本文關(guān)鍵詞： NASDAQ市場 IPO效應(yīng) 經(jīng)營業(yè)績 差異顯著性檢驗(yàn)　出處：《河南大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：美國NASDAQ市場成立于1971年，自成立以來孕育了微軟、谷歌、蘋果、IBM等一大批成功的高科技公司，它的成功大大推動了美國的科技事業(yè)發(fā)展，同時，也為美國的經(jīng)濟(jì)發(fā)展做出了巨大貢獻(xiàn)。美國NASDAQ市場作為全球第二大股票交易市場，為中小高科技企業(yè)融資提供了優(yōu)質(zhì)平臺，成為支持全球中小企業(yè)發(fā)展的榜樣。對NASDAQ市場的成功，眾多學(xué)者都將其歸功于NASDAQ市場完善的制度，而筆者認(rèn)為，NASDAQ市場的成功絕不僅僅是制度上的成功，而是源于優(yōu)秀的公司。所以筆者從上市公司的“IPO效應(yīng)”入手，對NASDAQ市場的上市公司業(yè)績進(jìn)行了研究，對比了公司在上市前后的業(yè)績表現(xiàn)，觀察其有無所謂的”IPO效應(yīng)”。 “IPO效應(yīng)”最早由英國學(xué)者Jain和Kini于1994年提出，指上市公司在IPO之后3到5年內(nèi)經(jīng)營業(yè)績普遍下降的現(xiàn)象�！癐PO效應(yīng)”提出后，國內(nèi)外學(xué)者對其進(jìn)行了廣泛的研究，普遍研究結(jié)果顯示全球各大市場均存在IPO效應(yīng)。但這些研究大都基于中位數(shù)的方法，本文將采用加總法對市場整體回報(bào)率進(jìn)行上市前后的對比，試圖找到美國NASDAQ市場上市公司的成功不僅在于NASDAQ市場完善的制度，，更在于其上市公司合理的利用了NASDAQ市場的平臺,快速渡過高風(fēng)險(xiǎn)期，推動公司快速發(fā)展，在上市后創(chuàng)造更大的價值。 本文嘗試以2004年到2009年間在美國創(chuàng)業(yè)板NASDAQ上市的美國本土公司為研究對象，采用統(tǒng)計(jì)分析和單樣本t檢驗(yàn)的方法對上市前后的業(yè)績表現(xiàn)進(jìn)行比較分析和檢驗(yàn)，發(fā)現(xiàn)其并不存在所謂的“IPO效應(yīng)”。即，在NASDAQ上市的美國本土公司在上市后3年內(nèi)業(yè)績并沒有出現(xiàn)下滑的現(xiàn)象，反而有所上升。為了檢驗(yàn)實(shí)證分析結(jié)果的可靠性與顯著性，筆者對其進(jìn)行了單樣本t檢驗(yàn)。檢驗(yàn)結(jié)果顯示，全樣本模擬公司能很好的模擬各年樣本公司的業(yè)績，并且全樣本模擬公司的財(cái)務(wù)指標(biāo)在上市后3年較上市前1年有顯著差異。由此可知，NASDAQ美國本土公司在上市后并沒有出現(xiàn)業(yè)績下滑，反而出現(xiàn)了明顯的業(yè)績上升現(xiàn)象，違背了傳統(tǒng)的“IPO效應(yīng)”理論。 而這種與眾多學(xué)者截然相反的結(jié)論正好驗(yàn)證了筆者的分析，美國NASDSAQ市場的成功除了歸功于完善的制度，更要?dú)w功于公司為股東創(chuàng)造利潤的健康的公司治理制度和不斷創(chuàng)新發(fā)展的積極進(jìn)取的企業(yè)文化。并以此為依據(jù)對中國“新三板”市場的發(fā)展提出一些建議。
[Abstract]:The United States NASDAQ market was founded in 1971. Since its inception, it has given birth to a large number of successful high-tech companies, such as Microsoft, Google and Apple. Its success has greatly promoted the development of science and technology in the United States, at the same time, The NASDAQ market in the United States, as the second largest stock market in the world, provides a good platform for the financing of small and medium-sized high-tech enterprises. To the success of NASDAQ market, many scholars attribute it to the perfect system of NASDAQ market, and the author thinks that the success of NASDAQ market is not just institutional success. The author starts with the "IPO effect" of the listed company, studies the performance of the listed company in the NASDAQ market, compares the performance of the company before and after listing, and observes the "IPO effect". "IPO effect" was first put forward by British scholars Jain and Kini in 1994, referring to the phenomenon that the operating performance of listed companies generally declined within 3 to 5 years after IPO. After the "IPO effect" was put forward, domestic and foreign scholars carried out extensive research on it. The general research results show that there is IPO effect in every major market in the world. However, most of these studies are based on the median method. In this paper, the aggregate method is used to compare the overall market returns before and after listing. Trying to find the success of NASDAQ listed companies in the United States lies not only in the perfect system of NASDAQ market, but also in the rational use of the NASDAQ market platform by the listed companies, so as to get through the period of high risk quickly and promote the rapid development of the companies. Create greater value after listing. From 2004 to 2009, this paper attempts to compare and test the performance of NASDAQ listed in the US growth Enterprise Market (gem) by means of statistical analysis and single-sample t-test. It is found that there is no so-called "IPO effect". That is to say, there is no decline in the performance of American domestic companies listed in NASDAQ within three years after listing, but rather a rise. In order to test the reliability and significance of the results of empirical analysis, The test results show that the full-sample simulation company can well simulate the performance of the sample company in each year. And the financial index of the full-sample simulated company is significantly different from that of the first one year after listing. From this, we can see that there is no decline in the performance of NASDAQ domestic companies after listing, but a marked increase in performance. It runs counter to the traditional "IPO effect" theory. This conclusion, contrary to that of many scholars, confirms the author's analysis that the success of the NASDSAQ market in the United States is due to the perfect system. It is also due to the healthy corporate governance system that the company creates profits for the shareholders and the positive and enterprising enterprise culture which is constantly innovating and developing. Based on this, some suggestions are put forward for the development of China's "new third board" market.
【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】：F831.51

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