导　　师： 程静

学科专业： 020204

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： “IPO效应”研究始于90年代，指的是上市公司IPO后经营业绩反倒下滑的现象。国内外学者已经证明了欧美成熟市场、亚洲新兴市场、中国A股主板与中小板市场等股票市场普遍存在“IPO效应”，并多角度地分析其影响因素。由于深圳创业板市场运营至今才4年多，这方面的研究较少。 本文以2009－2010年在深圳创业板上市的153个公司为样本，通过梳理前人相关理论与深圳创业板特点，设计了兼具理论与实践考虑的研究假设，在此基础上对创业板公司的“IPO效应”进行存在性检验，并建立回归模型对“IPO效应”的影响因素作实证分析。文章通过设计系统的评价指标体系，选取IPO前2年、IPO当年、IPO后2年的指标数据，对比IPO前后业绩来进行“IPO效应”存在性检验：研究发现，无论是全部样本或分组样本，样本的成长能力、盈利能力、营运能力指标大都出现了显著性下滑，即深圳创业板市场也存在“IPO效应”；分组检验发现，有VC//PE背景、无国有股背景、最终控制人存在两权分离的样本公司IPO后整体业绩平均分别差于无VC//PE背景、有国有背景、不存在两权分离的公司。通过因子分析、IPO前盈余质量测度、回归分析发现，VC//PE背景、最终控制人两权分离、IPO前盈余管理程度与公司IPO前后的业绩变化呈显著负相关，国有背景与公司IPO前后的业绩变化呈显著正相关，这4个主要影响因素可以在一定程度上解释创业板公司的“IPO效应”。 最后，根据研究结果结出5点建议：加强市场监管及推进严格退市制度实行、延长VC//PE机构股份锁定期、建议国有资本介入高新产业、提高公司大股东治理水平、加强IPO募投项目管理。 “IPO Effect” has been studied since1990s, it refers to the decline of operationalperformances of companies after IPO. Domestic and foreign scholars have proved thatmany stock markets include Europe and America mature markets and Asian emergingmarket and China’s main board and SME board exist the “IPO Effect” generally, andthey analyze the influencing factors from multi-angles. Since Shenzhen GEM Boardhas been operating just for about4years, related studies on this field are scarce. Integrated with the relevant theoretical explanation and characteristic of GEMboard, this paper selects153companies which have IPO on GEM board in2009and2010as samples, and design the research hypothesis considering theory and practice,on which we examine the existence of the 'IPO Effect' and explore the influencingfactors of 'IPO Effect' of GEM Board by regression model.We examine the existenceof 'IPO Effect' by designing an evaluation index system and compare performancesbefore and after IPO, and we find that GEM board do exists the IPO Effect too, andthat the financial indicators of grow ability and profitability and operational capacitymostly decline significantly in both whole samples and the group samples. On groupsamples, we find that performances with VC//PE background or non-state-ownedbackground or existing separation of two rights of ultimate owner are on averageworse than the samples with opposite attribute generally. After factor analysis andpre-IPO earnings quality measure and regression analysis, we find that VC//PEbackground and existing separation of two rights and extent of earnings managementbefore IPO are three significant negative factors to performance Changes ofcompanies before and after IPO; And the state-owned background is the significantpositive factor to that.This4main influencing factors can explain the 'IPO Effect' ofGEM board to some extent. At last, five suggestions are given according to the conclusion: enhance thesupervision and accelerate the delisting provision mechanism, extend the lock-upperiod of VC//PE, advocate state-capital entering to high-tech industries, improve thelevel of large shareholder governance, strengthen management of IPO raised project.

关 键 词： 效应 创业板 盈余管理 背景 最终控制人两权分离

分 类 号： [F832.51]

领　　域： [经济管理]