創(chuàng)業(yè)板上市公司IPO后業(yè)績(jī)下滑提出相應(yīng)的對(duì)策建議。 創(chuàng)業(yè)板上市公司的發(fā)展關(guān)系到資本市場(chǎng)的穩(wěn)定性和多層次性,對(duì)創(chuàng)業(yè)板上市公司IPO前后業(yè)績(jī)變化進(jìn)行科學(xué)的分析,并提出具有針對(duì)性的改進(jìn)措施,既有助于提高整個(gè)國(guó)家經(jīng)濟(jì)的發(fā)展又有利于資本市場(chǎng)的進(jìn)一步完善。
[Abstract]:The launch of the gem provides a good financing platform for small and medium-sized enterprises, solves the problem of financing difficulties for some small and medium-sized enterprises, makes small and medium-sized enterprises break through the bottleneck of lack of development funds, and enhances the confidence and hope that small and medium-sized enterprises will grow into large companies. However, it is not through the gem after the development of enterprises will be a smooth, steady progress, no worries. After many small and medium-sized enterprises compete to pass the gem IPO, we think that we can strengthen ourselves through the gem platform, but in fact, the performance of the gem listed companies after the IPO has generally declined. It is true that the performance of the company is the key factor to measure the success of the gem, so it is very important to find out which factors lead to the decline of the performance of the gem after IPO for the development of the enterprise and the perfection of the gem. First of all, clarify the research background and significance of the paper, analyze the current situation of research at home and abroad, determine the research ideas and methods. Secondly, the meaning of gem and IPO effect, the index of corporate performance measurement, and the theoretical basis of gem IPO effect are expounded from the angles of economics, management and finance respectively. Thirdly, from the perspective of market and enterprises themselves, this paper analyzes the factors that affect the performance changes of gem listed companies before and after IPO, and takes gem IPO as the research object, collects relevant sample data, after collating the data, On the basis of the statistical analysis of the IPO performance of the sample company, the paper empirically tests the effect of the financing scale and the risk investment background on the IPO performance, and constructs the model to carry on the regression analysis. Finally, on the basis of fully considering the factors that affect the performance changes of gem listed companies before and after IPO, the corresponding countermeasures and suggestions are put forward from two aspects of government supervision department and enterprises themselves to improve the performance decline of gem listed companies after IPO. The development of gem listed companies is related to the stability and multi-level of capital market. This paper makes a scientific analysis of the performance changes of gem listed companies before and after IPO, and puts forward some corresponding improvement measures. It helps to improve the development of the whole country's economy and the further perfection of the capital market.
【學(xué)位授予單位】:哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2014
【分類號(hào)】:F832.51;F275
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