發(fā)布時間：2018-06-22 14:56

  本文選題：IPO效應(yīng) + 中小企業(yè)版��； 參考：《河南大學(xué)》2014年碩士論文

【摘要】：2004年5月17日，經(jīng)國務(wù)院和中國證監(jiān)會研究決定并批復(fù)同意，中小企業(yè)版塊在深圳證券交易所主板市場內(nèi)正式設(shè)立。2004年5月27日，深交所為中小板舉行了板塊啟動儀式，6月25日又舉行了首次上市儀式，新和成（002001）、宏大興業(yè)（002002）等8家公司正式掛牌交易。中小企業(yè)板是我國為設(shè)立創(chuàng)業(yè)板并最終構(gòu)建多層次資本市場所進行的探索性嘗試，從某種意義上講中小板是中國特色股票市場。從設(shè)立至今，中小板已經(jīng)走過了10個年頭，市場運作日漸成熟，上市公司的數(shù)量不斷擴大，已成為我國資本市場不可或缺的組成部分。但通過觀察中小板指數(shù)我們不難看出，中小板市場處在一個極不穩(wěn)定的狀態(tài)，中小板指數(shù)最高點達到了7493.29點，而最低點達到了1377.72點。指數(shù)是市場運行變化的重要指標(biāo)，，而背后的實質(zhì)則是上市公司的經(jīng)營業(yè)績狀況。中小板指數(shù)的巨大波動說明上市公司的業(yè)績存在不穩(wěn)定現(xiàn)象，為了研究這一問題筆者特別引入“IPO”效應(yīng)”這一概念。 IPO效應(yīng)反應(yīng)了這樣一種現(xiàn)象：上市公司在首次招股之后經(jīng)營業(yè)績普遍下降，顯著低于上市前一年，且在上市后3～5年內(nèi)的經(jīng)營業(yè)績也普遍低于上市前的平均水平。Jain和Kini在1994年首次提出了IPO效應(yīng)之后，上市公司的真實業(yè)績水平再次引發(fā)了國內(nèi)外學(xué)者和投資者的關(guān)注。各國學(xué)者通過不同的驗證方法，對全球多個股票市場的上市公司作了實證研究分析并得出了一些創(chuàng)新性的結(jié)論，在此過程中取得了豐碩的研究成果。通過對IPO效應(yīng)的研究與驗證，可以很好的解讀上市公司在IPO前后經(jīng)營業(yè)績的變化，并為中小企業(yè)的長期發(fā)展提出一些合理的建議，進而不斷完善我國的股票市場和資本市場。股票市場不但是公司進行融資的重要渠道，同時也是股東進行投資的重要渠道。公司業(yè)績的跌宕起伏必定使公司的股票價格震蕩不斷，加之機構(gòu)投資者的參與，中小股東在股票市場上被反復(fù)絞殺也就成為了必然。當(dāng)前，有人把中國的股市稱之為“猴市”，筆者認(rèn)為在某種程度上形容的十分恰當(dāng)。投機氛圍過重，缺乏穩(wěn)健的價值投資理念，是中國股票市場存在的嚴(yán)重問題。基于以上原因，研究IPO效應(yīng)的相關(guān)問題就顯得十分必要。 本文以2004年～2007年在中小板首發(fā)上市的公司作為研究樣本，在搜集樣本公司核心財務(wù)數(shù)據(jù)的基礎(chǔ)上，通過構(gòu)建模擬公司和計算模擬公司的業(yè)績評價指標(biāo)，對全體樣本的經(jīng)營業(yè)績水平做出初步的描述性判斷。之后又運用可信度檢驗和單樣本t檢驗對樣本公司在IPO前后經(jīng)營業(yè)績的變化情況作了更為準(zhǔn)確的計量分析并得出了相關(guān)結(jié)論。在實證分析的基礎(chǔ)上，筆者緊密結(jié)合我國的宏觀經(jīng)濟環(huán)境和證券市場環(huán)境，對我國中小板市場在發(fā)展過程中存在的問題作了闡述，并據(jù)此提出了一些對策，以期能夠為我國的股票市場更加合理有序的運作提供借鑒。
[Abstract]:On May 17, 2004, after the decision of the State Council and the China Securities Regulatory Commission, and with the approval, the small and medium-sized enterprises were formally established in the main board of the Shenzhen Stock Exchange. On May 27, 2004, Shenzhen Stock Exchange held a plate launch ceremony for small and medium board, June 25 held an initial listing ceremony, Xinhe Cheng (002001), Grand Societe Generale (002002) and other eight companies officially listed. The SME board is an exploratory attempt to set up the gem and finally construct the multi-level capital market in our country. In a sense, the SME board is the stock market with Chinese characteristics. Since its establishment, small and medium-sized boards have gone through 10 years, the market operation has matured day by day, the number of listed companies has been expanding, has become an indispensable part of the capital market in China. However, it is not difficult to see that the market is in a very unstable state, with the highest point reaching 7493.29 points and the lowest point reaching 1377.72 points. Index is an important index of market operation change, and the essence behind it is the operating performance of listed companies. The huge fluctuations in the index of small and medium-sized boards indicate that the performance of listed companies is unstable. In order to study this problem, the author introduces the concept of "IPO" effect. The IPO effect reflects the phenomenon that the operating performance of listed companies generally declines after initial public offering, which is significantly lower than that of the year before listing. After the IPO effect was first put forward by Jain and Kini in 1994, the real performance of listed companies again attracted the attention of domestic and foreign scholars and investors. Through different verification methods, scholars from various countries have made empirical research and analysis on listed companies in many stock markets around the world, and have drawn some innovative conclusions, and have achieved fruitful research results in the process. Through the research and verification of IPO effect, we can interpret the changes of operating performance of listed companies before and after IPO, and put forward some reasonable suggestions for the long-term development of small and medium-sized enterprises, and then continuously improve the stock market and capital market of our country. Stock market is not only an important channel for financing, but also an important channel for shareholders to invest. The ups and downs of the company's performance must make the company's stock price fluctuate continuously, together with the participation of the institutional investors, the minority shareholders in the stock market has been repeatedly strangled. At present, some people call China's stock market "monkey market", and I think it is quite appropriate to describe it to some extent. Excessive speculative atmosphere and lack of sound value investment concept are serious problems in Chinese stock market. Based on the above reasons, it is necessary to study the IPO effect. Based on the core financial data collected from 2004 to 2007, this paper takes the listed companies listed on the small and medium-sized board as the research samples, and constructs the performance evaluation indexes of the simulated companies and the simulated companies. This paper makes a preliminary descriptive judgment on the operating performance level of all samples. Then the reliability test and the single sample t test are used to analyze the change of operating performance of the sample company before and after IPO more accurately and the relevant conclusions are obtained. On the basis of the empirical analysis, the author closely combines the macroeconomic environment and the securities market environment of our country, and expounds the problems existing in the development of the small and medium-sized board market of our country, and puts forward some countermeasures accordingly. In order to provide a more rational and orderly operation of the stock market in China.
【學(xué)位授予單位】：河南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F224

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本文編號：2053192